They may have ridden to the rescue of Citigroup and Merrill Lynch in the past couple of months, but the rise of so-called sovereign wealth funds - huge state investment vehicles from places like Russia, Kuwait and Singapore with billions of dollars to invest - has sparked a nervous reaction in the U.S. and prompted official calls for the funds to be subject to an international code of conduct.
Wall Street bank Morgan Stanley said Wednesday it received a $5 billion injection from China's state-run investment arm, becoming the latest financial firm to look overseas for cash.
On this week's show, MME reports on the companies in the region planning on going public. DP World has announced it applied to list shares on Borse Dubai; Abraaj Capital has planned a $1 billion public offering; and Canadian gold miner, Unigold will become the fist North American company to list shares on the DIFX. What's driving the trend? MME finds out.
Last Sunday, DP World, one of the world's largest port operators, announced it was going public. But shares will not be listed on the well-established exchanges in London, New York or Hong Kong but on the two-year old Dubai International Financial Exchange (DIFX).
Get ready for the possibility of a sequel to the Dubai Ports fracas. Only this time, the outcome of the deal under consideration will have implications for U.S.-China economic relations.
A visit to Abu Dhabi best illustrates the scale of the dream projects underway. Some projects that probably would never get off the ground elsewhere are finding a home in the Middle East, specifically the Louvre and Guggenheim outposts planned in Abu Dhabi.
DP World, the world's third-largest container port operator, may this year sell $2 billion of shares in an initial public offering and list the stock in Dubai, Middle East Economic Digest reported.
Dubai Aerospace Enterprise (DAE) is nearing a deal to buy a series of aviation businesses from U.S. private equity firm Carlyle Group for more than $1.5 billion, a source familiar with the matter said on Monday.
Hoping to demonstrate that US workers aren't globalization's great losers, the Bush administration is set to announce an "invest in America" campaign to attract more foreign companies.
They may have ridden to the rescue of Citigroup and Merrill Lynch in the past couple of months, but the rise of so-called sovereign wealth funds - huge state investment vehicles from places like Russia, Kuwait and Singapore with billions of dollars to invest - has sparked a nervous reaction in the U.S. and prompted official calls for the funds to be subject to an international code of conduct.
Wall Street bank Morgan Stanley said Wednesday it received a $5 billion injection from China's state-run investment arm, becoming the latest financial firm to look overseas for cash.
On this week's show, MME reports on the companies in the region planning on going public. DP World has announced it applied to list shares on Borse Dubai; Abraaj Capital has planned a $1 billion public offering; and Canadian gold miner, Unigold will become the fist North American company to list shares on the DIFX. What's driving the trend? MME finds out.
Last Sunday, DP World, one of the world's largest port operators, announced it was going public. But shares will not be listed on the well-established exchanges in London, New York or Hong Kong but on the two-year old Dubai International Financial Exchange (DIFX).
Get ready for the possibility of a sequel to the Dubai Ports fracas. Only this time, the outcome of the deal under consideration will have implications for U.S.-China economic relations.
A visit to Abu Dhabi best illustrates the scale of the dream projects underway. Some projects that probably would never get off the ground elsewhere are finding a home in the Middle East, specifically the Louvre and Guggenheim outposts planned in Abu Dhabi.
DP World, the world's third-largest container port operator, may this year sell $2 billion of shares in an initial public offering and list the stock in Dubai, Middle East Economic Digest reported.
Dubai Aerospace Enterprise (DAE) is nearing a deal to buy a series of aviation businesses from U.S. private equity firm Carlyle Group for more than $1.5 billion, a source familiar with the matter said on Monday.
Hoping to demonstrate that US workers aren't globalization's great losers, the Bush administration is set to announce an "invest in America" campaign to attract more foreign companies.
Dubai Ports World's efforts to quiet U.S. critics and sell off its extensive U.S. port holdings has hit an 11th-hour snag in its talks with the Port Authority of New York and New Jersey, according to a published report.
Dubai Ports World, which sparked political controversy in 2006 when it tried to buy major U.S. port assets, has won approval for a new $448 million container terminal in northern China, according to a news report Monday.
UPS, the world's largest package delivery company, said it has offered a severance package to 650 employees, according to a statement it released Tuesday.
Dubai Ports World, the Arab-owned company which set off a furor with its purchase of six U.S. port operations earlier this year, has been cleared to join a federal pilot program to test the methods used to screen U.S.-bound cargo for radiation.
The Bush Administration is pushing ahead with a proposed change in Department of Transportation rules that will allow more foreign ownership of U.S. airlines, according to the Wall Street Journal.
The U.S. Coast Guard sometimes alerts large commercial ships they will be searched as they approach port so as not to burden shipping companies financially, the Coast Guard acknowledged to CNN on Saturday.
The United Arab Emirates company that agreed last week to "transfer fully" the operations of U.S. ports to an American entity issued a statement on Wednesday saying that the entity will be an unrelated U.S. buyer.
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.
United Arab Emirates-based DP World announced Thursday, after weeks of public and political debate, that it would transfer operation of six key U.S. ports to a U.S. "entity." As the dust settles on the failed deal, CNN.com asked readers for their thoughts on what was really behind the controversy:
President Bush said Friday he was concerned about the "broader message" that the failed port operation deal with a United Arab Emirates company sends to other Arab allies in the U.S. war on terrorism.
The House Appropriations Committee delivered a strong, bipartisan salvo to President Bush on Wednesday, voting 62-2 to bar Dubai Ports World from operating several key U.S. ports.
United Arab Emirates-owned DP World said Thursday it would transfer its operations of American ports to a "U.S. entity" after congressional leaders reportedly told President Bush that the firm's takeover deal was essentially dead on Capitol Hill.
Congress sent its first shot across President Bush's bow Wednesday, as the House Appropriations Committee voted 62-2 to block a controversial deal that would allow Dubai Ports World to operate some terminals at U.S. ports.
Two Republican lawmakers have submitted compromises to the White House aimed at ending a dispute over a deal that would give a United Arab Emirates-owned company control of several U.S. port terminals.
In what would be a veto challenge to President Bush, House members have introduced or are planning legislation to stop a United Arab Emirates-controlled firm from taking over operations at some U.S. ports.
The DP World deal to obtain the right to operate in U.S. ports has engulfed Washington in controversy since the deal was announced in February. Below are some answers to key questions about the deal and the resulting controversy:
Two U.S. lawmakers called Sunday for overhauling the rules by which the United States approves foreign management of facilities involved in national security.
President Bush's approval rating is mired near its record low amid concerns about his ability to manage the government and pessimism over the war in Iraq, according to a CNN/USA Today/Gallup poll released Thursday.
The chairman of Israel's largest shipping firm has strongly backed a deal that would give a United Arab Emirates-based shipping company control of several U.S. port terminals, while another GOP leader expressed strong opposition.
A review of a United Arab Emirates-owned company's plan to take over a portion of operations at key U.S. ports never looked into whether the company had ties to al Qaeda or other terrorists, a key Republican lawmaker told CNN on Wednesday.
A top executive of the Dubai-based company that hopes to take over about a dozen terminals in six U.S. ports defended the deal before a Senate committee Tuesday.
The closest thing to a working political antenna at the White House these days may be the one on Dan Bartlett's car radio. Congressional anger over President George W. Bush's decision to allow a Dubai-owned company to operate terminals at major U.S. ports had been at a low boil for days before the White House got its first inkling of the furor: Bartlett, the presidential counselor, happened to tune in to conservative talk-show host Michael Savage on the way home from work. By the time the President moved to quash it several days later with assurances that he wouldn't have allowed the deal "if there was any chance that this transaction would jeopardize the security of the United States," it was far too late to quell the Republican rebellion. "This freight train had already left the station," says a Bush aide. And the President's threat to use his first-ever veto was no obstacle to its momentum.
The Coast Guard warned that "intelligence gaps" prevented a broad assessment of any security risks posed by the takeover of some U.S. shipping terminals by a United Arab Emirates company, a Senate hearing revealed Monday.
After an outcry from U.S. lawmakers over possible security risks, a company owned by the United Arab Emirates said Sunday it had asked for further review of its deal to buy management rights to terminals at major U.S. ports.
Republicans in Congress are crafting a solution under which the controversial deal allowing a state-owned Arab company to run some terminals at six U.S. ports could move forward.
The dispute over whether Dubai Ports should be able to buy a British company that operates several U.S. ports may be about national security; the rights of Congress; and the quality of decision-making about foreign investment, as the many critics of the deal say it is. But it is sure looking like a xenophobic catfight, too.
The Port Authority of New York and New Jersey filed a lawsuit Friday in a New Jersey civil court to prevent a deal that would transfer control of the Newark container terminal to a company owned by the United Arab Emirates.
Dubai Ports World has agreed to postpone its plans to take over management of six U.S. ports after the proposal ignited harsh bipartisan criticism on Capitol Hill.
The White House said Wednesday that critics of a deal that would let a United Arab Emirates company manage six U.S. seaports are "misinformed," but conceded it should have consulted Congress earlier.
The list continues to grow of U.S. lawmakers who want to block a deal that would give a United Arab Emirates-based company management of six major U.S. seaports.
President Bush on Tuesday defended a deal that would let a United Arab Emirates-based company run some key U.S. seaports, telling reporters that he would veto any bill to hold up the agreement.
President Bush on Monday faced political pressure to block a deal that would give a United Arab Emirates-based company management of six major U.S. seaports.
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