Reuters: Dubai port company hopes for short delay

[PhilipShore]

Reuters
Dubai port company hopes for short delay
Feb 24, 2006

http://today.reuters.com/investing/financeArticle.aspx?type=mergersNews&storyID=2006-02-25T042820Z_01_N24282037_RTRIDST_0_SECURITY-PORTS-DPW.XML

WASHINGTON, Feb 24 (Reuters) - A delay in allowing United Arab Emirates company Dubai Ports World to run U.S. port terminals should be for as short a period as possible, a company executive said on Friday.

"We have a business to run," said Senior Vice President Michael Moore in a telephone interview. "We'd really like it to be as short a time, as short as possible."

His comments came after the state-owned company said it would proceed with the $6.85 billion takeover of the global operations of the British P&O company (PO.L: Quote, Profile, Research) -- making it the world's third-largest port operator -- but not take over management of the U.S. assets in ports like New York while it discusses security concerns.

While that deal has been backed by President George W. Bush, lawmakers and other critics have opposed it, fearing the Dubai-based port operator could be a security risk for militants wanting to attack the United States.

Dubai Ports World agreed to delay taking over control of U.S. ports while security concerns are being discussed.

[Flabbergasted]

1. Senior Vice President Michael Moore?

[rodeodance]

2. Well, looks like the ball is squarely in Bush's court.

.....He added the company was open to offering additional guarantees of ways to protect to U.S. ports if asked.

The company has already issued a letter spelling out assurances it would take, which would include pledges to continue participation in key cargo inspection and security programs, maintaining the current U.S. management structure as much as possible, and granting U.S. officials access to security information about its facilities.

White House press secretary Scott McClellan said Bush still wanted the deal to go forward, but added, "We believe it would be helpful to have some additional time to brief Congress on the facts." He said the White House had privately told company officials some extra time would be welcome. ...

[The Backlash Cometh]

3. This guy needs to realize that it's time for him to move on.

This isn't going to happen.