Dubai update â€¦
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It looks like DP World is going to divest itself of all U.S. port operations in order to avoid an ugly showdown between its allies in the Whitehouse and a jittery Congress:
"DP World will transfer fully the U.S. operations â€¦ to a United States entity," the firm's top executive, H. Edward Bilkey, said in an announcement that capped weeks of controversy.
Relieved Republicans in Congress said the firm had pledged full divestiture.
Is that a U.S. entity, as in "shell corporation"? We'll see. Chuck Schumer (D-NY) said that "the devil is in the details."
One thing stuck out in this story:
It was unclear how DP would manage the planned divestiture, and Bilkey's statement said its announcement was "based on an understanding that DP World will not suffer economic loss."
Does that mean taxpayers reimbursing the firm for "loss of profit," a phrase used often in corporate suits against state policies under NAFTA? We shall see.
I have a feeling this issue isn't quite done.