UAE News
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United
Arab Emirates
UNITED ARAB EMIRATES News:
20080306
-
Dick
Cheney
- Corporate
- Military
- Government
- KBR-Halliburton
- Cayman
Islands - United
Arab Emirates (Dubai) - Secret
- Iraq
- Oil
- Infrastructure
- History
- American
- Workers
- Health
- Security
- Legislation
- Massachusetts
- "Top
Iraq contractor skirts US taxes offshore: Shell companies
in Cayman Islands allow KBR to avoid Medicare, Social Security deductions."
... "Kellogg Brown & Root, the nation's top Iraq war contractor and
until last year a subsidiary of Halliburton Corp. [Corporation], has avoided
paying hundreds of millions of dollars in federal Medicare and Social Security
taxes by hiring workers through shell companies based in this tropical
tax haven [Cayman Islands]." ... "More than 21,000 people working for KBR
in Iraq - including about 10,500 Americans - are listed as employees of
two companies that exist in a computer file on the fourth floor of a building
on a palm-studded boulevard here in the Caribbean. Neither company has
an office or phone number in the Cayman Islands." ... "The Defense Department
has known since at least 2004 that KBR was avoiding taxes by declaring
its American workers as employees of Cayman Islands shell companies, and
officials said the move allowed KBR to perform the work more cheaply, saving
Defense dollars." ... "But the use of the loophole results in a significantly
greater loss of revenue to the government as a whole, particularly to the
Social Security and Medicare trust funds." ... ""Failing to contribute
to Social Security and Medicare thousands of times over isn't shielding
the taxpayers they claim to protect, it's costing our citizens in the name
of short-term corporate greed," said [Massachusetts Democratic] Senator
John F. Kerry, a Massachusetts Democrat on the Senate Finance Committee
who has introduced legislation to close loopholes for companies registering
overseas." ... "With an estimated $16 billion in contracts, KBR is by far
the largest contractor in Iraq, with eight times the work of its nearest
competitor." ... "The [secret] no-bid contract it received in 2002 to rebuild
Iraq's oil infrastructure and a multibillion-dollar contract to provide
support services to troops have long drawn scrutiny because [Republican]
Vice President Dick Cheney was Halliburton's chief executive from 1995
until he joined the Republican ticket with [Republican] President Bush
in 2000." ... "The largest of the Cayman Islands shell companies - called
[SEII] Service Employees International Inc. [Incorporated, which is not
associated with the Service Employees International Union (SEIU)], which
is now listed as having more than 20,000 workers in Iraq, according to
KBR - was created two years before Cheney became Halliburton's chief executive.
But a second Cayman Islands company called Overseas Administrative Services,
which now is listed as the employer of 1,020 mostly managerial workers
in Iraq, was established two months after Cheney's appointment." ... "If
KBR's American workers averaged even as much as $63,000 per year, they
and KBR would have owed more than $100 million per year in Social Security
and Medicare taxes, split evenly between them. Over the course of the five-year
war, their tax bill would have been more than $500 million." ... "The real
managers of Service Employees International work out of KBR's office in
Dubai. KBR and Halliburton, which also moved to Dubai [an emirate of the
United Arab Emirates], severed ties last year." -By
Farah Stockman with contributions by Stephanie Vallejo and Matt Negrin
-Boston/Globe
20071127
-
United
Arab Emirates - US
- Saudi
Arabia - Politics
- "Abu
Dhabi to Bolster Citigroup With $7.5 Billion Capital Infusion:
Government Investment Arm To Become a Top Holder, With Up to a 4.9% Stake."
... "Citigroup Inc., seeking to restore investor confidence amid massive
losses due in credit markets and a lack of permanent leadership, is receiving
a $7.5 billion capital infusion from the investment arm of the Abu Dhabi
government [United Arab Emirates' capital]." ... "The investment by the
Abu Dhabi Investment Authority [ADIA] will help rebuild Citigroup's capital
levels, which have been eroded by a credit crunch that began in the summer.
Citigroup Chief Executive Officer and Chairman Charles Prince resigned
earlier this month after the bank, which had already written off billions
of dollars, said it was facing as much as $11 billion more in losses."
... "As a result of the deal, the investment authority known as ADIA will
become one of Citigroup's largest shareholders, with a stake of no more
than 4.9%. The stake will exceed that of Saudi Prince Alwaleed bin Talal,
long known as one of Citigroup's largest shareholders, according to a person
familiar with the situation." ... "The investment underscores the growing
role that Middle Eastern investors are taking outside their home turf.
Separately yesterday, an investment company owned by Dubai's ruler [Dubai
is one of the seven emirate if the United Arab Emirates federation], Sheikh
Mohammed bin Rashid al-Maktoum, bought a stake in Sony Corp. ADIA, which
has almost $1 trillion under management, this summer bought a small stake
in Apollo Management LP." -By Robin Sidel with contributions
by David Enrich -WSJ.com
20071116
-
United
Arab Emirates - US
- Military
- Computer
- Technology
- "Abu
Dhabi buys stake in AMD." ... "Abu Dhabi's [United
Arab Emirates' capital] Mubadala Development Co said on Friday it had bought
8.1 percent of U.S.-based Advanced Micro Devices Inc (AMD.N: Quote,
Profile,
Research),
the second-largest maker of computer processors." ... ""We have already
bought the stake as of today," Mubdala's chief operating officer, Waleed
al-Mokarrab al-Muhairi, told Reuters in a text message." ... "He did not
say how much Mubadala, owned by the government of the world's sixth-largest
oil exporter, had paid for the stake." ... "Still the deal could attract
the attention of the U.S. Committee on Foreign Investment, which vets acquisitions
by overseas investors, particularly in technology and defense companies,
on national security grounds, it said." (1, 2)
-By Dayan Candappa with contributions by Valerie Lee,
Justin Grant and Quentin Bryar -Reuters
20070913
-
US
- Iraqi
- United
Arab Emirates - Texas
- Oil
- Money
- Law
- "Compromise
on Oil Law in Iraq Seems to Be Collapsing." ... "A
carefully constructed compromise on a draft law governing Iraq’s rich oil
fields, agreed to in February after months of arduous talks among Iraqi
political groups, appears to have collapsed. The apparent breakdown comes
just as Congress and the [Republican President Bush] White House are struggling
to find evidence that there is progress toward reconciliation and a functioning
government here." ... "Senior Iraqi negotiators met in Baghdad [Iraq's
capital] on Wednesday in an attempt to salvage the original compromise,
two participants said. But the meeting came against the backdrop of a public
series of increasingly strident disagreements over the draft law that had
broken out in recent days between Hussain al-Shahristani, the Iraqi oil
minister, and officials of the provincial government in the Kurdish north,
where some of the nation’s largest [oil] fields are located." ... "The
oil law — which would govern how oil fields are developed and managed —
is one of several benchmarks that the Bush administration has been pressing
the Iraqis to meet as a sign that they are making headway toward creating
an effective government." ... "Contributing to the dispute is the decision
by the Kurds to begin signing contracts with international oil companies
before the federal law is passed. The most recent instance, announced last
week on a Kurdish government Web site, was an oil exploration contract
with the Hunt Oil Company of Dallas [Texas]." ... "The Sunni Arabs who
removed their support for the deal did so, in part, because of a contract
the Kurdish government signed earlier with a company based in the United
Arab Emirates, Dana Gas, to develop gas reserves." (1, 2)
-By James Glanz with contributions by Ahmad Fadam,
Ali Hamdani and Khalid al-Ansary -NYTimes
20070311
-
United
Arab Emirates - US
- Texas
- Iraq
- Oil
- Cheney
- Government
- Money
- Politics
- "Halliburton
Will Move HQ to Dubai." ... "Oil services giant Halliburton
Co. will soon shift its corporate headquarters from Houston [Texas] to
the Mideast financial powerhouse of Dubai [United Arab Emirates], chief
executive Dave Lesar announced Sunday." ... "In 2006, Halliburton _ once
headed by Vice President Dick Cheney _ earned profits of $2.3 billion on
revenues of $22.6 billion." ... "Cheney was Halliburton's chief executive
from 1995-2000 and the Bush administration has been accused of favoring
the conglomerate with lucrative no-bid contracts in Iraq." ... "Federal
investigators last month alleged Halliburton was responsible for $2.7 billion
of the $10 billion in contractor waste and overcharging in Iraq." -By
Jim Krane -AP
via -HoustonChronicle.com
20060315
-
US
- United
Arab Emirates - Transport
- Political
- Government
- Bill
Frist
- Tenn.
- "Dubai
Firm Outlines Port Sales Plan." ... "A [UAE] Dubai-owned
company said Wednesday it plans to sell all its U.S. port operations within
four to six months to an unrelated American buyer and laid out new details
about how it plans to pursue the sale under pressure from Congress." ...
"Meanwhile, the political fallout from the port deal continued as Republicans
blocked a Democratic effort Wednesday to force House votes on expanding
government scrutiny of foreign investments." ... "Questions about the divestiture
intensified during the weekend, when Senate Majority Leader Bill Frist,
R-Tenn., said DP World could be permitted to operate and manage some U.S.
ports if no suitable American buyer were found and if the Bush administration
determined there were no security risks." (1, 2)
-AP
-CBSNews
20060314
-
US
- United
Arab Emirates - Transport
- Florida
- Politics
- "Update
2: E-Mail Casts Doubt on DP World's Plans." ... "The
[UAE] Dubai-owned company that promised to surrender its U.S. port operations
has no immediate plans to sell its U.S. subsidiary's interests at Miami's
seaport, a senior executive wrote Monday in a private e-mail to business
associates." ... "Even if DP World were to sell its Miami [Florida] operations
to quell the congressional furor over an Arab-owned company managing major
U.S. ports, "that would probably take a while," wrote Robert Scavone, a
vice president for DP World's U.S. subsidiary." -By
Ted Bridis -AP
via -Forbes
20060309
-
US
- United
Arab Emirates - Transport
- Bill
Frist
- Jack
Abramoff
- Money
- Tennessee
- Connecticut
- New
York
- "Frist
Suspends Senate Ethics Debate After Losing on Dubai Vote."
... "U.S. Senate Majority Leader Bill Frist [Tennessee Republican] suspended
debate on overhauling lobbying rules after the chamber refused to prevent
a vote on blocking a state-owned [UAE] Dubai company from taking over terminals
at six American ports." ... "Senator Christopher Dodd of Connecticut, the
top Democrat on the Rules Committee, urged Frist to allow debate to continue
immediately on the lobbying measure, which was brought to the Senate floor
in response to the scandal involving Republican lobbyist Jack Abramoff."
... "``Doing ethics reform and dealing with the Dubai issue are not mutually
exclusive,'' [New York Democratic Senator Chuck] Schumer said before today's
vote." -By Jonathan D. Salant -Bloomberg

-
US
- United
Arab Emirates - Transportation
- Business
- "UAE
firm to transfer port operations to U.S. 'entity':
Sources: House, Senate leaders tell Bush deal appears dead." ... "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." ... ""Because of the strong relationship between the
United Arab Emirates and the United States and to preserve that relationship
... DP World will transfer fully the U.S. operations of P&O Operations
North America to a United States entity," Edward H. Bilkey, DP World's
chief operating officer, said in a statement." ... "The announcement did
not specify which American company would be involved." -Contributed
to by Dana Bash, Ed Henry, Suzanne Malveaux and Deirdre Walsh
-CNN
20060304
-
US
- United
Arab Emirates - Iraq
- Military
- New
York
- "No
Iraq Trip for Legislator Who Opposed Deal on Ports."
... "Representative Peter T. King's prominent opposition to a proposal
to allow a [United Arab Emirates] Dubai company to take over some terminal
operations at American ports may have earned him some punishment from the
Bush administration: He has been grounded." ... "Mr. King, the New York
Republican who is chairman of the House Homeland Security Committee, confirmed
Friday that a few days after he first threatened legislation to hold up
the port deal, the Pentagon informed him that it could not provide an aircraft
for his planned March Congressional delegation to Iraq and elsewhere in
the Middle East." -Carl Hulse
-NYTimes

-
US
- United
Arab Emirates - Business
- New
York
- Arkansas
- Library
- "Hillary
Clinton 'unaware' of Bill's Dubai ties." ... "[New
York Democrat] Hillary Clinton, a leading opponent of DP World's takeover
of some US port operations, was this week forced to admit that she did
not know her husband had advised Dubai leaders on how to handle the growing
dispute." ... "But former President Bill Clinton's ties to Dubai and the
United Arab Emirates should not have come as a surprise to his New York
senator wife." ... "Mrs Clinton's own senatorial financial disclosure forms
reveal that her husband earned $450,000 giving speeches in Dubai in 2002."
... "Officials from the UAE also donated between $500,000 and $1m to fund
Mr Clinton's presidential library in Arkansas." -By
By Stephanie Kirchgaessner -FT.com
via -MSNBC
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