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    20080306
    NOTEWORTHY News.
  • DICK CHENEY News. REPUBLICAN US VICE PRESIDENT DICK CHENEY News.Dick CheneyCORPORATE News. MONEY News. CORP News. COMPANIES News. FINANCE News.CorporateMILITARY News. Defense Department News. War News. Defense News.MilitaryGOVERNMENT News.GovernmentKBR News: KELLOG BROWN & ROOT News. HALLIBURTON CORP News.KBR-HalliburtonCAYMAN ISLANDS News.Cayman IslandsUNITED ARAB EMIRATES News. UAE News. DUBAI News.United Arab Emirates (Dubai)SECRET News.SecretIRAQ News.IraqOIL News.OilINFRASTRUCTURE News. CONSTRUCTION News.InfrastructureHISTORY News.HistoryUS AMERICAN News.AmericanWORKERS News. EMPLOYEES News.WorkersHEALTH News. MEDICARE News.HealthSocial Security News. SENIORS News.SecurityLEGISLATION News. LAW News.LegislationMASSACHUSETTS News.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
    MONEY News. INVESTMENT News. INVESTMENT CAPITAL News. INC News. INVESTOR News. COMPANY News. CORP News. $ News.
  • UNITED ARAB EMIRATES News. UAE News.United Arab EmiratesUS AMERICAN News.USSAUDI News. SAUDI ARABIA News.Saudi ArabiaPOLITICS News.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
    MONEY News. COMPANIES News. INVESTORS News.
  • UNITED ARAB EMIRATES News. UAE News.United Arab EmiratesUS AMERICAN NewsUSMILITARY News. DEFENSE News.MilitaryCOMPUTER News.ComputerTECHNOLOGY News.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
    POLITICAL News. POLITICIAN News.
  • US AMERICAN News.USIRAQ News.IraqiUNITED ARAB EMIRATES News.United Arab EmiratesTEXAS News.TexasOIL News. GAS News. Oil Exploration News.OilMONEY News. COMPANIES News.MoneyLAW News.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
    NOTEWORTHY News.
  • UNITED ARAB EMIRATES News.United Arab EmiratesUS AMERICAN NewsUSTEXAS News.TexasIRAQ News.IraqOIL News.OilDICK CHENEY News. US Vice President Dick Cheney News.CheneyGOVERNMENT News.GovernmentMONEY News. FINANCIAL News. CONGLOMERATE News.MoneyPOLITICIAN News. POLITICS News.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
    BUSINESS News. INVESTMENT News.
  • US AMERICAN NewsUSUNITED ARAB EMIRATES News. UAE News.United Arab EmiratesSEA PORT News. PORT NewsTransportPOLITICAL News.PoliticalGOVERNMENT News.GovernmentBILL FRIST News. Tennessee Senator Bill Frist News.Bill FristTENNESSEE News. TENN News.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
    BUSINESS News
  • US AMERICAN NewsUSUNITED ARAB EMIRATES News. UAE News.United Arab EmiratesTRANSPORT NewsTransportFLORIDA News.FloridaPOLITICS News.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
    POLITICS News.
  • US AMERICAN NewsUSUNITED ARAB EMIRATES News. UAE News.United Arab EmiratesTRANSPORT NewsTransportBILL FRIST News. Tennessee Senator Bill Frist News.Bill FristJACK ABRAMOFF News.Jack AbramoffMONEY News.MoneyTENNESSEE News. TENNESSEE State News.TennesseeCONNECTICUT News.ConnecticutNEW YORK News.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
    POLITICS News.
  • US AMERICAN NewsUSUNITED ARAB EMIRATES News. UAE News.United Arab EmiratesTRANSPORTATION NewsTransportationBUSINESS News.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
    POLITICS News.
  • US AMERICAN NewsUSUNITED ARAB EMIRATES News. UAE News.United Arab EmiratesIRAQ News.IraqMILITARY News.MilitaryNEW YORK News.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
    POLITICS News.
  • US AMERICAN NewsUSUNITED ARAB EMIRATES News. UAE News.United Arab EmiratesBUSINESS News.BusinessNEW YORK News.New YorkARKANSAS News.ArkansasLIBRARY News.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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