UAE COMPANY AGREES TO DELAY
Breaking news via Yahoo! News:
WASHINGTON - A state-owned company in the United Arab Emirates volunteered late Thursday to delay part of its $6.8 billion takeover of most operations at six U.S. ports to give President Bush more time to convince skeptical members of Congress that the disputed deal poses no security risks.
The surprise announcement relieves some pressure from a standoff between President Bush a Congress controlled by his own party that had threatened to try to block the deal over concerns about the UAE’s purported ties to terrorism.
Under the offer coordinated with the White House, Dubai Ports World said it will agree not to exercise control or influence the management over U.S. ports pending further talks with the Bush administration and Congress. It did not indicate how long it will wait for these discussions to take place.
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