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Trump administration forces China to sell the Port of Long Beach
Trump administration forces China to sell the Port of Long Beach
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By Chriss Street
The
Trump Administration's Department of Homeland Security has forced
China's state-owned Cosco* to sell the Port of Long Beach over security
concerns.
China's Cosco Shipping Holdings, which bought out its 75 percent–owned Hong Kong–based Orient Overseas International (OOCL), was forced to sell its Port of Long Beach Container Terminal ownership to Macquarie Infrastructure Partners for $1.78 billion.
China's Cosco Shipping Holdings, which bought out its 75 percent–owned Hong Kong–based Orient Overseas International (OOCL), was forced to sell its Port of Long Beach Container Terminal ownership to Macquarie Infrastructure Partners for $1.78 billion.
The Obama administration had no problems with OOCL signing a 40-year lease with the City of Long Beach in 2012 for control of America's second largest and most automated container handling operation. The sweetheart deal was part of the "Middle Harbor Redevelopment Program" to fund a $1.5-billion expansion through 2020.
But one of the first major actions of the Trump administration's Department of Homeland Security in March 2017 was issuing a "Committee on Foreign Investment in the U.S." national security hold on Cosco's acquisition of a former U.S. Navy port facility.
China operates six of the world's ten busiest container ports. The Chinese government has also funded the construction and operations of 43 ports in 35 countries under its "One Belt and One Road" (OBOR) initiative launched five years ago, according to China's Ministry of Transport.
As part of its efforts to gain asset dominance, China has directed its state-owned companies to exclusively buy products and services from other Chinese state-owned enterprises. As a result, China International Marine Containers Group has become the world's largest maker of shipping containers and Shanghai Zhenhua Heavy Industries has gained a 70 percent international market share for port cranes, and now exports to 300 ports in 100 countries.
Under the Macquarie acquisition terms, Orient Overseas International will pocket a $1.29 billion profit and still control vessel and rail traffic at the container facilities for the next twenty years.
Correction: An earlier version of this piece misspelled the state-owned 'Cosco' name.
The
Trump Administration's Department of Homeland Security has forced
China's state-owned Cosco* to sell the Port of Long Beach over security
concerns.
China's Cosco Shipping Holdings, which bought out its 75 percent–owned Hong Kong–based Orient Overseas International (OOCL), was forced to sell its Port of Long Beach Container Terminal ownership to Macquarie Infrastructure Partners for $1.78 billion.
The Obama administration had no problems with OOCL signing a 40-year lease with the City of Long Beach in 2012 for control of America's second largest and most automated container handling operation. The sweetheart deal was part of the "Middle Harbor Redevelopment Program" to fund a $1.5-billion expansion through 2020.
But one of the first major actions of the Trump administration's Department of Homeland Security in March 2017 was issuing a "Committee on Foreign Investment in the U.S." national security hold on Cosco's acquisition of a former U.S. Navy port facility.
China operates six of the world's ten busiest container ports. The Chinese government has also funded the construction and operations of 43 ports in 35 countries under its "One Belt and One Road" (OBOR) initiative launched five years ago, according to China's Ministry of Transport.
As part of its efforts to gain asset dominance, China has directed its state-owned companies to exclusively buy products and services from other Chinese state-owned enterprises. As a result, China International Marine Containers Group has become the world's largest maker of shipping containers and Shanghai Zhenhua Heavy Industries has gained a 70 percent international market share for port cranes, and now exports to 300 ports in 100 countries.
Under the Macquarie acquisition terms, Orient Overseas International will pocket a $1.29 billion profit and still control vessel and rail traffic at the container facilities for the next twenty years.
Correction: An earlier version of this piece misspelled the state-owned 'Cosco' name.
China's Cosco Shipping Holdings, which bought out its 75 percent–owned Hong Kong–based Orient Overseas International (OOCL), was forced to sell its Port of Long Beach Container Terminal ownership to Macquarie Infrastructure Partners for $1.78 billion.
The Obama administration had no problems with OOCL signing a 40-year lease with the City of Long Beach in 2012 for control of America's second largest and most automated container handling operation. The sweetheart deal was part of the "Middle Harbor Redevelopment Program" to fund a $1.5-billion expansion through 2020.
But one of the first major actions of the Trump administration's Department of Homeland Security in March 2017 was issuing a "Committee on Foreign Investment in the U.S." national security hold on Cosco's acquisition of a former U.S. Navy port facility.
China operates six of the world's ten busiest container ports. The Chinese government has also funded the construction and operations of 43 ports in 35 countries under its "One Belt and One Road" (OBOR) initiative launched five years ago, according to China's Ministry of Transport.
As part of its efforts to gain asset dominance, China has directed its state-owned companies to exclusively buy products and services from other Chinese state-owned enterprises. As a result, China International Marine Containers Group has become the world's largest maker of shipping containers and Shanghai Zhenhua Heavy Industries has gained a 70 percent international market share for port cranes, and now exports to 300 ports in 100 countries.
Under the Macquarie acquisition terms, Orient Overseas International will pocket a $1.29 billion profit and still control vessel and rail traffic at the container facilities for the next twenty years.
Correction: An earlier version of this piece misspelled the state-owned 'Cosco' name.
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The Washington Times
Wednesday, April 26, 2017
Copyright © 2019 The Washington Times, LLC.
Wednesday, April 26, 2017
President Trump
signed an executive order Wednesday to start pulling the federal
government out of K-12 education, following through on a campaign
promise to return school control to state and local officials.
The order, dubbed the “Education Federalism Executive Order,” will launch a 300-day review of Obama-era regulations and guidance for school districts and directs Education Secretary Betsy DeVos to modify or repeal measures she deems an overreach by the federal government.
“For too long the government has imposed its will on state and local governments. The result has been education that spends more and achieves far, far, far less,” Mr. Trump said. “My administration has been working to reverse this federal power grab and give power back to families, cities [and] states — give power back to localities.”
SPECIAL COVERAGE: Top 20: The most read Washington Times stories in 2018
He said that previous administrations had increasingly forced schools to comply with “whims and dictates” from Washington, but his administration would break the trend.
“We know local communities know it best and do it best,” said Mr. Trump, who was joined by several Republican governors for the signing. “The time has come to empower teachers and parents to make the decisions that help their students achieve success.”
Ms. DeVos and Vice President Mike Pence were on hand for the ceremony, which was attended by about 25 people, including teachers, lawmakers and the governors.
The executive order is not expected to have an immediate impact on school districts. Policy changes will follow a report on the findings of the review.
The review will be spearheaded by the Department of Education’s Regulatory Review Task Force, according to the order.
Ms. DeVos already has authority to modify or repeal regulations that are deemed a violation of federal law. The order, however, creates a review for identifying those areas and makes clear her mandate from the president to take action.
Reducing the federal government’s role in K-12 is part of Mr. Trump’s reform agenda, which also includes the expansion of school choice programs.
Among those at the signing ceremony were Govs. Kay Ivey of Alabama, Gary Herbert of Utah, Paul LePage of Maine, Brian Sandoval of Nevada and Terry Branstad of Iowa, who also is Mr. Trump’s nominee for ambassador to China.
Also in attendance were Sen. Lamar Alexander of Tennessee and Rep. Virginia Foxx of North Carolina, the Republican chairs of the two chambers’ education committees.
The order, dubbed the “Education Federalism Executive Order,” will launch a 300-day review of Obama-era regulations and guidance for school districts and directs Education Secretary Betsy DeVos to modify or repeal measures she deems an overreach by the federal government.
“For too long the government has imposed its will on state and local governments. The result has been education that spends more and achieves far, far, far less,” Mr. Trump said. “My administration has been working to reverse this federal power grab and give power back to families, cities [and] states — give power back to localities.”
SPECIAL COVERAGE: Top 20: The most read Washington Times stories in 2018
He said that previous administrations had increasingly forced schools to comply with “whims and dictates” from Washington, but his administration would break the trend.
“We know local communities know it best and do it best,” said Mr. Trump, who was joined by several Republican governors for the signing. “The time has come to empower teachers and parents to make the decisions that help their students achieve success.”
Ms. DeVos and Vice President Mike Pence were on hand for the ceremony, which was attended by about 25 people, including teachers, lawmakers and the governors.
The executive order is not expected to have an immediate impact on school districts. Policy changes will follow a report on the findings of the review.
The review will be spearheaded by the Department of Education’s Regulatory Review Task Force, according to the order.
Ms. DeVos already has authority to modify or repeal regulations that are deemed a violation of federal law. The order, however, creates a review for identifying those areas and makes clear her mandate from the president to take action.
Reducing the federal government’s role in K-12 is part of Mr. Trump’s reform agenda, which also includes the expansion of school choice programs.
Among those at the signing ceremony were Govs. Kay Ivey of Alabama, Gary Herbert of Utah, Paul LePage of Maine, Brian Sandoval of Nevada and Terry Branstad of Iowa, who also is Mr. Trump’s nominee for ambassador to China.
Also in attendance were Sen. Lamar Alexander of Tennessee and Rep. Virginia Foxx of North Carolina, the Republican chairs of the two chambers’ education committees.
Copyright © 2019 The Washington Times, LLC.
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