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COSCO Shipping’s (601919.SS) planned acquisition of Orient Overseas Container Line (OOCL) is on track to be completed by the end of June, the company’s vice chairman Huang Xiaowen said on Tuesday.
COSCO is still answering questions from the Committee on Foreign Investment in the United States on the deal, and is also awaiting a number of domestic approvals, Huang told a press conference in Shanghai.
He said the deal needed U.S. approval as OOCL had some assets in that country. “Up to now we are quite confident to push forward this acquisition ... it’s progressing normally,” he said.
One of those assets would be the control of the Port of Long Beach - 2nd largest in the country.
My assumption is that part of the agreement with them taking over OOCL last year, is that the Trump Administration forced them to give up the Port of Long Beach - which was just completed.
It all started with a 40-year container terminal lease between the Port of Long Beach in southern California and Hong Kong. The Obama administration proudly signed the agreement in 2012 giving China control of America’s second-largest container port behind the nearby Port of Los Angeles. One of the Trump administration’s first big moves was to get the Communists out of the Port of Long Beach. After a national security review and federal intervention, the Long Beach terminal business, which handles millions of containers annually, is finally being sold to an Australian company called Macquarie Infrastructure Partners. That essentially kills China’s decades-long contract with the Obama administration.
Again - these are unnoticed events where Trump is protecting America and keeping his eye on all of the dynamics in play.
Both of California's Senators have asked the White House to investigate the leasing of a former Navy base in Long Beach to China's state-owned shipping company, which last year transported several thousand automatic weapons that Federal officials say were headed for Los Angeles street gangs.
The Senators, Diane Feinstein and Barbara Boxer, both Democrats, asked President Clinton's national security adviser, Samuel R. Berger, if he felt that there were any ''security reasons'' not to lease the China Ocean Shipping Company, or Cosco, the entire 145-acre site in the middle of Long Beach. The Port of Long Beach receives about one-fourth of the Chinese goods shipped to the United States.
The Chinese Government signed a lease for the port last April, only three weeks after one of the company's ships, the Empress Phoenix, was raided by customs officials acting on a tip that Chinese-made arms were being smuggled into the United States. The seizure of arms on the ship, which the Customs Service said were intended for street gangs, led in May to the arrest of officials of another state-run Chinese company, although Cosco has not been charged in the case.
...
Federal officials say Cosco ships are frequently the subject of surveillance, not only because of the weapons incident last year but also because of concerns that China is evading export quotas on textiles and that its ships have been used to bring what one law enforcement official today called ''all kinds of contraband'' into the country.
COSCO has been trying to get that port for over 20 years. They knew what they were doing. They probably had it planned out to buy out OOCL. It would have went through smooth as butter if HRC had won.
When will we get the removal of the Government from Trump Family control?
Translation... China and communism over Trump
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