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Peter Mandelson vows to fight for jobs at risk following Dubai's financial problems (From Daily Echo)
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Peter Mandelson vows to fight for jobs at risk following Dubai's financial problems
6:38pm Monday 30th November 2009
BUSINESS Secretary Peter Mandelson today said he would fight for British workers whose jobs are put at risk by foreign firms, amid uncertainty around the Dubai company that owns half of Southampton's container terminal.
Lord Mandelson expressed concerns about the consequences of foreign ownership after the Dubai Government's investment company, Dubai World, asked for a suspension on its debt repayments on Wednesday, sending world stock markets tumbling.
The cabinet minister admitted he was powerless to stop overseas buyouts, like the acquisition of the former P&O ports operation by Dubai World subsidiary DP World.
But he vowed to speak out when foreign ownership was used to "strip out British assets and jobs, or distort management and investment decisions".
Lord Mandelson made the commitment today after he was challenged by Daily Echo editor Ian Murray at a Newspaper Conference meeting of regional newspaper executives in Westminster.
Mr Murray, pointing to fears that the port might be sold off on the cheap to help pay down Dubai's debt, asked: "Is there nothing we can do to protect some of the interests of our vital industries?"
The peer responded: "We face a dilemma, always. We welcome foreign investment, and our country's economy has hugely benefited from tremendous inflows of foreign direct investment - more flows into the UK economy than any other single economy in Europe, probably more than many countries in Europe put together.
"I'm not against foreign ownership per se. The question concerns the commitment of that ownership to what's done in the UK - to production, output, quality of goods, new technology that is introduced, innovation that takes place, and of course to people's jobs that depend on all of the above.
"What I don't want to see, what I will speak out against even if I don't have powers to stop it, is when foreign ownership is used to strip out British assets and jobs, or distort management and investment decisions to align the future of our companies with the interests of those who rest in other countries, and where there is little concern given for the principles of good governance and social responsibility that we expect, rightly, from British-owned companies."
He added: "Don't read what I'm saying to mean we are against foreign investment or ownership. I am however concerned about its terms, some of the practices and some of the consequences that might flow from it. I am entitled on behalf of the public to demand that the quality and legacy of that company's activity, and the people who work in the company, should be respected."
On Friday, the Daily Echo reported that DP World would not be included in a restructuring of Dubai World to settle some of its billions of pounds of debt.
But fears remained today after the Dubai government said it would not guarantee the debt of Dubai World, after stock markets in Dubai and Abu Dhabi saw sharp falls.
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Your Say YourEcho
southy, redbridge says...
8:45pm Mon 30 Nov 09
Condor Man, Southampton says...
9:25pm Mon 30 Nov 09
Barbender, Upham Hall says...
9:34pm Mon 30 Nov 09
allways the optimist, says...
9:40pm Mon 30 Nov 09
Militant Ford Worker, Eastleigh says...
9:54pm Mon 30 Nov 09
He didnt say too much about Ford sending our Transits to Turkey.
Kudos to the Editor for asking "Is there nothing we can do to protect some of the interests of our vital industries?"
The answer of course is no. Not under EU regulations - the Free Market rulesUs all. Our Government can only act with the permission of Brussels and thats not likely to be forthcoming.
damien thorn, west end says...
10:07pm Mon 30 Nov 09
southy, redbridge says...
10:08pm Mon 30 Nov 09
allways the optimist wrote:yes there is, come the next general election vote for a left wing party. for get all those right partys they will not help any body but there selfs. and before you say it, labour is a right wing party to.
Politicians.... what can we do about this group of suited prats.....
Condor Man, Southampton says...
10:44pm Mon 30 Nov 09
southy wrote:who will be the socialist candidate in Test then? Will they represent me? of course not. All socialists are hell bent on keeping people down to make sure they stay in power. Look at what happened at SCC. The Labour group couldn't believe that people would ever vote Tory again but they did because the city was making no progress.
allways the optimist wrote: Politicians.... what can we do about this group of suited prats.....yes there is, come the next general election vote for a left wing party. for get all those right partys they will not help any body but there selfs. and before you say it, labour is a right wing party to.
As for Mandelson, I really hope that he's consigned to the political dustbin next year as I can't see David Cameron offering him anything.
southy, redbridge says...
10:58pm Mon 30 Nov 09
southy, redbridge says...
11:07pm Mon 30 Nov 09
if you call sharing the wealth out to all and letting every one have the bite of the apple, is keeping people down then yes, it is socialism, socialism is all about the sharing equal opportunitys for all and not just the few, like what you get with right wing politics.
Derek of Dibden Purlieu, Hampshire says...
11:09pm Mon 30 Nov 09
southy wrote:But strangely enough the electorate never seem prepared to vote for them but there's an election coming and this will be their time and if not there's the election after that and the election after that and the election after that and the election after that and the election after that and the election after that and the election after that and the election after that and the election after that and the election after that and the election after that and always the light at the end of the rainbow.
well condor only the left wing politics will represent the majority of people and not the few.
southy, redbridge says...
11:12pm Mon 30 Nov 09
http://www.dailyecho
.co.uk/uk_national_n
ews/4768783.New_poll
_suggests_hung_Parli
ament/
it give some idea what is going on out in the real world.
southy, redbridge says...
11:38pm Mon 30 Nov 09
labour right of centre
tory's far right wing
lib/dem right wing
bnp extreme right wing
ukip right wing
and now that the ordinary man has taken thing in there own hand, and there will be a new party out there and it will be left of centre, it scares you right wing voting people, the biggest fear of any right wing is the masses the ordinary person they dont want them to vote.
socialism is all about the people, its a peoples party, its a party of the people by the people for the people.
and it will take a bit of time to get the message out to all the ordinary people.
Andy Locks Heath, says...
8:27am Tue 1 Dec 09
Big Mac, southampton says...
11:38am Tue 1 Dec 09
Andy Locks Heath wrote:Well put Andy. Shame it will sail over the heads of those who could best learn from it.
Southy plies this myth that his brand of Socialism - ie marxism represents the "majority" of "ordinary people" No it doesn't, because more people in this country are better educated than before and can make their own choices and opinions rather than having others tell them. Marxism paradoxically flourishes in illiterate uneducated communities, plus of course the tiny group of intellectuals who end up seizing and actually holding power permanently in Marxist regimes and treating it as an inheritance while suppressing the masses. Southy assumes he is going to be in this second group come the revolution. Maybe someone has a nasty surprise coming. Southy insults the intelligence of all those people who voted labour in Southampton implying they did not know what they were voting for and constantly infers that they all meant to vote for him and about 6 other marxists but were tricked by Denham and Whitehead. . If I was a Southampton labour voter I'd be insulted that an illiterate bohunk thought that I was not bright enough to work out what I was voting for.
southy, redbridge says...
12:17pm Tue 1 Dec 09
and andy i am a socialist not a maxist, when you was at school did they not teach you the difference in political views and the many different types of both left and right wing politics in you comtemporary affiars lessons. or did you find this to boring and skip the lessons.
and yes socialism do represent the majority of people thats why its called socialism for.
have you not notice how the number off people have stop voting, its been in decline since the days of kinnock and the left wing witch hunt whitch is still going on to day. dave nellist in coventry got kick out of the labour party for being left of centre, while he was mp. his constituency got broken up, he now been elected has a councilor in coventry. and he not the only one that this has happen to, there is a fair number of socialist party members that are councilors now that use to be in the labour party, but got kick out for being just left of centre.
and andy you are one off those capitalist/right-win
g supporters that are scared of the ordinary people, when they get to gether they numbers would over whelm.
when a person like m.thatcher turns round and says, now here is a group off people i could work with, then you know this is another pointer to what has happen to the labour party. its gone right wing, and no longer represent the majority of people. at the last general election only 52% of the people voted this is a big drop to the number that use to vote in the late seventys and early eightys when 73% use to vote, then there are those who just vote for the lesser of the evils, and are hoping that labour will turn back or win back the party from the right winger, but they be wasting there time, and more and more ordinary people are starting to relise this, and starting to support the socialist/cnwp. even the unions are now changing they are slowly getting rid of the there right wing leadership, and soon they will need to change or lose there jobs. there are some very big union election coming up in all the major unions, in the next 2 years, like untie where len mccluskey is making a challenge and looks like he going to win with a big majority.
things are changing slowly but changing
Andy Locks Heath, says...
3:02pm Tue 1 Dec 09
southy, redbridge says...
4:36pm Tue 1 Dec 09
whats happening with in the socialist they are looking at all the things that has happened in the last 50 years and going over it, and seeing where the biggest problems are, even lo there was a few prblems pre 80 the biggest ones came after 80's and are getting compounded making things worse for every one thats is upper middle class down to working class, and when that depression comes along it will break though the middle class and into the lower upper class. it be then when the upper middle class will feel the same effects that the working class are getting now. all it is, is just a case of time before it catches every one up who has to work for a living. time that socialist have plenty off, but capitalist are running out off
Peter Mandelson
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teacher, weston, says...
8:23pm Mon 30 Nov 09