Dubai World Port Division Defends Finances
According to a Jan. 23 report from Bloomberg, DP World officials defended the Dubai port operator's finances, saying the company is under no pressure to raise cash even as a sister firm announced plans to seek new terms on its debt. According to the report, executives at the cargo handler said last month's move to slash its stake in Australian ports was solely a strategic decision meant to shift more emphasis to fast-growing emerging markets. DP World sold the bulk of its Australian businesses to a Citi investment fund in late December for $1.5b.
(Source: Bloomberg)