Upon a recent visit to the Michigan State University website, I came across something quite troubling: Dubai plans. The goal is start a not-for-profit program by the university in the Dubai International Academic City (DIAC). This would make them the first American university to offer degree-granting programs in Dubai. The ultimate goal is to turn it into an academic hub of the region, hosting 25 universities, just outside the city's business district. The specific terms for creating a branch there, as set by TECOM Investments, which owns the area, specify that only branches of already established universities can open there. Already, 8,500 students from schools like University of Wollongong in Dubai, from Australia; Middlesex University Dubai Campus from United Kingdom; and S.P Jain Centre of Management Dubai, from India are being educated there. It is projected that each undergraduate program will admit about 40 students and each graduate program 20 students, or so says John Hudzik, MSU's VP of Global Engagement & Strategic Projects.
There exist several reasons to be irate. First, the UAE is starting to become a major regional hub for investment and commerce, and such a massive improvement to the nation's educational offerings make that all the more certain for the future. Given their ties to terrorism, this is of grave concern. Moreover, roughly 85% of the Dubai population is made up of foreigners, who also claim 90 per cent of the job market. Increased domestic educational opportunities translate to a shift in this number, thus removing moderate influence, and leading the country further down the path of radicalism. Finally, MSU is a taxpayer-financed university, and one of the largest in the nation. Many classes are quite massive. So for an American institution supported by taxpayers to create an overseas branch that offers smaller classes, and therefore a presumably superior education, is outrageous.
To voice your outrage, call and email Sue Nichols, who handles university relations. Her contact info:
(517) 353-8942
(517) 282-8472 (cell)
nichols@msu.edu
Or, try John Hudzik:
(517) 355-2352
hudzik@msu.edu
Tuesday, September 25, 2007
London Stock Exchange Taken Over By Gulf Nations. NASDAQ Next?
Over the weekend the big controversy centered around Ahmadinejad's visit to Columbia, where he was invited to speak by Lee Bollinger . I have embedded the full speech below.
With this going on, it is little surprise that a MAJOR story was missed. The Gulf powers now own the London Stock Exchange. LGF made a post regarding this, though subsequent coverage of the Iranian leader's visit soon overshadowed it.
In essence, on Friday the Qatar Investment Authority bought a 20.8% stake in the London Stock Exchange by purchasing the shares previously held by two hedge funds. The day after, they purchased another 3% of the exchange, putting their total ownership at just below 24%. That alone would be cause for extreme concern. But, this is compounded by the fact that Borse Dubai struck a deal with NASDAQ After having failed in a hostile takeover attempt, NASDAQ has decided to sell off their 28% stake in it to Borse Dubai. This means that the governments of Qatar and the United Arab Emirates, since both are state owned investment businesses, now own roughly 52% of the London Stock Exchange.
But it doesn't end there. Borse Dubai has reached a tentative deal to purchase 19.9% of NASDAQ itself. And, the two will be joining together in an effort to purchase OMX, a Norse stock exchange used by seven countries, including Denmark, Finland, and Sweden. If they fail, the result isn't any better, as their primary competition in the quest to control OMX is their oil-rich neighbor Qatar.
A dangerous trend is emerging. Qatar and the UAE are slowly and less than transparently attempting to take over major financial exchanges. Such a massive concentration of power in the hands of states that sponsor terrorism ought to be of grave concern. The best thing the United States and Western Europe can do at this point is to crush the power of OPEC by adopting sound energy policies, or at least purchase gas responsibly.
With this going on, it is little surprise that a MAJOR story was missed. The Gulf powers now own the London Stock Exchange. LGF made a post regarding this, though subsequent coverage of the Iranian leader's visit soon overshadowed it.
In essence, on Friday the Qatar Investment Authority bought a 20.8% stake in the London Stock Exchange by purchasing the shares previously held by two hedge funds. The day after, they purchased another 3% of the exchange, putting their total ownership at just below 24%. That alone would be cause for extreme concern. But, this is compounded by the fact that Borse Dubai struck a deal with NASDAQ After having failed in a hostile takeover attempt, NASDAQ has decided to sell off their 28% stake in it to Borse Dubai. This means that the governments of Qatar and the United Arab Emirates, since both are state owned investment businesses, now own roughly 52% of the London Stock Exchange.
But it doesn't end there. Borse Dubai has reached a tentative deal to purchase 19.9% of NASDAQ itself. And, the two will be joining together in an effort to purchase OMX, a Norse stock exchange used by seven countries, including Denmark, Finland, and Sweden. If they fail, the result isn't any better, as their primary competition in the quest to control OMX is their oil-rich neighbor Qatar.
A dangerous trend is emerging. Qatar and the UAE are slowly and less than transparently attempting to take over major financial exchanges. Such a massive concentration of power in the hands of states that sponsor terrorism ought to be of grave concern. The best thing the United States and Western Europe can do at this point is to crush the power of OPEC by adopting sound energy policies, or at least purchase gas responsibly.
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