Maersk to take over Panama Canal port operations from HK firm [Yahoo! Finance]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
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Source: Yahoo! Finance
Panama's Supreme Court on Thursday invalidated Hutchison's contract following repeated threats from President Donald Trump that the United States would seek to reclaim the waterway he said was effectively being controlled by China. The canal, which handles about 40 percent of US container traffic and five percent of world trade, was built by the United States, which operated it for a century before ceding control to Panama in 1999. CK Hutchison's contract to operate the ports had "disproportionate bias" toward the Hong Kong-based company, according to the court ruling that annulled the deal. On Friday, the AMP said port operator APM Terminals, part of the Maersk Group, would be a "temporary administrator" of the Balboa and Cristobal ports on either end of the waterway. It would take over from the Panama Ports Company (PPC) -- a subsidiary of CK Hutchison Holdings -- which has managed the ports since 1997 under a concession renewed in 2021 for 25 years. The United States on
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News
- Billions In Chinese Investment To Flee Panama - Beijing Livid Over Canal Ports Decision [zero hedge]zero hedge
- Panama's president says port contracts will not be issued to a single operator [Yahoo! Finance Canada]Yahoo! Finance Canada
- Panama will not be threatened by China over canal court ruling, leader says [Yahoo! Finance Canada]Yahoo! Finance Canada
- The US wants to push China out of Latin America. The Panama Canal is the latest test [CNN]CNN
- The US wants to push China out of Latin America. The Panama Canal is the latest test [CNN]CNN