Panama Canal ports will keep operating after court finds concession unconstitutional, president says [Globe and Mail, The (Toronto, Canada)]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
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Source: Globe and Mail, The
operate without interruption — a day after the country's Supreme Court ruled that the concession held by a subsidiary of Hong Kong's CK Hutchison Holdings was unconstitutional. The court's decision late Thursday advances a U.S. aim to block any influence by China over the strategic waterway and immediately drew a sharp rebuke from Beijing. President José Raúl Mulino said that until the court's ruling is executed — a period of time he did not specify — Panama's Maritime Authority would work with Panama Ports Company, the CK Hutchison subsidiary, to ensure continuing operations at the port. Once the concession is formally ended, a local subsidiary of Danish logistics company A.P. Moller-Maersk will operate the ports in a transitional phase until a new concession can be bid and awarded, Mulino said. “Panama moves forward, its ports will continue operating without interruption and we will continue serving the world at the logistics center of excellence that we are,” Mulino said in
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News
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- Panama's president says port contracts will not be issued to a single operator [Yahoo! Finance Canada]Yahoo! Finance Canada
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- 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