Panama's president says port contracts will not be issued to a single operator [Yahoo! Finance Canada]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
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Source: Yahoo! Finance Canada
Panama's Supreme Court last week nullified CK Hutchison's contract to operate two ports along its strategic canal through its Panama Ports Company subsidiary, ruling that the contracts violated the Central American nation's constitution by giving ?the company exclusive privileges ?and tax exemptions. "I don't expect this situation to escalate," Mulino said, calling the court's decision definitive. "Panama is a ?dignified country and will not allow itself to be threatened by any country on earth." On Tuesday, China warned Panama there would be "heavy prices" to pay ?for the court ruling which China's Hong Kong and Macau Affairs ?Office called "absurd" and "shameful and pathetic." They vowed to defend the interests of Chinese companies. Mulino added that it was unclear when the ruling would be enforced. In the meantime, the Panama Ports Company would continue to operate both ports, he said. "The Panamanian state decides on the ?concession scheme to be granted much later," ?he a
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News
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- The US wants to push China out of Latin America. The Panama Canal is the latest test [CNN]CNN
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