Canceling port agreement with Hong Kong? - Panama considers terminating contract to reduce China's influence
Panama is considering canceling its contract with a Hong Kong-based company that runs ports near the Panama Canal, a move that could ease threats by U.S. President Donald Trump to counter China's influence around the key waterway.
The government of President Jose Raul Mulino is weighing the possibility of canceling contracts with Hutchison Ports PPC. Spokespeople warned that no decision has been made and the government will act in a manner aimed at avoiding lawsuits and following due process.
If such a move is made official, it would be a “big gift” to Trump, who says China has too much control over the canal and has not ruled out the possibility of controlling it by force. Hutchison Ports operates two of the five ports adjacent to the Panama Canal, one on each side. Meanwhile, China has been steadily eroding Hong Kong’s autonomy in recent years.
US Secretary of State Marco Rubio told Panamanian authorities that steps must be taken to curb what he called China's "unacceptable" influence over the US-built canal, which was granted to Panama in 1999 under a treaty signed two decades ago. Hutchison has been operating the ports at Balboa and Cristobal in Panama under a concession that was first signed in 1997 and later extended until 2047.
Two lawyers also filed a lawsuit against Hutchison's contract a few days ago, claiming it violates the country's constitution. Trump's threat to take control of the waterway has set off a flurry of actions targeting the Hong Kong tycoon's port business in the region. Last month, Panamanian authorities sent a team of auditors to CK Hutchison's Panama Ports Co. to conduct what they called an "exhaustive" review to "ensure the efficient and transparent use of public resources."
About 75% of cargo transiting through the Panama Canal originates from or is destined for the United States, making it by far the route's biggest beneficiary. The canal brought in nearly $5 billion in revenue in fiscal year 2024, or about 4% of Panama's gross domestic product.
Poll
Greenland bans foreign political donations amid Trump threat!
Greenland's parliament has introduced a law banning foreign political donations, following threats by US President Donald Trump to take control of the......
Travel costs in Europe are driving away tourists - According to data, fewer vacationers will visit the continent in 2025
Europe is no longer on the list of priorities for American citizens and not only, mainly due to high costs. Data from the European Travel Commission shows......
“Supplementary indexation, equality in the contribution formula” - World Bank proposals for the pension scheme in Albania
The challenges facing Albania, such as emigration, declining fertility, population aging, and informality in the labor market, are putting pressure on the......
Travel chaos in Italy/ Flights canceled due to nationwide strike and fire!
Major airports in Italy have already started canceling flights on Tuesday in preparation for a day of nationwide strikes. Now, all air traffic at Ciampino......
15.5 billion lek investments for the maintenance of main road axes – ARRSH announces the start of works!
The Albanian Road Authority announced today that it has begun work on the maintenance of some of the main road axes in the country. According to the ARA,......
"As chairman of AKEP, the priority will be 5G" - Gentian Sala's candidacy, for voting in the plenary session of the Assembly
Gentian Sala is expected to be the new chairman of the Electronic and Postal Communications Authority (AKEP). In the Parliamentary Committee on Productive......
How much did individuals and businesses borrow from banks? About 60 billion lek more in 2024. The value marks a historical record
According to the latest figures published by the "Bank of Albania", it is noted that the year 2024 marks the highest value of new loans disbursed to......
National Agricultural Support Scheme/AZHBR: Over 67 thousand farmers benefiting from subsidies during 2024!
The Agency for Agricultural and Rural Development announced that it has financed 67,133 farmers nationwide, through the National Agricultural Support Scheme......
