Panama Court Strikes Down Hong Kong Firm’s Canal Contract
AI Summary
Panama's Supreme Court ruled a lucrative port contract held by Hong Kong-based CK Hutchison, which operates the Balboa and Cristobal ports at either end of the Panama Canal since 1997, as unconstitutional on Thursday. The ruling followed a lawsuit by the Panama government citing audit irregularities. This decision has the potential to reignite geopolitical tensions between the U.S. and China, especially since President Trump has expressed interest in American control of the Panama Canal and accused China of controlling it. CK Hutchison had previously planned to sell the ports to a consortium led by BlackRock, a deal that is now uncertain due to the court's ruling. The Panama Canal handles approximately 5% of global seaborne trade.
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