Latest news with #PanamaCanal
Bloomberg
a day ago
- Business
- Bloomberg
China's Cosco Eyes Veto Rights in Deal for Tycoon Li's Ports
China's biggest shipping company is set to join the global consortium that's acquiring Hong Kong tycoon Li Ka-shing's overseas ports, and is requesting a powerful role in the group in order to secure Beijing's blessing for the controversial deal, people familiar with the matter said. State-owned China Cosco Shipping Corp. is asking to have veto rights or equivalent powers in the entity taking over the 43 ports, including two strategically important ones along the Panama Canal, the people said, asking not to be identified discussing private matters. Cosco has argued such rights are necessary to block any decisions that are potentially harmful to China's interests, the people added.
Bloomberg
a day ago
- Business
- Bloomberg
China's Cosco Eyes Veto Rights in Deal for Li Ka-shing's Ports
China's biggest shipping company is set to join the global consortium that's acquiring Hong Kong tycoon Li Ka-shing's overseas ports, and is requesting a powerful role in the group in order to secure Beijing's blessing for the controversial deal, people familiar with the matter said. State-owned China Cosco Shipping Corp. is asking to have veto rights or equivalent powers in the entity taking over the 43 ports, including two strategically important ones along the Panama Canal, the people said, asking not to be identified discussing private matters. Cosco has argued such rights are necessary to block any decisions that are potentially harmful to China's interests, the people added.
South China Morning Post
5 days ago
- Business
- South China Morning Post
US House committee chair warns Panama about Chinese influence over Panama Canal
The head of a US congressional on Thursday, warned Panama over Chinese influence on the Panama Canal, following reports that leading Chinese state-owned conglomerates are bidding for port concessions there now for sale by Hong Kong-based CK Hutchison Holdings. In his letter to Minister of Maritime Affairs and Administrator of the Panama Maritime Authority Luis Roquebert, Representative John Moolenaar, chairman of the House Select Committee on the Chinese Communist Party, expressed alarm over China's 'malign influence' on the canal, a conduit vital for global shipping and supply chain security. 'I am writing to applaud the work you, your Ministry, and your country have undertaken to reject undue influence from the People's Republic of China,' the Michigan Republican wrote. Panamanian President José Raúl Mulino 'has demonstrated his commitment to strengthening the US-Panama relationship and has taken concrete steps to reverse efforts by the PRC to expand malign influence in Panama,' the letter said. Moolenaar urged Roquebert's ministry to ensure that whoever ends up controlling Cristobal and Balboa, two Panama Canal ports operated by CK Hutchison, is not 'beholden' to the Communist Party of China.
Yahoo
6 days ago
- Business
- Yahoo
China could block sale of port terminals: Report
The sale of global port facilities to U.S.-based investor BlackRock and Mediterranean Shipping Company by Hong Kong's CK Hutchison could be blocked by China, unless shipping company Cosco is included, according to a Wall Street Journal report citing anonymous sources. Hutchison said in March it planned to sell its 80% share of port terminals through subsidiary Hutchison Port Holdings at 43 ports in 23 countries for $22.8 billion. The company is controlled by billionaire Li Ka-shing. The prospective sale would include terminals near the Panama Canal, the waterway President Donald Trump said is a strategic priority for the United States. Based in Geneva, MSC is the world's largest container shipping line, with more than 800 ships and capacity of 5.6 million twenty foot equivalent units (TEUs). The newspaper reported that BlackRock, MSC and Hutchison are amenable to a Cosco stake. Hutchison, BlackRock, and MSC did not immediately respond to requests for comment. Messages left for the White House and Chinese media office were not immediately returned. The report added an agreement is not expected before a July 27 deadline for exclusive talks among BlackRock, MSC and Hutchison, the report added. Find more articles by Stuart Chirls uncertainty, sliding Asia-US container rates are a sure thing Report: White House maritime chief leaving Ports back bill to limit Customs charging for inspection services FMC investigating Port Houston pacts with container carriers The post China could block sale of port terminals: Report appeared first on FreightWaves.
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
China Threatens to Block Panama Ports Deal Unless Its Shipping Giant Is Part of It
China's government is threatening to block a deal that would transfer ownership of dozens of seaports to Western investors if Cosco, China's largest shipping company, doesn't get a stake. The proposed sale includes two ports at the Panama Canal and more than 40 others around the world, all owned by Hong Kong-based CK Hutchison 1 0.52%increase; green up pointing triangle.
