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2025-03-19 Caribbean-Latin America
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China, Hong Kong threaten to thwart sale of Panama Canal ports to America's BlackRock
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 [FoxNews] Hong Kong leader John Lee says the deal warranted 'serious attention'
A deal for the U.S. to "reclaim" the Panama Canal is increasingly under fire from authorities in China and Hong Kong.
Earlier this month, BlackRock announced a $23 billion deal with CK Hutchinson to take ownership of the Panamanian ports of Cristobal and Balboa, which are located at the Atlantic and Pacific ends of the canal, respectively. It would also take over Hutchinson’s controlling interest in 43 ports in 23 other countries. However, Hong Kong and Chinese leaders could seek to stand in the way.
John Lee, the leader of Hong Kong, stated his concerns about the deal on Tuesday, saying it deserved "serious attention."
The agreement between the two conglomerates was seen as a solution to President Donald Trump’s threats to take back the canal after he argued that China was using it to "rip off" U.S. ships through entry fees.
Trump touted the BlackRock deal as the U.S. "reclaiming" the port when it was first announced.
Now, Beijing has opened up investigations into potential antitrust and national security concerns about the deal through various agencies, including its State Administration of Market Regulation, Bloomberg reported.
"If Beijing stops this deal, that’s a direct challenge to the president of the United States on an issue which he really cares about," said U.S.-China relations expert Gordon Chang. "That is not going to go down very well."
The lucrative waterway sees 5% of global maritime trade pass through.
CK Hutchison’s stock price fell 3% on Tuesday after Lee’s comments, and the company canceled press and investor briefings that were scheduled for this week when it releases its financial report.
CK Hutchison is owned by Hong Kong billionaire Li Ka-Shing. Lee has said any business transaction must comply with Hong Kong law, and the city will handle the deal according to law.
"I suspect that the Hong Kong government is not going to take on Li Ka Shing and Hutchison, but you never know because the environment in Hong Kong is changing. It's not getting better," said Chang.
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Posted by Skidmark 2025-03-19 00:00||
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File under: Commies
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Posted by Bobby 2025-03-19 10:53||
2025-03-19 10:53||
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Posted by ed in texas 2025-03-19 15:24||
2025-03-19 15:24||
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