Panama President Defends Port Takeover in US-China Dispute
President Jose Raul Mulino defended the takeover of ports from CK Hutchison. The move follows expired contracts and will go to international arbitration.
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Panama President Jose Raul Mulino defended the takeover of port concessions from Hong Kong-based CK HUTCHISON HOLDINGS LTD during a late evening press conference. The move follows a January Supreme Court ruling that ended nearly 30 years of operations for the firm's local unit. Control of the Panama Canal entrance, which handles 5% of global trade, remains a flashpoint for United States and China tensions.
