Free Newsletters - Space - Defense - Environment - Energy - Solar - Nuclear
..
. Energy News .




TRADE WARS
Nicaragua grants bid to build Panama Canal rival
by Staff Writers
Managua (AFP) June 13, 2013


Nicaraguan lawmakers on Thursday approved a controversial deal that would allow a Hong Kong company to build a $40 billion oceanic waterway to rival the Panama Canal, and then manage it for the next 50 years.

The law granting the concession to HK Nicaragua Canal Development Investment Co., known as HKND Group and owned by Beijing-based entrepreneur Wang Jing, aim to fulfill a long-held national dream for a waterway linking this nation's Caribbean coast to the Pacific.

The project is highly controversial because the little-known company was founded less than a year ago, and because of its huge pricetag -- the equivalent of twice this impoverished country's GDP.

Opposition politicians, environmentalists, economists and indigenous communities have criticized the project, saying the government of President Daniel Ortega is "mortgaging Nicaragua" to a company created by "a Chinese businessman nobody knows."

"The president has gone mad," said Sandinista dissident Congressman Victor Tinoco, casting the deal as a plan by Ortega and Wang to "become fabulously wealthy."

The head of the opposition bloc, Eduardo Montealegre, blasted the law as "unconstitutional, fraudulent and harmful to our interests."

Ortega -- whose administration only has diplomatic relations with Taiwan and not Beijing -- is set to sign the agreement in Managua on Friday with the company, which has also created a subsidiary in the Cayman Islands.

The plan includes building a canal linking the Atlantic and Pacific Oceans through Nicaraguan territory, along with ports, an airport, pipeline and a railway. A free trade zone is also set to be created.

The waterway is expected to be wider and deeper than the 82-kilometer (51-mile) Panama Canal.

Work on the canal should begin in May 2014 after a feasibility study is completed, according to Ortega.

The Panama Canal handles five percent of world trade annually, and has hosted more than one million vessels since it was inaugurated in 1914.

It also generated a record $1 billion for Panama in fiscal year 2010-2011, for a total of $6.6 billion since the United States handed over control more than a decade ago.

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





TRADE WARS
EU takes China to WTO over steel anti-dumping duties
Brussels (AFP) June 13, 2013
The European Union challenged China, one of its biggest trade partners, at the World Trade Organization on Thursday over tariffs on imports of stainless steel pipes, in the latest of a series of disputes that has sparked fears of a trade war breaking out. The EU "today requested consultations with China" at the WTO, it said, charging that its anti-dumping duties were "incompatible with WTO l ... read more


TRADE WARS
China is outsourcing carbon within its own borders

UMD scientists publish key findings on regional, global impact of trade on the environment

Wood as energy source not as 'green' in carbon terms as thought

Asia needs 'energy settlement'

TRADE WARS
DOE to move forward on LNG export applications

Iraq slashes production plan, but doubts remain

Philippines coast guard officials face possibe charges

New showdown looms as Sudan threatens south's oil

TRADE WARS
Britain rolls out offshore wind power investment stimulation plan

Prysmian Group To Showcase At 2013 RenewableUK Offshore Wind In Manchester

Quantum To Buy 10 Megawatt Trout Creek Wind Farm

Enovos opens 10 MW wind farm

TRADE WARS
Goal Zero and In-Q-Tel Sign Strategic Agreement to Develop Deployable Power Systems

MECASOLAR leads a European R and D project

1.3GW of PV Installations Eliminated by EU Anti-Dumping Duties in 2013

Testing Artificial Photosynthesis

TRADE WARS
Japan PM to tout nuclear exports at central Europe summit

Lockheed Martin and China Sign Nuclear Plant Safety Systems Work Deal

Fukushima official Twitter tirade under fire in Japan

EU wants six-yearly post-Fukushima nuclear stress tests

TRADE WARS
Wood not so green a biofuel

Biofuels will play integral role in California's energy future

Climate change raises stakes on US ethanol policy

Scotland gives green light to $710M wood biomass heat-power plant

TRADE WARS
China astronauts enter space module

China to send second woman into space: officials

Tiangong-1 ready for docking and entry

Shenzhou-10 mission to teach students in orbit

TRADE WARS
Mixed-bag climate conference draws to a close in Bonn

Gillard teams with Schwarzenegger on climate action

Diplomatic push mooted for Russia's climate deadlock

Is UN negotiating an unattainable climate goal?




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement