Environmentalists and human rights activists warn that Nicaragua’s granting of a 100-year concession to a Hong Kong construction firm with unclear financial backing sets in motion a nightmarish scenario fraught with violence, depletion of the region’s largest source of freshwater and destruction of biodiversity.
03 Mar 2015
Panama Canal Authority CEO Jorge L. Quijano said that it’s possible for Nicaragua and its Hong Kong backer to build a rival canal in five years, but it’s not a “feasible investment from a private investment standpoint.”
02 Feb 2015
When Panama wanted to expand its canal it sought the permission of its citizens through a referendum in 2006 that showed overwhelming approval for the $5.25 billion project. In contrast, Nicaragua allowed a Hong Kong-based company to begin construction in December with no referendum, and is seeing violent resistance to the project, said Panama Canal Authority CEO Jorge L. Quijano.
31 Dec 2014
The lack of detailed financial information on the Nicaragua canal from project leader HKND Group continued this week with the announcement by chairman and CEO Wang Jing that the company was planning to launch an initial public offering to fund the $50 billion waterway.
27 Dec 2014
The Central American canal projects continue to generate questions over funding — where it will come from in the case of the proposed Nicaraguan plan, and where it is going in the Panama Canal upgrade.
29 Nov 2014
For the fourth straight week, JOC.com readers were voracious for LA-LB congestion coverage, but as port woes continue, delays on the West Coast are beginning to trickle down the supply chain. Nine of JOC's top 10 stories for the week concerned port congestion, with the exception one story on the Nicaragua canal.
21 Nov 2014
Construction on the controversial Nicaragua canal linking the Atlantic and Pacific oceans will begin on Dec. 22 on the Pacific side, according to the government officials.
25 Oct 2014
Terminal congestion at the ports of Los Angeles and Long Beach was clearly on the minds of JOC.com readers again this week, with six of the Top 10 stories focusing on the issue.
20 Oct 2014
The HK Nicaragua Canal Development Investment Co. estimates it can complete a Nicaragua canal in five years at a cost of $40 billion, but more realistically, it will cost at least twice that amount and take 10 or more years to build the 173-mile-long waterway.
04 Oct 2014
“If it bleeds, it leads,” is a saying in the news industry that means bad news gets higher ratings than good news, and that rang true on JOC.com this past week.
26 Sep 2014
Roughly 500 Nicaraguan farmers protested against the Nicaragua Canal this week, angered that the $40 billion plan includes the seizure of their land.