PANAMA CITY – A Spanish-led consortium resumed work Thursday to expand the Panama Canal, which handles five percent of global seaborne trade, after an acrimonious two-week stalemate over $1.6 billion in cost overruns.
PANAMA CITY – Work to widen the Panama Canal will resume on Thursday, an official said, two weeks after the huge project was suspended over $1.6 billion in cost overruns.
MANAGUA, Nicaragua – It would be an engineering feat of gargantuan proportions – a $40 billion Chinese-built canal across Nicaragua to boost the flow of ships between the Caribbean and the Pacific.
PANAMA CITY – An international consortium at loggerheads with Panama over work to expand the Panama Canal has presented a proposal to end a dispute over a $1.6 billion cost overrun, the group said late Thursday.
Work on expanding the Panama Canal will continue through at least next week after the construction consortium officially extended the deadline until Feb. 1 to resolve a dispute over $1.6 billion in cost overruns. The deadline had been set for this past Monday.
Work to enlarge the Panama Canal will be completed in 2015 no matter what, Panamanian Finance Minister Frank De Lima said Wednesday, despite the continuing feud over cost overruns with contractor GUPC.
A consortium working on expanding the Panama Canal proposed Monday that local authorities co-finance a huge budget gap that sparked a bitter dispute threatening the project.
PANAMA CITY -- Work on expanding the Panama Canal went ahead at a reduced pace Monday despite the builder's threat to shut down the project over huge cost overruns, officials said.
Work to expand the Panama Canal will proceed despite a financial dispute that could derail the project, an official managing the major waterway said Saturday ahead of a key deadline.
