7d ago

Hong Kong Billionaire to sell Panama Canal Ports to US firm

www.bbc.com Hong Kong billionaire to sell Panama Canal ports to US firm

BlackRock will buy two ports after Trump's interest in taking back control of the key shipping route.

In a statement announcing the business deal, Frank Sixt, co-managing director of CK Hutchison, said: "I would like to stress that the transaction is purely commercial in nature and wholly unrelated to recent political news reports concerning the Panama Ports."

BlackRock is one of the world's largest asset management companies.

World News @quokk.au

Sunshine (she/her) @lemmy.ca

7d ago

Hong Kong billionaire to sell Panama Canal ports to US firm

www.bbc.com /news/articles/clyzlk259g2o

39 2

9 comments

Hong Kong billionaire to sell Panama Canal ports to US firm
headline is correct.
post title omitted a very crucial word.
- Fixed

Hmm. I wonder if there might be a Jones Act repeal in the works? That would probably greatly increase the value of the Panama Canal, by making it more-viable for US East Coast-West Coast shipping.
kagis
Apparently there was some discussion of this, but Trump's apparently expressed support for the Jones Act, for whatever value that has.
https://gcaptain.com/trump-signals-jones-act-policy-will-stay-the-course/
The article continues: “The re-election of Trump signals a continued commitment to the Jones Act, supporting a uniquely American industry that spans jobs, innovation, and security. In choosing Trump, the American people voted for a leader who recognizes that policies like the Jones Act aren’t outdated relics but vital pillars of U.S. prosperity and safety. For American workers, communities reliant on the maritime industry, and anyone invested in a strong, secure America, this election outcome is a win—plain and simple.”
- Isn't the Jones act so onerous that it basically had the opposite effect of killing the US shipping industry entirely? I think I read that somewhere a long time ago.
  
  Well, it depends on what you mean by "the US shipping industry".
  It benefits US shipmakers (eliminates competition), US seamen (eliminates competition), and industries that compete with shipping like freight trains (eliminates competition).
  It disadvantages ports and American people/companies who want things shipped cost-effectively. It's bad for islands, like Hawaii, where it drives up prices.
  I'd call "ports" some of the shipping industry, but also "shipmakers" and "seamen".
  If the Jones Act were to go away, we would probably move a lot more goods by water than we do today.

Uh-huh...

They selling it to blackrock. Not like this will be any better.

9 comments