Category Archives: Spain

Consortium resumes work on Panama Canal expansion

PANAMA CITY/MADRID — A Spanish-led consortium resumed expansion work on the Panama Canal on Thursday, raising hopes the two sides will finally draw a line under an acrimonious stand-off over massive cost overruns.

As workers returned to the construction site after a stoppage lasting more than two weeks, a source close to the consortium led by Spanish builder Sacyr and Italy’s Salini Impregilo said it had resolved internal disagreements over the key issue of financing.

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Consortium upgrading Panama Canal says wont immediately halt work

Consortium upgrading Panama Canal says wont immediately halt work

PANAMA CITY/MADRID — A consortium of construction companies, led by Spain’s Sacyr (SCYR.MC), backed down on Sunday from a threat to immediately halt work expanding the Panama Canal in a dispute over cost overruns, but said it could still do so at a later date.

The consortium, known as Grupo Unidos por el Canal (GUPC), had threatened to suspend work by Monday, January 20 unless the Panama Canal Authority (PCA) paid $1.6 billion in cost overruns. Read more »

Panama Canal ready to nix contract if no consortium deal soon

Panama Canal ready to nix contract if no consortium deal soon

PANAMA CITY — The Panama Canal is ready to pull the plug on a Spanish-led consortium’s contract to expand the major world shipping route unless the two sides reach a deal quickly amid a spat over massive cost overruns, its administrator said on Thursday.

Jorge Quijano, head of the Panama Canal Authority, told Reuters the canal could itself obtain financing for the $1.5 billion needed to complete the project to build a new set of locks if necessary.

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Latin American reconquest well-placed for Spanish recovery

Latin American reconquest well-placed for Spanish recovery

MADRID/MEXICO CITY — As Spain’s economy begins to recover from a near-fatal crisis, Latin American companies and entrepreneurs are ahead of the pack in gaining a foothold from which they can grab a share of the spoils.

Mexicans, Venezuelans and others have moved into areas such as banking, travel, food and other consumer-orientated sectors.

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