Free Newsletters - Space News - Defense Alert - Environment Report - Energy Monitor
. Earth Science News .




TRADE WARS
Panama -- what? Nicaragua has $30-bn plan for its own canal
by Staff Writers
Managua (AFP) June 6, 2012


China, Russia, Brazil and Japan are among six countries interested in funding a new $30-billion canal in Nicaragua linking the Atlantic and Pacific Oceans, the project coordinator said Wednesday.

On Tuesday, Nicaraguan President Daniel Ortega submitted a draft bill to the legislature that details six possible routes for the proposed waterway, one of which would pass through the San Juan river that forms a common border with neighboring Costa Rica.

"We've had talks with Japan, China, Russia, Venezuela, Brazil and South Korea and everyone is interested" in contributing to the $30 billion mega-project, the plan's leader Eden Pastora told local television.

He added that Nicaragua's conduit would be "larger and deeper" than the Panama Canal, currently the only man-made shortcut allowing ships to cross between the Atlantic and the Pacific.

Feasibility studies are expected to cost $350 million while actual construction could hit $30 billion.

The idea of building a canal across Nicaragua dates back centuries, but was overtaken by the construction of the 51-mile (82 kilometer) Panama Canal.

In recent years, however, Nicaraguan governments have revived the concept as a way to promote development of the country, the second poorest in the Americas after Haiti.

The idea has led to some controversy.

In late 2010, Nicaragua sparked a diplomatic row with Costa Rica when it began dredging the San Juan River. The move led to Costa Rica accusing Nicaragua of invading a small island in the river. The dispute has gone to the International Court of Justice in The Hague.

The Panama Canal is currently undergoing a major $5.25-billion project to expand its choked capacity, set to be completed in 2014, which will allow some of the world's largest ships to pass through.

The vital waterway handles five percent of world trade annually, and has hosted more than one million vessels since it was inaugurated in 1914. The United States handed over control of the canal to Panama on December 31, 1999.

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

China and other countries are seen as keen to build a backup inter-oceanic shortcut route, if the numbers make sense.

.


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
Sri Lanka's Chinese-built port opens for business
Colombo (AFP) June 6, 2012
Sri Lanka's first Chinese-built port, a strong symbol of Beijing's investment in South Asia, opened for international shipping on Wednesday with the arrival of 1,000 cars from India. The $1.5-billion deep-sea port in southern Hambantota, the home constituency of President Mahinda Rajapakse, straddles a major east-west shipping lane used by 200-300 international vessels daily. The project ... read more


TRADE WARS
Japan agency sorry for comparing radiation to wife

Lithuania launches regional nuclear safety watchdog

Italy's quake-struck north tries to reassure tourists

Ferrari auction to raise money for Italy quake

TRADE WARS
Samsung vows US launch of Galaxy despite Apple suit

Repelling the drop on top

Elvis Lives! US firm to create 'virtual' Presley

Taiwan's HTC denies Microsoft snub over Windows 8

TRADE WARS
Practical Tool Can 'Take Pulse' Of Blue-Green Algae Status In Lakes

Grazing snails rule the waves

New world, new worries as Brazil dam changes Amazon

Ethiopian dam spurs debate

TRADE WARS
Expedition studies acid impacts on Arctic

Huge algae blooms discovered beneath Arctic ice

Peru needs glacier loss monitoring: dire UN warning

Greenland's current loss of ice mass

TRADE WARS
Scientists complete most comprehensive genetic analysis yet of corn

EU farming reform caught in budget stalemate

France to ban Swiss pesticide as bee threat

Brazil farmers in legal feud with Monsanto over GM soy

TRADE WARS
Huge dock washed up on US coast, thought from Japan

Huge Japan tsunami dock washes up on US beach

Powerful 6.0 quake strikes southern Peru

Hurricane season is here, and FSU scientists predict an active one

TRADE WARS
LRA rebels attack DR Congo wildlife park guards

Conflicts hinder Niger, Mali locust control: UN food agency

Somali soldiers train for urban combat in rural Uganda

Sierra Leone's gruesome civil war

TRADE WARS
Fossil discovery sheds new light on evolutionary history of higher primates

Monkey lip smacks provide new insights into the evolution of human speech

Stanford psychologists aim to help computers understand you better

New Mini-sensor Measures Magnetic Field of the Brain




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