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Martinelli Hosts Dignitaries for Canal Ceremony
July 1, 2010
by AQ OnlinePanamanian President Ricardo Martinelli, Italian Prime Minister Silvio Berlusconi and Spanish Deputy Premier Manuel Chaves held a ceremony yesterday in Panama City celebrating the expansion of the Panama Canal—a massive infrastructure project to be completed in 2014. Also joined by the presidents of Guatemala, Colombia and Honduras, the ceremony marked the beginning of the construction for the canal’s expansion. "Today, a new future begins for the country,” said Martinelli.
The canal, first finished in 1904, is designed for ships with a 267-meter (875-feet) length and 28-meter (92-feet) beam, and is too small to handle modern ships, which commonly run three times as big. After a 2006 referendum approved its expansion, Grupo Unidos was awarded a 3.1 billion contract for the work.
The canal currently facilitates close to 5 percent of world trade and approximately 23 percent of commercial shipping traffic between Asia and the United States.
Tags: Panama Canal, Ricardo Martinelli, Silvio Berlusconi
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Panama's New President Takes Office
July 1, 2009
by AQ OnlineThe streets of Panama are empty today as millions await the inauguration of Ricardo Martinelli, winner of the May 3 elections with approximately 60 percent of the popular vote. Martinelli, a millionaire who owns the largest supermarket chain in Panama, has vowed to reform the education system and to give $100 pensions to seniors over age 70. He also has promised to combat crime and improve infrastructure, including a pledge to construct a modern subway system in the capital.
Honduran President Manuel Zelaya—currently in exile after last Sunday’s military coup—will be among the world leaders at the inauguration. Other attendees include: Mexican President Felipe Calderón, Dominican Republic President Leonel Fernández, Colombian President Álvaro Uribe, and Felipe de Borbon, the heir to the Spanish throne.
Martinelli takes office amid high expectations. But some economists are skeptical whether he will be able to fulfill his promises due to the current economic crisis. One item that will certainly be on the agenda is moving forward the U.S.-Panama free-trade agreement.
Tags: Inauguration, Manuel Zelaya, Panama, Ricardo Martinelli
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