The managers of the Panama Canal said they expect income from the waterway to drop after authorities were forced to limit the number of ships passing through each to 32 due to a lack of rainfall.
Ricaurte Vásquez, the canal’s administrator, said Thursday that income in 2024 could drop by as much as $200 million because of the drought.
The canal implemented a measure Sunday capping the number of ships passing through its locks daily to a maximum of 32, compared to 36 to 38 under normal operation.
Not enough rain has fallen to feed the watershed system of rivers and brooks that fill lakes, whose waters in turn fill the locks.
The watershed also supplies freshwater to Panama City, home to about half the country’s population of 4 million.
The canal had expected to earn about $4.9 billion in fees next year before the measures were announced.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
Jeff Benedict, author of 'The Dynasty,' weighs in on the Kansas City Chiefs being the next big dynasty, who he thinks will win Super Bowl LIX and more. Watch!
