Panama Canal upgrade remains at standstill amid $1.6 bn cash gap

Panama Canal upgrade remains at standstill amid $1.6 bn cash gap

 

Panama City (AFP)

 

Work on expanding the Panama Canal is unlikely to resume Saturday as local officials face negotiations with foreign builders after the project was halted in a dispute over cost overruns.

 

The multi-billion-dollar plan to build larger locks on the 80-kilometer (50-mile) waterway linking the Atlantic and Pacific Oceans stopped Friday in a row over who will pay an additional $1.6 billion (1.2 billion euros) bill.

 

The independent Panama Canal Authority (ACP) and GUPC consortium -- a group of international builders headed by Spain's Sacry Vallehermoso -- exchanged proposals throughout the day, but without a deal.

 

"We keep open the possibility of reaching an agreement, and we are making an effort towards that goal," said ACP chief Jorge Quijano.

 

According to the builders, "talks with the ACP are ongoing and are expected to continue next week."

 

Bankers financing the 3.2 billion contract (2.3 billion euros) to expand the canal visited the worksite on Friday.

 

The project is designed to widen the canal so that massive cargo ships can pass through.

 

It is one of the world's most ambitious biggest civil engineering projects and was due to be completed next year.

 

The builders have said completion may be delayed by up to five years.

 

The consortium has accused the Panama Canal Authority of breaking off negotiations.

 

It says the authority failed in obligations to pay a $50 million bill and to help pay workers and subcontractors.

 

GUPC had offered to split the cost of finishing the dig with the Canal Authority and then let arbitrators decide who pays for the overrun.

 

The Panamanians suggest a deal could be reached if the builders commit to specific dates for stages of the job to be ready.

 

There would also be a ban on further cost overruns.

 

The GUPC claims unforseen geological difficulties have forced them to spend much more on cement than expected.

 

They say that they based their estimates on data provided by the Canal Authority that was incorrect.

 

The consortium of builders includes Italy's Impreglio, Jan de Nul from Belgium, and Panama's Constructora Urbana.

 

The original canal, built by the United States mostly with workers brought in from the Caribbean, was completed in 1914.

 

It offers a shortcut and safer journey for maritime traffic, is used by 13,000-14,000 ships each year, handling five percent of world sea trade.

 

The canal generates $960 million a year for Panama, nearly 10 percent of the country's total annual income

 

(Agence France-Presse, 8 Saturday February 2014 The Roman)

 

http://www.afp.com/en/news/topstories/panama-canal-upgrade-remains-standstill-amid-16-bn-cash-gap

 

Real Madrid beat Atletico to close in on final

Real Madrid beat Atletico to close in on final

 

Madrid (AFP)

 

Real Madrid took a huge step towards reaching the Copa del Rey (King Cup) final as they beat local rivals and holders Atletico Madrid 3-0 thanks to two own goals in their semi-final, first leg on Wednesday.

 

Atletico beat Real at the Santiago Bernabeu in last year's final, but the hosts quickly set about making amends for that defeat as Emiliano Insua deflected Pepe's effort into his own net after just 17 minutes.

 

Jese Rodriguez, who was only starting because of Gareth Bale's late withdrawal from the squad due to a calf injury, doubled Real's advantage with a low finish from Angel di Maria's pass just before the hour mark.

 

Di Maria was involved again as Real all but secured their place in the final when his deflected strike 17 minutes from time was credited as another own goal by Atletico defender Miranda.

 

Defeat ends a 24-game unbeaten run for Atletico and they will now need a remarkable fightback to retain their title in the second leg at the Vicente Calderon on Tuesday.

 

In a typically intense encounter whenever these two sides meet, it was the home side who threatened first as Karim Benzema's header was blocked just in front of his own goal line by Atletico captain Gabi.

 

Arda Turan then had Atletico's best effort of the first-half as he nipped in front of Alvaro Arbeloa, but his header was palmed away to safety by Iker Casillas.

 

It was Real who were posing a more consistent threat, though, and they went in front when Pepe wandered forward to meet Xabi Alonso's pass and his shot deflected off Insua and past the helpless Thibaut Courtois.

 

Miranda nearly restored parity moments later from Koke's free-kick as Casillas again came to Real's rescue.

 

Di Maria then saw another deflected effort fly just over, whilst Courtois saved from Ronaldo and Luka Modric as Carlo Ancelotti's men ended the half in the ascendancy.

 

Atletico coach Diego Simeone reacted at half-time by introducing Cristian Rodriguez for Diego Ribas.

 

And Atletico nearly rewarded Simeone with an equaliser as they started the second period brightly but Diego Godin headed over from point-blank range.

 

However, Real dealt the visitors a sucker punch of a blow just before the hour mark as Di Maria found Jese with a lovely through ball and the Spanish under-21 international's effort squeezed under Courtois.

 

The Belgian goalkeeper was fortunate not to see another strike slip through his grasp a minute later as he spilled Di Maria's powerful drive.

 

A brilliant goal line clearance from Modric prevented Godin from halving the deficit 18 minutes from time.

 

And within 60 seconds, Real had added to their advantage when Di Maria's long-range effort cannoned off Miranda to once again wrong-foot Courtois.

 

(Agence France-Presse, 5 Wednesday February 2014 The Roman)

 

F1: Vettel remporte le GP du Japon et se rapproche du titre F1: Vettel wins Japanese GP and closer to title

F1: Vettel remporte le GP du Japon et se rapproche du titre

 

(AFP)

 

SUZUKA — L'Allemand Sebastian Vettel (Red Bull-Renault), triple champion du monde en titre, a remporté le Grand Prix du Japon dimanche sur le circuit de Suzuka, devant l'autre Red Bull de son coéquipier Mark Webber et la Lotus-Renault du Français Romain Grosjean.

 

Malgré cette victoire, Vettel n'est pas encore champion du monde car son principal rival, Fernando Alonso (Ferrari), a réussi à terminer 4e.

 

Vettel consolide sa première place au championnat pilotes avec 90 points d'avance sur Alonso, à quatre manches de la fin de saison.

 

C'est la 35e victoire de Vettel en F1, dont neuf cette saison, en 15 manches, et cinq d'affilée depuis le GP de Belgique, fin août.

 

Il est plus que jamais lancé vers une 4e couronne consécutive, qu'il pourrait coiffer dès le prochain GP, le 27 octobre en Inde, à condition de conserver 75 points d'avance sur Alonso après cette course dans la banlieue de Delhi.

 

Vettel a réussi une course parfaite, comme souvent, et bien profité d'une stratégie à deux arrêts pour changer de pneus, alors que son coéquipier australien, parti de la pole position, en a effectué trois.

 

Grosjean a pris un départ parfait, surprenant les deux Red Bull au premier virage, et mené tout le début de course, puis a été victime de la stratégie mise au point par son équipe, moins efficace que celle de Red Bull Racing pour Vettel.

 

En terminant 4e, alors qu'il était 8e sur la grille, Alonso a préservé un semblant de suspense jusqu'au GP d'Inde.

 

Semblant seulement, car personne ne semble capable d'enrayer la marche triomphale de Vettel.

 

Copyright © AFP 2013. Tous droits réservés.

 

(Agence France-Presse, 13 dimanche octobre 2013 La Romaine)

 

 

F1: Vettel wins Japanese GP and closer to title

 

(AFP)

 

SUZUKA - Germany's Sebastian Vettel (Red Bull -Renault), triple world champion title, won the Japanese Grand Prix on Sunday at Suzuka, before the other Red Bull teammate Mark Webber and the Lotus- Renault's Romain Grosjean French.

 

Despite the victory, Vettel is not yet world champion as his main rival, Fernando Alonso (Ferrari), managed to finish fourth.

 

Vettel consolidated his lead in the drivers championship with 90 points ahead of Alonso, with four rounds remaining in the season.

 

This is the 35th victory of Vettel in F1, including nine this season, 15 rounds, and five in a row since the Belgian GP in late August.

 

It is more than ever to launch a fourth consecutive crown, he could comb from the next GP, October 27 in India, provided to keep 75 points ahead of Alonso after the race in the outskirts of Delhi.

 

Vettel managed a perfect race as often and enjoyed a two-stop strategy to change tires, while his Australian teammate, started from pole position, made ​​three.

 

Grosjean had a perfect start, surprising the two Red Bull at the first corner and led the entire race start, then fell victim to the strategy developed by his team less effective than Vettel Red Bull Racing.

 

Finishing fourth, when he was eighth on the grid, Alonso has preserved some semblance of suspense to the Indian GP.

 

Just pretend, because nobody seems able to stop the triumphant march of Vettel.

 

Copyright © 2013 AFP. All rights reserved.

 

(Agence France-Presse, 13 Sunday October 2013 The Roman)

(Translated: R.S.F. toshiki speed news press, Agence France-Presse, 13 Sunday October 2013 The Roman)

 

Avoid over-regulation, says EU chief Barroso

Avoid over-regulation, says EU chief Barroso

 

European Commission chief Jose Manuel Barroso has said that the EU should avoid over-regulating Europe’s economy.

 

He made the comments in his State of the Union at the European Parliament in Strasbourg.

 

“Europe must focus on where it can add most value. Where this is not the case, it should not meddle. The EU needs to be big on big things and smaller on smaller things – something we may occasionally have neglected in the past,” Barroso told MEPs.

 

Belgium’s Guy Verhofstadt, however, insisted that the answer to Europe’s problems is deeper, unfettered integration.

 

“It is true that the crisis was badly handled by EU leaders in power today. But to say that we should return towards nation states, as the eurosceptics do, is wrong. It’s a lie. Because the reality is that we need more Europe, a united Europe, and an economic vision,” he told euronews.

 

Not so, says British Conservative Martin Callanan, who found little substance amongst the rhetoric of Barroso’s address.

 

“That was an extremely long and boring speech! As usual with Mr Barroso it was very high on the rhetoric but, you know, very low on the actual actions,” he said.

 

“Concentrate on the bread & butter, you know: complete the single market, have a proper, impactful service directive – that are things that would make a real difference!”

 

http://www.euronews.com/

 

(euronews, 11 Wednesday September 2013 The Roman)