Panama Supreme Court Cancels Hong Kong Company's Canal Contracts
Panama's Supreme Court ruled that a concession held by a subsidiary of a Hong Kong-based company was unconstitutional, effectively stripping the company of its contracts related to the Panama Canal. The court's decision, made on Thursday, ensures that ports at each end of the strategic waterway will operate as usual, according to Panama's president. The ruling aligns with U.S. efforts to limit Chinese influence in the region, according to The Guardian.
The Panama Canal is expected to operate as normal following the ruling. The court's decision comes amid increasing geopolitical tensions and efforts by the U.S. to counter China's growing global influence.
In other news, Apple reported record-breaking iPhone sales for the final three months of last year, driven by the popularity of the new iPhone 17 range, according to BBC Technology. Revenue rose by 16% compared to the same period last year, reaching $144 billion, marking the strongest growth since 2021. Sales surged in China, Europe, the Americas, and Japan. Apple CEO Tim Cook stated that the company was in "supply chase mode" to meet the high demand. However, sales of Mac computers and wearables, including the Apple Watch and AirPods, experienced declines.
Meanwhile, U.S. President Donald Trump has reportedly selected Kevin Warsh to lead the U.S. Federal Reserve when current chairman Jerome Powell's term ends in May, according to BBC Business. Warsh, a former Fed governor and outspoken critic of the Fed, was previously considered for the position during Trump's first term. He is expected to advocate for lower interest rates in the near term. The appointment follows Trump's increasing criticism of Powell for not cutting interest rates quickly enough.
In Mexico, President Claudia Sheinbaum warned that Trump's proposed tariffs on countries supplying oil to Cuba could trigger a humanitarian crisis on the island, according to The Guardian. Cuba is already facing chronic fuel shortages and regular blackouts, with only enough oil reserves to last 15-20 days. Trump signed an executive order on Thursday, declaring a national emergency and laying the groundwork for the tariffs, increasing pressure on the Cuban government.
The entertainment world mourned the death of Emmy-winning comedic actress Catherine O'Hara, who passed away on Friday at the age of 71, according to BBC World. O'Hara was best known for her roles in films such as "Beetlejuice" and "Home Alone," as well as the TV series "Schitt's Creek" and "The Studio." Celebrities like Meryl Streep, Pedro Pascal, and Ben Stiller paid tribute to her. Streep said O'Hara brought "love and light to our world, through whipsmart compassion for the collection of eccentrics she portrayed," while Pascal said he was "eternally grateful" to have worked with her. Stiller noted her significant impact on comedy.
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