SCMP reports that CK Hutchison will not be selling strategic ports near the Panama Canal next Thursday.

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• CK Hutchison shares lose 4.5% as China state media criticises port deal

  Shares of CK Hutchison dropped as much as 4,7% on Monday, after China's state media criticized the Hong Kong conglomerate for its Panama port deal. Sources also said that the deal would be delayed. It was originally expected to be signed by April 2. Chinese state media took down a post that they made on social media Saturday, which attacked CK Hutchison for selling its ports near Panama Canal to a BlackRock-led group. Sources said that the deal was not cancelled, despite the fact that CK Hutchison delayed a part of its sale. CK Hutchison's shares recovered some ground lost in early trading and were down 3% at HK$43.8. Hong Kong's Hang Seng Index fell 0.3% Monday morning. CK Hutchison is facing increasing criticism from China for its decision to sell the majority of its ports business worth $22.8 billion to the U.S. led group. The firm is expected to receive more than $19 billion cash from the sale. The Chinese authorities have responded negatively to the plans for sale, while Donald Trump, the U.S. president who wants to retake the strategic waterway as his own has praised the deal. China's market regulator announced on Friday that it would conduct an antitrust investigation on the Panama Port Deal in accordance with the law protecting fair competition, to protect the public interest. According to the March 4 announcement, the definitive documentation for two port operations near Panama Canal should be signed no later than April 2. On Saturday, a social media account associated with state broadcaster CCTV said that China had important national interests in the deal and the sale was "equivalent to giving a knife to a competitor". Post was removed shortly after being made public. Separately, CK Hutchison stated on Monday In response to media reports on a possible spin-off listing, it said that no decision had been made regarding its global telecommunications assets. The company has just started Prepare yourself Sources said that the company would spin off its global telecom assets and list them in London. (Reporting and writing by Scott Murdoch; Hong Kong Newsroom). Anne Marie Roantree and Muralikumar Aantharaman edited the article.

• China's state media attacks CK Hutchison for its Panama port deal, in a post that will soon be deleted

  In a post that was removed minutes later, the Chinese state media attacked Hong Kong's conglomerate CK Hutchison for its plan to sell ports near the Panama Canal in a BlackRock group. The account of state broadcaster CCTV on social media said that China had important national interests in this transaction, and that the sale was "equivalent to giving a knife to a rival." The post Yuyuantantian made on the social media platform Weibo said that CK Hutchison, as a Hong Kong-based company, should be cautious about its dealings, which could damage China's interests. The post disappeared minutes after it was published. The deletion of the post, whatever the reason, highlights the growing opposition in China to the deal, where on Friday the market regulator announced that it would be reviewing the transaction. Sources have confirmed that the deal is still on track.

• SCMP reports that CK Hutchison will not be selling strategic ports near the Panama Canal next Thursday.

  The South China Morning Post reported that the Hong Kong conglomerate CK Hutchison, led by tycoon Li Ka shing, would not sign a contract next week for the sale of its two strategic Panama Canal ports to a BlackRock group. According to the announcement of sale made on March 4, the deal was expected to sign on April 2. The report cited a source who was close to CK. Hutchison and said that it is understood that the situation doesn't mean the deal has ended. The company didn't immediately respond to our request for comment. CK Hutchison agreed earlier this month to sell most of its global port business, including assets near the strategically important Panama Canal. The deal is expected to generate over $19 billion cash.

• Bloomberg News reports that China has ordered state-owned firms to stop doing business with Li Ka shing and his family.

  Bloomberg News reported that China had instructed state-owned companies to stop new deals with businesses connected to Hong Kong billionaire Li Kashing and his family following his plan to sell Panama's two ports to a BlackRock led consortium. CK Hutchison is the U.S.-based telecom-to-retail company owned by Li. The highly-politicised deal between the two companies has caught China in its crosshairs. This month, the Hong Kong-based firm agreed to sell the majority of its global port business, which includes assets located near the strategically significant Panama Canal. The deal would net the company more than $19 Billion in cash. Bloomberg, citing sources familiar with the issue, reported that senior officials had issued the directive to state-owned companies last week. Existing tie ups are unaffected. Reports also stated that Chinese regulators were reviewing the investments made by the family in China and overseas in an effort to better understand their business dealings. Shares of CK Hutchison Holdings were up 1.2% at noon, after a day-long gain that reached as high as 3.6%. In the last two weeks, the pro-Beijing Hong Kong paper Ta Kung Pao published a series commentaries criticizing the deal as harming China's interests and portraying it as betrayal. China's Hong Kong Macau Affairs Office posted some of the comments on its website. This fueled speculation that Beijing might take steps to thwart the sale. Sources have said that Chinese regulators are looking into the deal under the direction of the central leadership. This is a sign that Beijing is not happy with CK Hutchison for divesting under what they perceive to be U.S. pressure. Donald Trump, the U.S. president, has welcomed the deal after previously calling to remove the Panama Canal from what he believed to be Chinese control.

• Hong Kong leader rejects foreign governments' 'coercion' and bullying

  Hong Kong's leader John Lee responded on Tuesday that his government is opposed to "coercion and bullying tactics" used by foreign governments, after being questioned about the port deal between CK Hutchison and U.S. company BlackRock. CK Hutchison announced this month that it had agreed to sell the majority of its $22.8 billion global ports business, which includes assets along Panama Canal's strategically important corridor, to a BlackRock-led group in a deal, which has now become politically charged. At his weekly press conference, Lee said that the (Hong Kong government) urges other governments to create a fair and equitable environment for businesses. We oppose abusive coercion and bullying tactics in international trade and economic relations. U.S. president Donald Trump had previously demanded that the Panama Canal be taken away from what he said was Chinese ownership. American officials and politicians also stated that CK Hutchison’s control over the ports posed a serious security threat to the operation. CK Hutchison said that the deal was "pure commercial in nature" and had nothing to do with recent political news stories concerning the Panama Ports. Two comments were posted by the Hong Kong and Macau Affairs Office of China (HKMAO), a week after the announcement. criticising CK Hutchison, saying that the deal was a betrayal to China and a neglect of national interests. (Reporting and editing by Anne Marie Roantree and Tom Hogue; Kate Mayberry, Anne Marie Roantree and Clare Jim)

• Study shows deep sea mining still has a lasting impact on the environment forty years after it began

  Scientists said that a strip of Pacific Ocean seabed, which was mined more than 40 year ago for metals, has not recovered. This adds weight to the calls for a ban on all deep-sea mining during this week's U.N. led talks. Scientists from the National Oceanography Centre in Britain led a 2023 expedition by a team to the mineral rich Clarion Clipperton Zone. They found that the effects of a 1979 mining test experiment are still felt on the seafloor. This complex ecosystem hosts hundreds of species. According to a study published in Nature Journal, the collection of "polymetallic" nodules from an 8-metre strip on the seabed has caused long-term changes in sediment and decreased the population of many larger organisms. However, some smaller, mobile creatures have recovered. Daniel Jones, expedition leader for the NOC, said that this study was crucial to understanding long-term effects. "Although some areas showed little or no recovery in some cases, we did see some animal groups showing the first signs recolonisation." This week, delegates from 36 countries will be attending the International Seabed Authority's council meeting in Kingston, Jamaica to determine whether mining companies can extract metals such as copper or cobalt on the ocean floor. Environmental groups are calling for a stop to mining as they consider hundreds of amendments to the 256-page draft code. This is a call that has been backed by 32 governments, 63 large financial institutions and companies, and also 63 large corporations. Greenpeace activist Louise Casson said, "This new evidence shows that governments must act immediately to stop deep-sea mining before it starts." The Metals Company, a Canadian company, plans to submit its first official mining application in June. Delegates will discuss on Friday what should be done if a mine application is submitted before all regulations are complete. TMC stated at a briefing held last week that they had the legal right to make a request at any time. They hoped the ISA will bring clarity to the process. TMC claims that the environmental impact of mining in deep water is much smaller than terrestrial mining. Craig Shesky said that TMC's Chief Financial Officer, "You have to move less material in order to get the same quantity of metal. Higher grade means better economics but also lower environmental impacts."

• Trump's port fee plan is criticized by officials from the fossil fuel and agriculture industries

  Representatives of the fossil fuel and agricultural industries are expected to criticize Trump's administration's plans to impose large fees on China-linked vessels entering U.S. port during a Washington hearing on Wednesday. They argue that the move will impede their ability to export anything from coal to soy beans. Proposed fees for China-built ships could reach $3 million per port call in the U.S. The Trump administration claims that the fees would reduce China's military and commercial dominance in the high seas, and encourage a revival of U.S. shipbuilding. However, many other U.S. businesses, including miners and farmers, are concerned the fees will leave them with new costs, and a lack of ships to transport their products to the market. In a March 17 letter to the U.S. trade representative, Peter Bradley, CEO at coal and oil exporter Javelin Global Commodities said: "The reality is that there are not enough vessels suitable for U.S. manufacturers to charter, which would allow them to avoid these fees." Last week, officials from the coal and agriculture industries said that proposed fees made it hard to charter ships for exporting their products. They also caused inventories to increase. United Grain Corp stated in a March 21 letter that early market reactions to port charges have already resulted in a 40% increase of ocean freight costs for commodity shippers. Many of these companies are operating on razor-thin profit margins. This issue, as well as the administration's escalating tariff wars with China and Europe, Canada, and Mexico, have revealed an unlikely faultline that exists between U.S. president Donald Trump and fossil fuel and agricultural companies, which he promised to support in his campaign for office. Wednesday's USTR hearing will be the final one before the administration takes a final decision. Ship operators said the fees would harm their business during a Monday hearing, but representatives of the steel sector expressed their support. According to the agenda, representatives from the American Petroleum Institute (API), the National Mining Association (NMA), the North American Export Grain Association (NAEGA), and the Agriculture Transportation Coalition will speak at the hearing on Wednesday. Reporting by Valerie Volcovici and Lisa Baertlein; Writing by Richard Valdmanis, Editing by Richard Chang

• Executives say that Trump's port charges on Chinese ships will threaten the US maritime industry

  Industry executives testified at the U.S. trade representative hearings that President Donald Trump's plans to revive the U.S. Shipbuilding Industry are likely to fail because they rely on proposed fees for China-linked ships, which will harm domestic ship operators, ports, exporters, and jobs. The proposed fees could reach $3 million for each port visit in the United States. The Trump administration claims that the fees will curb China's increasing commercial and military dominance in the high seas, and promote vessels built domestically. U.S. Steelworker Unions and U.S. Steel Producers support the effort. They say it will boost their industry. The idea of Trump rebuilding the U.S. Shipyards has shocked the maritime industry in the United States because it threatens to destroy the very shipping companies and clients that drive the demand for orders. Edward Gonzalez, CEO at Florida's Seaboard Marine, largest U.S. owned international ocean cargo carrier testified Monday that "national interest" would not be served by efforts to boost American shipbuilding if they unintentionally destroyed American-owned carriers. Seaboard, like many U.S. operators relies on vessels manufactured in China. According to Alphaliner, a maritime data provider, 16 of its 24 ships are made in China. U.S. vessel owners said that the new fees for Chinese-linked ships would also push more U.S. freight to foreign-owned shipping companies with the resources to weather the changes. According to USTR, China’s share in the shipbuilding industry grew from less that 5% in 1999 up to more than 50 % in 2023. Speakers said that U.S. shipyards produce fewer than ten ships per year, while Chinese shipyards produce more than 1,000. However, executives in the industry said that shipbuilders from Japan and Korea will be able to compete with each other. Struggle to meet demand It would take the U.S. shipyards years to increase their capacity. Kathy Metcalf is the CEO of Chamber of Shipping of America. She said that replacing existing vessels built in China was not as simple as flipping a switch. "Penalizing China or the U.S. maritime transportation system is an unacceptable result." U.S. vessel owners support key American industries such as manufacturing, mining and agriculture. They transport goods from and to inland waterways and across the Great Lakes, up and down America's coastlines. Already, agriculture exporters are experiencing a decline in their income. Trouble booking The USTR plan is uncertain, which has caused the coal industry to say that the new fees make it difficult to sell their products on the global market. Mike Koehne is a board member of the American Soybean Association who grows corn and soybeans in Indiana. JOB LOSSES Nate Herman is the senior vice president for policy at the import-dependent American Footwear and Apparel Association. He said that the port fees will result in the loss of American jobs, increased costs for American imports and exports, as well as shortages and higher prices for American customers. He quoted a new study The report by a number of trade groups shows that the higher fees will cause U.S. Exports to drop by nearly 12%, and GDP to decrease by 0.25 %. Herman stated that "Hardworking American families can't afford any more price increases or product shortages. And American manufacturers and farmers can't afford to lose export markets." USTR did not respond immediately to requests for comments. The USTR is currently seeking feedback in hearings on Monday and Wednesday, before finalizing its proposal under the unfair trade practices laws. For vessel operators to avoid paying the current fees, they must be outside of China and have a fleet with less than 25% of their ships being built in China. They also cannot have any Chinese shipyard deliveries or orders scheduled in the next two year. An executive order draft seen earlier this month would further narrow the gap by charging port fees to all fleets that have vessels built in China. Vessel owners can minimize the impact by using larger ships and limiting their calls to large U.S. port - a strategy of feast or famine that would starve smaller ports, overwhelm the largest, and cause supply chain stress reminiscent of the early days COVID. According to vessel and ports operators, ship operators could also shift U.S. bound cargo to Canada and Mexico and rely on trains and trucks to complete the journey. This would cause more congestion at border crossings and wear and tear to infrastructure. (Reporting from Lisa Baertlein and David Lawder, in Los Angeles; editing by Nick Zieminski & Stephen Coates).

• Maritime executives tell hearing that Trump's tariffs on Chinese ships will harm US companies

  Industry executives will tell U.S. trade representatives at hearings held this week that President Donald Trump's plans to revive the U.S. Shipbuilding Industry are likely to fail because they rely on proposed fees for China-linked vessels, which will harm domestic ship operators and port facilities. They will argue that the plan will hurt U.S. shipping operators because it would restrict the number of vessels they can use to avoid fees and would concentrate ship traffic in America's largest ports, while neglecting the smaller ones. Edward Gonzalez, CEO Seaboard Marine in Florida, wrote that any proposal to support U.S. Shipbuilding should also support the existing U.S. owned carriers (not harm them) before his scheduled testimony on Monday. A proposed fee of up to $1,500,000 is being considered for vessels built in China or flying the Chinese flag that dock at U.S. port. The Trump administration claims that this and other fees proposed would curb China's increasing commercial and military dominance in the high seas, and promote domestically built vessels. According to Alphaliner, a maritime data provider, this plan poses a major problem in the short term for U.S. operators. Seaboard is the largest U.S. owned international cargo carrier. Its fleet of 24 ships includes 16 China-built vessels. It relies, like many U.S. operators on ships built in China. According to USTR, China’s share in the shipbuilding industry grew from less that 5% in 1999 up to more than 50 % in 2023. USTR has not responded to comments immediately. U.S. vessel owners support key American industries such as manufacturing, mining, and agriculture. They transport goods from and to inland waterways and across the Great Lakes, and along the coasts of the United States. Fernando Maruri of Texas' King Ocean Gulf Alliance said, "Since no U.S.-built ships are being built, we are all U.S.-based operators who are dependent on the foreign-built markets, and this foreign-built marketplace is over 50% Chinese." Its business relies on chartered vessels to transport mining, oil drilling, and agricultural-related goods from the U.S. to Mexico, Central and South America, and the Caribbean. According to the USTR proposal, in order to avoid paying the fees, ship operators must have a base outside of China and fewer than 25 percent of their fleets built in China. They also need no Chinese shipyard deliveries or orders scheduled for the next two-year period. The USTR proposal, which was seen earlier in the month, would further narrow this by charging port fees to all fleets that have China-built ships. According to the USTR proposal, U.S. built vessels that provide international transportation could be eligible for up to $1,000,000 per port visit. The USTR plan is a muddled mess, say legal experts and vessel owners. "These fees are nothing more than a new form of tariff, but with an array of adverse effects that make them worse," said Ocean Shipping Expert John McCown. McCown is the former CEO and founder of a U.S. flagged container operator. TAXPAYER INVESTIMENTS CAN BE SQUANDERED According to vessel and ports operators, to avoid fees, shippers could move cargo bound for the U.S. to Canada or Mexico and then rely on land transport to complete the journey. The ship operators could also use larger ships and limit their calls to the large U.S. port - a strategy similar to the one used early in the COVID epidemic, which would starve smaller ports and overwhelm the largest. Executives will testify that if this happens, taxpayer investments of billions of dollars in improving and maintaining port facilities, roads, and railways, which support adjacent businesses and employment, could be wasted. Seaport Manatee, in Trump's stronghold, Florida, is one of the most vulnerable ports. Daniel Blazer, the family owner of WDS and who made comments before his scheduled testimony, stated that 95% of their container cargo trade is handled by World Direct Shipping, which is based in the United States. The business has also received state and federal funding to support port improvements. Blazer stated that two of the three vessels used by WDS to transport fresh fruit from this port to Mexico were made in China. This puts it at risk for USTR fees. "Without WDS all of these taxpayer funded investments would be wasted." (Reporting and editing by Nick Zieminski in Los Angeles)

• Financial Times – March 24,

  These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines Wood Group to continue takeover talks with UAE-based Sidara Heathrow's National Grid chief claims that the airport had "enough power" despite the fire shutdown Malaysia cracks down on Nvidia chips under US pressure James Hardie will buy Azek, a building products company for almost $9bn View the full article After a failed takeover attempt six months earlier, the British oilfield engineering and services firm Wood Group agreed to extend its deadline for talks. John Pettigrew, the chief executive of National Grid, has said that the electricity transmission system was able to supply enough power to Heathrow during the closure of the airport last week. This comes as the airlines' anger grew over the decision to close the airport for almost 24 hours. Zafrul Aziz, Malaysia's trade minister, said Washington demanded that Malaysia track closely the movement of Nvidia high-end chips entering the country. Washington suspects that some of these chips end up in China in violation of U.S. Export Rules. James Hardie Industries, a fibre-cement manufacturer in the United States, announced that it will acquire AZEK Company for $8.75 billion (including debt) as part of a cash-and-stock deal. The company is looking to increase growth by offering new products to homeowners.

• Hong Kong's CK Hutchison shares drop due to dividend disappointment and volatile outlook

  The shares of CK Hutchison dropped on Friday, after the conglomerate that combines retail and telecoms reported a weaker earnings performance and lower dividends. It also warned about a volatile operating environment. Last year, the group's underlying profit, which has to deal with Beijing's displeasure over the sale its ports business, fell 11% from HK$20,8 billion ($2.7 billion), falling short of expectations. The final dividend for 2023 was reduced to HK$1.514 from HK$1.775 per share. Early Hong Kong trading saw shares of the company drop by 1.9%. The company agreed to sell assets in the vicinity of the strategically significant Panama Canal to a BlackRock led consortium. The deal, which is expected to net the company more than $19 billion cash, has been criticized by Beijing. CK Hutchison did not mention the ports deal in their earnings report, but they said that "trade and geopolitical tensions" have increased significantly. In a statement, it stated that the operating environment of the Group's business is likely to be volatile and unpredictable. The statement added that the government will limit capital expenditures and new investments and place a strong focus on cash flow management.

• CK Hutchison, a global conglomerate caught up in the US-China trade spat

  CK Hutchison (a Hong Kong-based conglomerate) agreed to sell a large part of its $22.8 billion global ports business, which includes assets located near the strategically significant Panama Canal, to a BlackRock-led group this month. Media reports said that Beijing was not happy with the deal, and was reviewing its security and antitrust aspects. CK Hutchison, owned by billionaire Li Kashing and founded in Hong Kong and listed there, has a global presence with businesses ranging from ports to telecommunication. Take a look at the company's origins and its current global standing: ORIGINS Li Ka-shing founded Cheung Kong Industries at age 21 in 1950. Nearly three decades later, the tycoon bought a controlling interest in Hutchison-Whampoa. Hutchison Whampoa traces its roots back to a small dispensary in southern China's Guangzhou, which was founded in 1828, and a dock-and-repair yard operator on the Pearl River that was founded in 1863. Li Ka-shing undertook a major reorganisation in 2015, merging Hutchison and Cheung Kong. This resulted in CK Hutchison - one of Asia's biggest conglomerates, with a global reach. Global Standing CK Hutchison operates in over 50 countries and has interests on every continent. As of June 2016, it employed more than 300.000 people. Around half of its operating profits come from its infrastructure and telecoms operations. Three-quarters are derived from outside mainland China. TELECOMMUNICATIONS The group's telecommunications division is its most profitable business segment, and it accounted for a quarter (2024) of the operating profit. Hutchison Asia Telecommunications, a unit of CK Hutchison Group Telecom, is responsible for Indonesia, Vietnam and Sri Lanka. Three, its telecom brand, operates in eight countries including Ireland. Britain. Austria. and Sweden. Three, the company's telecom brand, is present in eight countries, including Ireland, Britain and Austria. Hutch and Vietnamobile are two of the most prominent Asian brands. INFRASTRUCTURE CK Infrastructure (CKI), the group's infrastructure operation, contributed to just under a quarter (2024) of its operating profit. This segment was therefore the second largest. CK Infrastructure is a global asset management company that manages a variety of assets in the energy, transportation, water infrastructure, and waste management sectors. UK Power Networks and Northern Gas Networks are among its interests. The company is Australia's largest foreign investor in infrastructure. It also invests in China in the form of toll roads, bridges, and infrastructure material. CKI is the largest shareholder in Power Assets Holdings, which provides electricity and natural gas to millions consumers on all continents. Ports and Related Services The vast maritime empire of the group extends over 24 countries with interests in 53 port and 295 berths. Container terminals are located in five of the ten busiest port around the world. CK Hutchison has the busiest ports in Shenzhen, including Yantian Port (deep water), Mingdong Terminals and Pudong Terminals in Shanghai, Kwai Tsing Port in Hong Kong, as well as container terminals located in Belgium, Germany and the Netherlands. The network of ports, terminals and other critical trade infrastructure is the focus of increased geopolitical concerns. If the deal is completed, the consortium that BlackRock leads will have control over 43 ports in 23 countries. This includes 199 berths. CK Hutchison will retain stakes in 3 of the top 10 container ports around the world. RETAIL Conglomerate is one of the major players in global health and beauty with nearly 17,000 outlets spread across 30 countries. Retail accounted for 20% of the group's operating profits in 2024. AS Watson is a company that owes it's lineage to an old dispensary in Guangzhou. It has a wide range of products including personal care, beauty and health, fine wine, consumer electronics, and electrical appliances. The supermarket chain PARKnSHOP, based in Hong Kong, is also a notable brand. Its brands include the health and beauty retailers Watsons and Rossmann as well as Superdrug. FINANCE & OTHERS, INVESTMENTS & FINANCE The Finance and Investment portfolio is a strategic addition to CK Hutchinson’s core operations. It accounts for less than a quarter of the company’s operating profits. It oversees a number partially-owned businesses in multiple sectors while managing substantial cash reserves.