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.
Tony Drake, CFP at Drake and Associates, LLC shares thoughts on whether the record gains in technology will broaden to other sectors, the risks of the Fed keeping interest rates higher for too long, and the health of the U.S. consumer.
The Federal Trade Commission ruled that Intuit engaged in deceptive practices by running ads claiming consumers could file their taxes for free using TurboTax — when many taxpayers did not qualify for such free offerings.
WWE’s weekly television show, “Raw,” will move to Netflix next year as part of a major streaming deal worth more than $5 billion. WWE, which is part of TKO Group Holdings Inc., said Tuesday that “Raw” will air on Netflix starting in January 2025.
Propublica national reporter Peter Elkind shares details on his investigation into how scammers stole over $1 billion using Walmart's gift cards and financial services, and how consumers can protect themselves.
Ed Siddell, CEO and Chief Investment Advisor at EGIS financial explains why election years tend to cause bull markets, the latest inflation data, and why he’s concerned about the ‘debt bubble.’
Archer Aviation founder and CEO Adam Goldstein shares big news about the aerospace company's new partnership with NASA and why they want to make your trip to the airport just five minutes long.
