Panama Canal rejects EU mediation

The Panama Canal Authority (PCA) has turned down an offer by the EC to mediate in a multi-billion dollar dispute with a Spanish-led construction consortium which threatens to halt work on widening the century-old waterway. The consortium, known as Grupo Unidos por el Canal (GUPC), had threatened to suspend work unless the PCA paid $1.6bn in cost overruns on one of the world’s largest construction projects.