Gaw Capital Targets $2 Billion for New Real Estate Fund
Gaw Capital's latest fund aims to invest in both private credit and private equity deals in Asia Pacific, said the people, who asked not to be identified as the matter is private. Gaw has raised seven Gateway funds with combined equity commitments of more than $13.6 billion in more than 92 investments, according to its website.
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Epoch Times
20 minutes ago
- Epoch Times
Panamanian President Backs Lawsuits That Threaten Sale of Panama Canal Ports
If successful, the lawsuits could pave the way for Panama to take over the two key ports. An aerial view shows containers at the Balboa Port, operated by Panama Ports Company, at the Panama Canal, in Panama City, Panama, on Feb. 1, 2025. An aerial view shows containers at the Balboa Port, operated by Panama Ports Company, at the Panama Canal, in Panama City, Panama, on Feb. 1, 2025. Enea Lebrun/Reuters Panamanian President José Raúl Mulino on Thursday signaled that the Central American nation may take control of two ports at either end of the Panama Canal, potentially threatening the $22.8 billion sale plans of the ports' current owner, Hong Kong-based conglomerate CK Hutchison, to a U.S.-based investment company. The announcement came after Panama's comptroller general, Anel Flores, filed two cases with the nation's highest court seeking to invalidate a contract extension with Panama Ports Company, which would then allow Panama to establish its own public-private partnerships for the two ports. Panama Ports Company, 90 percent owned by CK Hutchison, has operated the Balboa and Cristobal ports since 1997 and renewed a 25-year concession in 2021. Story continues below advertisement Flores on Thursday criticized the renewal as 'unfair' and 'abusive,' alleging that it was signed without proper authorization and failed to deliver adequate financial returns. His first lawsuit seeks to outright nullify the concession, while the other asks the court to declare it unconstitutional. 'The ports are ours; they belong to the Republic of Panama, and therefore to all Panamanians,' Flores declared at a press conference on Thursday. 'It doesn't seem right to me that other people, in other places, are negotiating the future of assets that belong to us, the Panamanians.' The lawsuits have the backing of Mulino, who also endorsed an April 7 audit of Panama Ports Company by Flores's office, citing alleged royalty underpayments and irregularities in the concession renewal. The results of that audit have yet to be released. 'The Court now has a decision in its hands regarding the Comptroller's well-founded claim. We will wait for the verdict,' Mulino said on the lawsuits at the press conference on Thursday. 'The country will be fully informed about the decisions when they are made,' he said. 'But at this moment, I don't see the continuation of that Panama Port [Company] contract, amended or not.' Story continues below advertisement Should the court rule in favor of Flores, it could complicate U.S. asset management giant BlackRock's bid to gain control of the strategic shipping lanes. In March, BlackRock, along with Switzerland-based Mediterranean Shipping Company, formed a buyer consortium to acquire Panama Ports Company as part of a broader deal involving 42 CK Hutchison-owned container terminals worldwide. The deal remains subject to approval from the Chinese regime. On July 28, CK Hutchison announced that it would add a 'major strategic investor from mainland China' to the consortium, in an effort to secure approval from 'all relevant regulatory authorities.' The inclusion of a Chinese partner is expected to ease political pressure from Beijing, which has perceived the proposed sale as a threat to its overseas interests, particularly the transfer of strategic terminals near the Panama Canal to a consortium backed by a major U.S. financial institution. Since the announcement of the deal, Chinese state-aligned media have launched a coordinated propaganda campaign targeting CK Hutchison and its founder, 96-year-old billionaire Li Ka-shing. Story continues below advertisement Ta Kung Pao, a Hong Kong-based newspaper linked to the Chinese Communist Party (CCP), published a series of blistering commentaries accusing Li of 'betraying and selling out all the Chinese people' and urging him to 'think carefully about what position and which side to stand on.' Li, who officially retired in 2018, is personally involved in negotiating the port deal that's widely seen as an effort to offload assets caught in escalating geopolitical tensions between China and the United States. Since his reelection, U.S. President Donald Trump has repeatedly suggested that the United States should regain control of the Panama Canal, citing overcharges for its use on U.S. ships and the CCP's growing influence over the key waterway. 'Above all, China is operating the Panama Canal. And we didn't give it to China. We gave it to Panama, and we're taking it back,' Trump said in his second inaugural speech CK Hutchison and the White House did not respond to requests for comment by publication time. BlackRock declined to comment.
UPI
an hour ago
- UPI
Musk's X: Britain's Internet safety law 'seriously infringes' free speech
"Many are now concerned that a plan ostensibly intended to keep children safe is at risk of seriously infringing on the public's right to free expression," the Global Government Affairs wing of the Elon Musk-owned X said Friday on Britain's newly-enacted Online Safety Act. Photo by Ismael Mohamad/ UPI | License Photo Aug. 1 (UPI) -- The Elon Musk-owned social media platform X said Friday that Britain's newly-enacted Online Safety Act "seriously" is on the cusp of violating free speech masked as the fight to protect kids from explicit online content. "Many are now concerned that a plan ostensibly intended to keep children safe is at risk of seriously infringing on the public's right to free expression," the Global Government affairs wing of the Bastrop, Texas-headquartered X said Friday. Britain's Online Safety Act created a new set of legal duties that tech companies must abide by. It mandated they evaluate the potential of users encountering illegal Internet content and children being exposed to online harm, which included a required safety assessment. "When lawmakers approved these measures, they made a conscientious decision to increase censorship in the name of 'online safety,'" the letter stated. The British parliament passed it in September 2023 in the quest to improve online safety for young people. X argues the British people may not of been aware of the "trade-off" when London passed the bill. The OSA covers more than 130 offenses ranging from harassment and "assisting or encouraging suicide" to terrorism, fraud and "unlawful immigration." It targets tech entities that spans "social media or video-sharing platforms, messaging, gaming and dating apps, forums and file-sharing sites." According to the former Twitter, the act's "laudable intentions" were at risk of "being overshadowed by the breadth of its regulatory reach." "While everyone agrees protecting children is a critical responsibility, it is also clear that an overly rigorous statutory framework layered with a 'voluntary' code and heightened police monitoring, oversteps the intended mission," it continued. On Friday, a British watchdog group indicated that those fears may may be valid. "The BBC is now reporting that information about the wars in Ukraine and Gaza, UK rape gangs, and more is being censored online due to the government's new Online 'Safety' Act," Silkie Carlo, director of Britain-based Big Brother Watch, posted on X. "Well done lads," she added in jest. X's government affairs offiec says free speech will suffer without a "more balanced, collaborative approach." Pornhub and other major pornographic websites had a targeted end of July date to implement its age verification mechanisms in order to comply. Musk, 54, has characterized himself as a "free speech absolutist." The former White House DOGE adviser, for his part, has said the act's purpose was "suppression of the people" as he tweeted a petition calling for it's repeal that got more than 450,000 signatures. OSA's deadline required pornographic websites to implement "robust" age verification methods or face fines close to $20 million or equal to 10% of company proceeds. X cited British regulator Ofcom how it "to date" had allegedly taken a "heavy-handed approach" to enforcement, which it said included a boost in resources, additional "layers of bureaucratic oversight and signaling an aggressive approach to ensuring compliance." In a recent Ofcom research study, some 8% of children aged of 8 to 14 accessed a pornography source over a 28-day period. It included 19% boys and 11% of girls from 13 to 14 years old. In addition to the increased government regulations, X officials also cite Britain's new "National Internet Intelligence Investigations" team unit company officials say "sets off alarm bells" and will further "intensify scrutiny." The social media company said the Internet teams "sole" focus is to monitor social media for "signs of unrest, such as anti-immigrant sentiment, to prevent real-world violence." "While positioned as a safety measure, it clearly goes far beyond that intent," the post reads. "This move has set off alarm bells for free speech advocates who characterize it as excessive and potentially restrictive."
San Francisco Chronicle
2 hours ago
- San Francisco Chronicle
Hong Kong firm appeals for legal protection of investors as its Panama Ports contract faces lawsuits
HONG KONG (AP) — A subsidiary of a Hong Kong conglomerate entangled in U.S.-China tensions appealed on Friday for legal protection for businesses in Panama after the company's contract over its Panama Canal port assets has been faced with lawsuits in the Central American country. Respect for the rule of law is essential to assure businesses that Panama is a safe place to invest in, Panama Ports Company, under Hong Kong-based CK Hutchison Holdings, said in a statement. Panama's Comptroller General filed two lawsuits on Wednesday, seeking to declare unconstitutional a contract that granted the operation of ports at both ends of the canal to the Hong Kong subsidiary, and to nullify its renewal four years ago, saying it was 'abusive' of Panama's interests. In turn, Panama Ports Company said its operations have had a positive impact, from building world-class ports to creating more than 25,000 direct and indirect jobs and contributing billions of balboas — Panama's currency — to the country's economy. It said it wants to work with the government in Panama for a better future. 'Regarding the ongoing legal actions, we firmly believe that respect for legal protection and the rule of law are essential in order to provide businesses and investors with the certainty that Panama is a safe country to invest in,' it said. The company operates the ports of Balboa, in the Pacific, and Cristobal, in the Atlantic, under a concession contract approved in 1997 and renewed in 2021 for 25 more years. CK Hutchison is controlled by the family of Li Ka-shing, the southern Chinese city's richest man. Panama's comptroller authority in April said that an audit of Panama Ports Company found irregularities in the renewal of the concession. But the company denied allegations that it had failed to pay about $1.2 billion to the Central American country. Panama President José Raúl Mulino said during his weekly news conference on Thursday that he fully supported the comptroller's case and would await the court's verdict. 'We have all seen what that contract has costed the Panamanian nation over time,' Mulino said without elaborating. He alluded to some sort of public-private partnership for the ports, saying there was a lot of interest from private companies, but that it was in the early stages and provided no details. CK Hutchison Holdings' initial plan, announced in March, to sell its port assets in dozens of countries to a group that includes the U.S. investment firm BlackRock Inc., also got caught up in tensions between Beijing and Washington. U.S. President Donald Trump, who has alleged that China interferes with the canal, initially welcomed that plan. However, it apparently angered Beijing and drew a review by Chinese anti-monopoly authorities. After months of uncertainty, Hutchison said on Monday that it may seek a Chinese investor to join a consortium of buyers, which also includes BlackRock subsidiary Global Infrastructure Partners and Terminal Investment Limited, a subsidiary of the Mediterranean Shipping Company. The initial deal, valued at nearly $23 billion, including $5 billion in debt, would have given the consortium control over 43 ports in 23 countries, including the two at the Panama Canal. Panama Ports Company said Friday it would communicate with the Panamanian government 'at the appropriate time,' affirming that it believes engaging with the government 'is vital to discuss the way forward for' the company.
