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Wall Street stocks were little changed on Thursday while Asian equities rose in thin Boxing Day trade, extending their “Santa Claus Rally” with several bourses still shut for the holiday.Japan’s Nikkei index closed up 1.1 percent, boosted by comments from the Bank of Japan governor and share price gains for top-selling automaker Toyota.China’s plans for massive bond issuances in 2025 also bolstered investor sentiment.”Even though many in the region are still shaking off a bit of a holiday hangover, with several markets closed for Boxing Day, Asian stocks opened higher, riding a favorable wave from China’s financial bond juggernaut,” said Stephen Innes from SPI Asset Management.In New York, major indices veered in and out of positive territory in a sleepy post-Christmas session. The broad-based S&P 500 finished down less than 0.1 percent.Large technology companies that have led the market in much of 2024 mostly took a breather. These included Netflix, Tesla and Amazon, all of which declined.”What’s interesting today is that we’re seeing small stocks bounce back a little bit,” said Steve Sosnick of Interactive Brokers, noting that the Russell 2000 index put on 0.9 percent.Holiday consumer data showed a 3.8-percent increase in US retail spending from November 1 to December 24, according to a Mastercard SpendingPulse review of a key period for retailers.London Stockton, an analyst at Ned Davis Research, noted that the “Santa Claus rally could still be alive, with strong seasonality into the end of the year.”Stock markets have traditionally fared well in the last five trading days of the year and the first two in the new year, a trend known as the “Santa Claus rally.” Among a number of possible reasons advanced by experts include the festive holiday mood and purchasing ahead of the end of the tax year.Innes said remarks from Bank of Japan governor Kazuo Ueda in which he refrained from signaling a potential interest rate hike next month also “influenced bullish regional sentiments.”Japanese market heavyweight Toyota ended nearly six percent higher after reports in the Nikkei business daily said it aimed to double its return on equity — a key measure of a company’s financial performance.Key figures around 2130 GMT -New York – Dow: UP 0.1 percent at 43,325.80 (close)New York – S&P 500: DOWN less than 0.1 percent at 6,037.59 (close)New York – Nasdaq: DOWN 0.1 percent at 20,020.36 (close)Tokyo – Nikkei 225: UP 1.1 percent at 39,568.06 points (close)Hang Seng: UP 1.1 percent at 20,098.29 points (Tuesday close)Shanghai – Composite: UP 0.1 percent at 3,398.08 points (close)Euro/dollar: UP at $1.0424 from $1.0414 on TuesdayPound/dollar: DOWN at $1.2526 from $1.2538Dollar/yen: UP at 158.00 yen from 157.06 yenEuro/pound: UP at 83.19 pence from 83.05 penceWest Texas Intermediate: DOWN 0.7 percent at $69.62 per barrelBrent North Sea Crude: DOWN 0.4 percent at $73.26 per barrel

Asian stocks rose in thin Boxing Day trade on Thursday, extending a “Santa Rally” with key markets Hong Kong and Sydney still shut for the holidays.Japan’s Nikkei index closed up 1.1 percent, boosted by comments from the Bank of Japan governor and share price gains for top-selling automaker Toyota.China’s plans for massive bond issuances in 2025 also bolstered investor sentiment.”Even though many in the region are still shaking off a bit of a holiday hangover, with several markets closed for Boxing Day, Asian stocks opened higher, riding a favourable wave from China’s financial bond juggernaut,” said Stephen Innes from SPI Asset Management.Shanghai, Bangkok and Taipei all edged up 0.1 percent, while Seoul lost 0.4 percent and Singapore shed 0.1 percent. Jakarta and Wellington were closed.London Stockton, an analyst at Ned Davis Research, noted that the “Santa Claus rally could still be alive, with strong seasonality into the end of the year”.Stock markets have traditionally fared well in the last five trading days of the year and the first two in the new year, a trend known as the “Santa Claus rally”. Among a number of possible reasons advanced by experts include the festive holiday mood and purchasing ahead of the end of the tax year.Innes said remarks from Bank of Japan governor Kazuo Ueda in which he refrained from signalling a potential interest rate hike next month also “influenced bullish regional sentiments”.Japanese market heavyweight Toyota ended nearly six percent higher after reports in the Nikkei business daily said it aimed to double its return on equity — a key measure of a company’s financial performance.In thin corporate news on Thursday, Japan Airlines reported a cyberattack that caused delays to domestic and international flights and prompted a temporary halt to ticket sales.However later in the day the carrier said its systems had been restored after the “large data attack”.Markets had been closed across Europe and North America for Christmas. Dow Jones closed up 0.9 percent on the eve, while the tech-heavy S&P 500 rallied 1.1 percent.Key figures around 0745 GMT -Tokyo – Nikkei 225: UP 1.1 percent at 39,568.06 points (close)Hang Seng: UP 1.1 percent at 20,098.29 points (Tuesday close)Shanghai – Composite: UP 0.1 percent at 3,398.08 points (close)Euro/dollar: UP at $1.0397 from $1.0389 on WednesdayPound/dollar: DOWN at $1.2529 from $1.2531Dollar/yen: UP at 157.44 yen from 157.31 yenEuro/pound: UP at 82.97 pence from 82.89 penceWest Texas Intermediate: UP 0.13 percent at $70.19 per barrelBrent North Sea Crude: UP 0.11 percent at $73.69 per barrelNew York – Dow: UP 0.9 percent at 43,297.03 (Tuesday close)London – FTSE 100: UP 0.4 percent at 8.136.99 (Tuesday close)

Japan Airlines said its systems were up and running again after a cyberattack on Thursday caused delays to domestic and international flights.”We have identified the cause and scope of the malfunction, and the system has been restored,” said the airline, Japan’s second biggest after All Nippon Airways (ANA).The “large data attack” did not leak any customer information and safety was unaffected, Japan Airlines (JAL) said in a post on social media platform X. Japanese media said it may have been a so-called DDoS attack aimed at overwhelming and disrupting a website or server.Ticket sales for domestic and international flights departing on Thursday were suspended during the incident but have now resumed, JAL said.Although the cyberattack did not cause major disruption, the airline earlier said that 24 domestic flights had been delayed by more than half an hour.Problems with the carrier’s baggage check-in system caused delays at several Japanese airports, local media said.JAL shares fell as much as 2.5 percent in morning trade after the news emerged, before recovering. Its stocks were down 0.2 percent in the afternoon.- ‘Human error’ -Separately, a transport ministry committee tasked with probing a fatal January 2024 collision involving a JAL passenger jet released an interim report on Wednesday blaming human error for the incident that killed five people.The collision at Tokyo’s Haneda Airport was with a coast guard plane carrying six crew members — of whom five were killed — that was on a mission to deliver relief supplies to a quake-hit central region of Japan.According to the report, the smaller plane’s pilot mistook an air traffic control officer’s instructions to mean authorisation had been given to enter the runway.The captain was also “in a hurry” at the time because the coast guard plane’s departure was 40 minutes behind schedule, the report said.The traffic controller failed to notice the plane had intruded onto the runway, oblivious even to an alarm system warning against its presence.All 379 people on board the JAL Airbus escaped just before the aircraft was engulfed in flames.Japan Airlines is just the latest Japanese firm to be hit by a cyberattack.The country’s space agency JAXA was targeted in 2023, although no sensitive information about rockets or satellites was accessed.The same year one of Japan’s busiest ports was hit by a ransomware attack blamed on the Russia-based Lockbit group.In 2022, a cyberattack at a Toyota supplier forced the top-selling automaker to halt operations at domestic plants.And more recently, the popular Japanese video-sharing website Niconico came under a large cyberattack in June.

New Vietnamese internet rules requiring Facebook and TikTok to verify user identities and hand over data to authorities came into force on Wednesday, in what critics say is the latest attack on freedom of expression.Under “Decree 147”, all tech giants operating in Vietnam must verify users’ accounts via their phone numbers or Vietnamese identification numbers and store that information alongside their full name and date of birth.They must provide that data to authorities on request and remove any content the government regards as “illegal” within 24 hours.The new rules came into force on Wednesday, state media VNExpress said.All social media sites had been given 90 days to provide data on “the total number of regular visits from Vietnam” and the number of regular users per month to authorities, the website said.”Decree 147 will be used to publicly suppress those with different viewpoints,” said activist Dang Thi Hue, who writes about politics and social issues on her Facebook account, which has 28,000 followers.The decree was “the latest sign of infringement of basic freedoms… with a vague line between what is legal and what is not,” said former political prisoner Le Anh Hung.”No one wants to go to jail, so of course some activists will be more cautious and afraid of this decree.”Vietnam’s hardline administration generally moves swiftly to stamp out dissent and arrest critics, especially those who find an audience on social media.In October, blogger Duong Van Thai — who had almost 120,000 followers on YouTube, where he regularly recorded livestreams critical of the government — was jailed for 12 years on charges of publishing anti-state information.Decree 147 builds on a 2018 cybersecurity law that was sharply criticised by the United States, European Union and internet freedom advocates who said it mimics China’s repressive censorship of the internet.- ‘Just keep playing’ -The decree also says that only verified accounts can livestream, impacting the exploding number of people earning a living through social commerce on sites such as TikTok.Aside from the ramifications for social media firms, the new laws also include curbs on gaming for under-18s, designed to prevent addiction.Game publishers are expected to enforce a time limit of an hour per game session and not more than 180 minutes a day for all games.Just over half of Vietnam’s 100 million population regularly plays such games, says data research firm Newzoo.A large proportion of the population is also on social media, with the Ministry of Information and Communications estimating the country has around 65 million Facebook users, 60 million on YouTube and 20 million on TikTok.The force of the decree was yet to be felt at a small online gaming cafe in capital Hanoi, where around a dozen young people were glued to their desktop screens.”I don’t know anything about a time limit for the games,” said one 15-year-old boy who said he had skipped class to come and play.”I just keep playing, and as you see, it still works.” “I never have to show an ID or student card to enter a gameshop or for my game account online. I don’t know how (the decree) will work, let’s see.”The owner of the cafe, who charges around 30 cents for an hour of gaming, was similarly nonchalant.”I have no idea what this decree is about. I don’t know if it will work or not.” “My business is still going normally. They pay and we let them use the desktop for their gaming. It’s simple.”

Fuelled in part by the success of TV hit “Shogun”, foreign studios are hungry for quality Japanese content and local creators are adaptingto meet demand.Fans of Japanese manga and anime cartoons have often criticised foreign adaptations that are unfaithful to the original material.But “Shogun”, based on the 1975 novel by Australian-British writer James Clavell, broke the mould when the period drama series — mostly in Japanese and hailed for its authenticity — won 18 Emmy awards in September. Other recent Japanese works have also become worldwide hits.Franco-US-Japanese show “Drops of God”, based on a manga of the same name, won best drama series at the International Emmy Awards in November.Netflix’s 2023 adaptation of the manga superhit “One Piece” — starring Mexican actor Inaki Godoy as the lead — was hailed by viewers and critics alike and will return for a second season.More adaptations of major manga and anime hits are in the works, including the superhero adventures of “My Hero Academia” and the ninja escapades of “Naruto”.”Demand from Western markets is clearly increasing,” said Kaori Ikeda, managing director at TIFFCOM, the content trade fair affiliated with the Tokyo International Film Festival.But Japanese companies lack “know-how” when it comes to things like negotiating rights, she told AFP.So TIFFCOM has organised Tokyo Story Market, a space to facilitate networking and meetings between international producers and Japanese publishers.- ‘Whitewashing’ -Foreign studios are also getting better at avoiding some of the pitfalls of the past, such as the 2017 film version of the manga “Ghost in the Shell” starring Scarlett Johansson.Critics accused the movie, whose main actors except Takeshi Kitano were all non-Japanese, of “whitewashing”.Similarly, the 2017 supernatural thriller “Death Note” was panned for veering too far from the original manga.”Manga authors are highly respected and fan communities are very vigilant,” said Klaus Zimmermann, producer of “Drops of God”.His adaptation takes some liberties, such as starring a French actor as one of the main characters, but Zimmermann insists it was developed in collaboration with the authors of the original manga.”It was about finding the spirit of the manga so as not to distort it,” he told AFP.Yuki Takamatsu, a rights negotiator at the manga’s publishing house Kodansha, said the process of adapting “Drops of God” was “amazing”.”Everyone was open to tackling those challenges together… At every step, everyone was understanding about how we should do it,” he said.Past failures were in part down to publishers struggling to communicate their wishes to foreign producers, who in turn lacked a proper understanding of manga and anime, Takamatsu said.”Back just 15, 20 years ago, most of the enquiries we received from those big studios were like, hey, I know ‘Dragon Ball’, do you have ‘Dragon Ball’ IP?” Takamatsu told AFP.”But nowadays, especially since Covid, the producers in their 30s, 40s, they watch anime together with their kids on Netflix or Amazon” and then reach out, he said.- Japanese TV goes global -Japanese broadcasters have also become “better and better (at) presenting and marketing their content” abroad, said Makito Sugiyama, executive director at the Broadcast Program Export Association of Japan (BEAJ).This includes their participation at global events such as MIPCOM in Cannes, an annual trade show for the television industry, Sugiyama said.Japanese broadcasters have long had success selling show concepts abroad, like the one for “America’s Funniest Home Videos”, known in Britain as “You’ve Been Framed”.Now, some Japanese dramas are also finding a wider echo abroad.Nippon TV’s original drama “Mother” became a hit thanks in part to its Turkish remake, and has been broadcast in around 50 countries.Western viewers have overcome their initial reluctance to watch series with Asian actors, believes Masaru Akiyama, chief executive of the BEAJ.”They have got used to it, they don’t care anymore. They want to see, they want to feel the stories.””Shogun” was “a game changer for Japan,” he added, and Ikeda agrees.”That a samurai story with such attention to historical detail can become mainstream entertainment is proof of the potential” of Japanese content, she said.

Global stocks mostly pushed higher on Tuesday in thin Christmas Eve trade, as investors waited to see if a so-called Santa Claus rally would sweep the market.”Santa Claus comes tonight, but if stock market participants are lucky he will start sprinkling some gifts today, which marks the official start to the ‘Santa Claus rally’ period,” said Briefing.com analyst Patrick O’Hare.US stock markets have traditionally fared well in the last five trading days of the year and the first two in the new year, with experts advancing a number of possible reasons as to why — including the festive holiday mood and purchasing ahead of the end of the tax year.Wall Street opened modestly higher on the first day of this seven-day stretch and picked up speed as the session progressed. The S&P 500 finished up 1.1 percent.While gains were broad-based, some of the biggest positive moves came from tech heavyweights like Facebook parent Meta, Netflix and Amazon, all of which won more than one percent.”There’s a pretty fair amount of enthusiasm for momentum” stocks, said Jack Ablin, of Cresset Capital, who also noted that low trading volumes amplified the trend.In Europe, Paris’s CAC 40 closed higher in a pre-holiday short session while Frankfurt was closed all day.London also closed in the green, despite a week clouded by lackluster economic data that is “stoking concerns about the UK’s slowing momentum heading into the new year,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.Hong Kong and Shanghai stock markets closed up over one percent, as China announced fresh fiscal measures to boost its ailing economy. On Tuesday, state media reported that China will raise its deficit in order to boost spending next year, as the world’s second-largest economy battles sluggish domestic consumption, a property crisis and soaring government debt.Among individual companies, Honda shares closed more than 12 percent higher after the Japanese auto giant announced a buyback of up to 1.1 trillion yen ($7 billion), as it enters merger talks with struggling rival Nissan.The talks between Honda and Nissan could create the world’s third-largest automaker, expanding development of EVs and self-driving tech.Honda’s CEO insisted it was not a bailout for Nissan, which announced thousands of job cuts last month and reported a 93 percent plunge in first-half net profit.- Key figures around 1850 GMT -New York – Dow: UP 0.9 percent at 43,297.03 (close)New York – S&P 500: UP 1.1 percent at 6,040.04 (close)New York – Nasdaq Composite: UP 1.4 percent at 20,031.13 (close)London – FTSE 100: UP 0.4 percent at 8,136.99 (close)Paris – CAC 40: UP 0.1 percent at 7,282.69 (close)Frankfurt – DAX: ClosedTokyo – Nikkei 225: DOWN 0.3 percent at 39,036.85 (close)Hong Kong – Hang Seng Index: UP 1.1 percent at 20,098.29 (close)Shanghai – Composite: UP 1.3 percent at 3,393.53 (close)Euro/dollar: DOWN at $1.0389 from $1.0405 on MondayPound/dollar: DOWN at $1.2531 from $1.2536Dollar/yen: UP at 157.31 yen from 157.17 yenEuro/pound: DOWN at 82.89 pence from 83.00 penceWest Texas Intermediate: UP 1.2 percent at $70.10 per barrelBrent North Sea Crude: UP 1.3 percent at $73.58 per barrelburs-jmb/nro

Global stocks were mostly higher on Tuesday boosted by a tech rally on Wall Street, but gains remained modest in thin Christmas Eve trade.Overnight, US equities shook off early weakness to push higher as investors waited to see if a so-called Santa Claus rally would materialise.”The US stock market closed with a mixed bag of results yesterday, but the gift under the tree was a tech-driven rally that lit up the broader market,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.Analysts said it could help boost semiconductor-related shares, including in Tokyo, although the key Nikkei index closed down 0.3 percent.Several exchanges, including Hong Kong, London and Paris, close early on Tuesday due to the holidays.Paris’s CAC 40 gained while Frankfurt was closed all day.London also rose, despite a week clouded by lacklustre economic data that is “stoking concerns about the UK’s slowing momentum heading into the new year,” Britzman said.Hong Kong and Shanghai stock markets closed up over one percent, as China announced fresh fiscal measures to boost its ailing economy. On Tuesday, state media reported that China will raise its deficit in order to boost spending next year, as the world’s second-largest economy battles sluggish domestic consumption, a property crisis and soaring government debt.In company news, Honda shares closed more than 12 percent higher after the Japanese auto giant announced a buyback of up to 1.1 trillion yen ($7 billion), as it enters merger talks with struggling rival Nissan.The talks on collaboration between Honda and Nissan would create the world’s third-largest automaker, expanding development of EVs and self-driving tech.Honda’s CEO insisted it was not a bailout for Nissan, which announced thousands of job cuts last month and reported a 93 percent plunge in first-half net profit.- Key figures around 1100 GMT -London – FTSE 100: UP 0.5 percent at 8,142.92 pointsParis – CAC 40: UP 0.5 at 7,311.73Frankfurt – DAX: ClosedTokyo – Nikkei 225: DOWN 0.3 percent at 39,036.85 (close)Hong Kong – Hang Seng Index: UP 1.1 percent at 20,098.29 (close)Shanghai – Composite: UP 1.3 percent at 3,393.53 (close)New York – Dow: UP 0.2 percent at 42,906.95 (close)Euro/dollar: DOWN at $1.0395 from $1.0408 on MondayPound/dollar: UP at $1.2536 from $1.2531Dollar/yen: DOWN at 157.08 yen from 157.14 yenEuro/pound: DOWN at 82.89 pence from 83.03 penceWest Texas Intermediate: UP 0.8 percent at $69.79 per barrelBrent North Sea Crude: UP 0.8 percent at $73.21 per barrel

Asian stocks were mostly higher on Tuesday after a tech rally on Wall Street, but their gains remained modest in thin Christmas Eve trade.Overnight, European stocks bounced around while US equities shook off early weakness to push higher as investors waited to see if a so-called Santa Claus rally would materialise.US “stocks didn’t really have any direction in the morning, then we got this tech rally that just sort of drifted higher all day”, said Steve Sosnick of Interactive Brokers.Analysts said that could help boost semiconductor-related shares, including in Tokyo, although the key Nikkei index closed down 0.3 percent.Hong Kong closed up 1.1 percent and Shanghai gained 1.3 percent. Singapore rose 0.5 percent and Bangkok was up 0.7 percent, while Seoul and Taipei were flat.Hang Seng Bank said in a note that Hong Kong stocks were “consolidating before the long holiday”. It was among several exchanges, including Sydney, closing early on Tuesday.”This is the time of the year when there’s a lot of noise and little to no signal in price action,” said Kyle Rodda, senior market analyst at Capital.Com, cited by Bloomberg News.”There’s a high chance of a pretty slow day for the region and an uneventful rest of the week as a high proportion of the markets log off for the holidays.”Despite the gains, Asian stocks faced downward pressure “as the Bank of Japan warned against foreign exchange speculation and Australia cut its iron ore price forecast”, Hang Seng Bank said.Honda shares closed more than 12 percent higher after the Japanese auto giant announced a buyback of up to 1.1 trillion yen ($7 billion), as it enters merger talks with struggling rival Nissan.The talks on collaboration between Honda and Nissan would create the world’s third-largest automaker, expanding development of EVs and self-driving tech.Honda’s CEO insisted it was not a bailout for Nissan, which announced thousands of job cuts last month and reported a 93 percent plunge in first-half net profit.- Key figures around 0700 GMT -Tokyo – Nikkei 225: DOWN 0.3 percent at 39,036.85 (close)Hong Kong – Hang Seng Index: UP 1.1 percent at 20,098.29 (close)Shanghai – Composite: UP 1.3 percent at 3,393.53Euro/dollar: DOWN at $1.0396 from $1.0408 on MondayPound/dollar: UP at $1.2536 from $1.2531Dollar/yen: DOWN at 157.05 yen from 157.14 yenEuro/pound: DOWN at 82.94 pence from 83.03 penceWest Texas Intermediate: UP 0.4 percent at $69.53 per barrelBrent North Sea Crude: UP 0.4 percent at $72.95 per barrelNew York – Dow: UP 0.2 percent at 42,906.95 (close)London – FTSE 100: UP 0.2 percent at 8,102.72 (close)

A US government panel failed to reach a consensus on whether US Steel’s acquisition by Nippon Steel threatens Washington’s national security, shifting the decision to the White House, the Japanese company said late Monday.The deadlock by the Committee on Foreign Investment in the United States (CFIUS) means the controversial $14.9 billion transaction will now be referred to President Joe Biden, who is legally required to act within a 15-day deadline.”Nippon Steel has been informed by CFIUS that the Committee has referred this matter to President Biden after failing to reach a consensus on our transaction with US Steel,” Nippon said. Biden has criticized the deal for months, joining a loud consensus of US power players who have slammed the transaction, including President-elect Donald Trump and the incoming vice president, JD Vance. The deal became ensnared in the 2024 presidential campaign when Pennsylvania emerged as a critical swing state and leaders of the United Steelworkers (USW) union loudly opposed the transaction. Nippon officials had hoped to have more success after the election, but there have been few signs of change in the dynamics. US media have reported that the killing of the deal could prompt litigation from the steel companies. There are also questions about diplomatic fallout from derailing a transaction championed by Japan, a close US ally.Nippon said the deal should go through.”During the 15-day period that the President has to make a final decision, we urge him to reflect on the great lengths that we have gone to address any national security concerns that have been raised and the significant commitments we have made to grow US Steel, protect American jobs, and strengthen the entire American steel industry, which will enhance American national security,” Nippon said.”We are confident that our transaction should and will be approved if it is fairly evaluated on its merits.”US Steel also called on Biden to approve the deal, noting that Nippon is based in “one of the United States’ closest allies” and describing the transaction as a means to “combat the competitive threat from China.”The Nippon deal is “the best way, by far, to ensure that US Steel, including its employees, communities, and customers, will thrive well into the future,”  US Steel said. Nippon has argued that the transaction would pump much-needed capital to update plants in Pennsylvania’s Mon Valley, the oldest of which dates to 1875. The company has described the transaction as a lifeline to Pennsylvania’s much-diminished steel industry, vowing to keep US Steel’s headquarters in Pittsburgh. But the USW union has characterized Nippon’s commitments as untrustworthy, while slamming US Steel executives as being motivated by the huge windfalls they would likely make from the sale.”The proposed US Steel-Nippon transaction represents nothing more than corporate greed, selling out American workers and jeopardizing the long-term future of the domestic steel industry and our national security,” USW President David McCall said Monday as he urged Biden to block the transaction.

US President-elect Donald Trump has threatened to demand control of the Panama Canal be returned to Washington, complaining of “unfair” treatment of American ships and hinting at China’s growing influence.Here are five things to know about the waterway connecting the Pacific and Atlantic oceans.- Panamanian operated -The 80-kilometer (50-mile) interoceanic waterway is operated by the Panama Canal Authority, an autonomous public entity.The Central American nation’s constitution describes the canal as an “inalienable heritage of the Panamanian nation” that is open to vessels “of all nations.”The United States is its main user, accounting for 74 percent of cargo, followed by China with 21 percent.Panama’s government sets the price of tolls based on canal needs and international demand. Rates depends on a vessel’s cargo capacity.”The canal has no direct or indirect control from China, nor the European Union, nor the United States or any other power,” Panama’s President Jose Raul Mulino said Sunday as he dismissed Trump’s threat.All vessels, including warships and submarines, are given a Panama Canal pilot.- National history -Panama’s independence from Colombia in 1903 is linked to the canal.Following the failure of French count Ferdinand de Lesseps to open a channel through the isthmus, the United States promoted the separation of the province of Panama and signed a treaty with the nascent country that ceded land and water in perpetuity to build it.After 10 years of construction and an investment of $380 million, the canal was inaugurated on August 15, 1914 with the transit of the steamer Ancon.Some 25,000 deaths from disease and accidents were recorded during its construction.The canal “is part of our history” and “an irreversible achievement,” Mulino said.- American enclave -Washington’s establishment of a “Canal Zone” — an enclave with its own military bases, police and justice system — gave rise to decades of demands by Panamanians to reunify the country and take control of the waterway.In 1977, Panamanian nationalist leader Omar Torrijos and US president Jimmy Carter signed treaties that allowed the canal to be transferred to Panama on December 31, 1999.”Any attempt to reverse this historic achievement not only dishonors our struggle, but is also an insult to the memory of those who made it possible,” former president Martin Torrijos, the general’s son, wrote on social media.Under the treaties, supported by more than 40 countries, the canal is deemed neutral and any ship can pass through.The only conditions are that ships must comply with safety regulations and military vessels from countries at war must not pass through at the same time.- System of locks -Unlike Egypt’s Suez Canal, the Panama Canal operates using freshwater stored in two reservoirs.A drought led to a reduction in the number of transits in 2023, but the situation has since normalized.The canal, which has a system of locks to raise and lower vessels, transformed global shipping.Crafts can travel between the two oceans in about eight hours without having to sail all the way around Cape Horn, the southern tip of the Americas. The canal allows a ship to shave 20,300 kilometers off a journey from New York to San Francisco.- Cash cow -Five percent of world maritime trade passes through the canal, which connects more than 1,900 ports in 170 countries.By the early 21st century, it had become too small, so it was expanded between 2009 and 2016.Today, the canal can accommodate ships up to 366 meters long and 49 meters wide (1,200 feet by 161 feet) — equivalent to almost four football pitches.It generates six percent of Panama’s national economic output and since 2000 has pumped more than $28 billion into state coffers.More than 11,200 ships transited the canal in the last fiscal year carrying 423 million tons of cargo.