U.S. Markets closed

News Summary: Nicaragua pushing Chinese canal deal

The Associated Press

RUSH JOB: Nicaragua is moving quickly on a plan to dig a Chinese-funded rival to the Panama Canal across the middle of the country, fast-tracking a proposal despite a lack of details about the $40 billion project.

THE PROPOSAL: A China-based consortium will finance the project and turn over control of the infrastructure to Nicaragua in exchange for a majority of the earnings.

BACK STORY: Proponents have said the project could double the per-capita GDP of Nicaragua, one of the poorest countries in Latin America. But critics say that nearly every key detail of the project remains a mystery.