Panama Canal Turns 100 –August 1914 marked the official opening of the Panama Canal. The latest expansion project is set to open in 2015 to increase capacity and allow larger ships to traverse the canal.
Learn more about the history of the canal presented by the BBC below.
Russia Bans U.S., Europe Food Imports – Effective immediately, Russia has banned most imports of food products from the U.S., E.U., Norway, Canada, and Australia. The move is seen as retaliation against sanctions from these nations for Russia’s involvement in Ukraine. In addition to hitting foreign markets, observers warn that Russia’s food prices and related industries could be severely impacted.
Read more from the Washington Post
WTO Stands Firm on China Rare Earth Ruling – China lost its World Trade Organization (WTO) case appeal against its restrictions on rare earth metal exports. The U.S., E.U. and Japan challenged China and won the original case back in March. China is responsible for 90% of the world’s rare earth metal production. The resources have become increasingly important due to their manufacturing role in technology and other industries.
Read more from Reuters.