Marketplace Morning Report 'State of emergency' in Panama
May 28, 2025
Panama faces a state of emergency as Chiquita Brands lays off 5,000 workers amid a major strike against pension reforms. Tensions rise with various unions protesting the privatization of pensions, disrupting essential transport in the region. Meanwhile, accusations of human trafficking surface against the Chinese EV giant BYD in Brazil. The discussion also highlights Europe’s efforts to reduce dependence on Chinese rare earth minerals and touches on financial conflicts in marriage.
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Panama's Pension Reform Sparks Strike
- Panama's pension reform law triggered a month-long strike affecting the banana industry and other sectors.
- Unions see the reform as disguised privatization, prompting widespread protests and a halt in production.
State Of Emergency to Manage Blockades
- The strike blocks the Pan-American Highway, disrupting essential supply routes.
- Panama's government declared a state of emergency to ensure delivery of essentials without forcibly removing protest roadblocks.
Chiquita's Response to Strike
- Chiquita Brands called the workers' strike an unjustified abandonment of work.
- The strike caused Chiquita losses of $75 million, leading to the laying off of 5,000 banana workers.