Panama Canal
France began work on the canal in 1881, but stopped due to engineering problems and a high worker mortality rate. The United States took over the project in 1904 and opened the canal on August 15, 1914. One of the largest and most difficult engineering projects ever undertaken, the Panama Canal shortcut greatly reduced the time for ships to travel between the Atlantic and Pacific Oceans, enabling them to avoid the lengthy, hazardous Cape Horn route around the southernmost tip of South America via the Drake Passage or Strait of Magellan.
Maritime history
Though controversial within the United States, a process of handing the Panama canal lead to Panamanian control of the Panama Canal Zone by the Panama Canal Authority (ACP). It was effective at noon on December 31, 1999. Before this handover, the government of Panama held an international bid to negotiate a 25-year contract for operation of the Canal's container shipping ports (chiefly two facilities at the Atlantic and Pacific outlets), which was won by the Chinese firm Hutchison Whampoa, a Hong Kong-based shipping concern whose owner Li Ka Shing is the wealthiest man in Asia. One of the conditions on the handover to the Panama Canal Authority by the United States was the permanent neutrality of the Canal and the explicit statements that allowed the United States to come back at any time.