February 24 - Construction on the Panama Canal extension project is back underway says the waterway's administrator, the Panama Canal Authority (ACP).

The project ground to a halt during early February 2014 following a cost overrun estimated to be USD1.6 billion; disputes centred around who should foot this bill for financing the extension.

However, the Spanish-led construction consortium has reached a preliminary agreement with ACP to continue works. The parties have agreed to a further 72 hours of negotiations to ensure the project is completed successfully.

"The consortium has guaranteed that it will continue working, which was our main objective so we can move forward and discuss other issues for a longer-term agreement," said Panama Canal administrator, Jorge L. Quijano.

Now that works have resumed, ACP says it will pay USD36.8 million due for December 2013 invoices.