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A giant Chinese-chartered freighter is to nudge its way through the Panama Canal on Sunday to mark the completion of nearly a decade of expansion work forecast to boost global trade. The vessel, especially renamed COSCO Shipping Panama, will inaugurate the widened canal in an hours-long voyage from the Atlantic to the Pacific Ocean via a new shipping lane and gigantic locks that have been fitted to the century-old waterway. "It is a historic day for the country," Panamanian President Juan Carlos Varela said on Saturday.
A surge in milk production since the EU lifted milk quotas has skimmed profits for dairy farmers, leaving them sour as authorities struggle to get to grips with the crisis. Last year the European Union finally got rid of its three-decade old milk production quotas that it had imposed to eliminate the milk lakes and butter mountains that had plagued the bloc's farmers in the 1980s. While farmers in several EU countries had been looking forward to tapping into rising demand for dairy products in developing countries, particularly in China, that growth slowed and there was soon a glut on the world market.