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Business News: A Man, A Plan, A Canal

Published June 14, 2013 at 4:00 AM EDT

RENEE MONTAGNE, HOST:

NPR's business news starts with a man, a plan, a canal.

(SOUNDBITE OF MUSIC)

MONTAGNE: Not Panama this time. This canal is in Nicaragua. Yesterday, the Nicaraguan congress granted a Chinese tycoon the exclusive right to develop a multi-billion dollar rival to the Panama Canal. The bill grants the investor 50 years of control over the potential shipping route - pending a study of its viability. Transcript provided by NPR, Copyright NPR.