A Hong Kong-based conglomerate has agreed to sell its controlling stake in a subsidiary that operates ports near the Panama Canal to a consortium including BlackRock Inc., effectively putting the ports under American control after President Donald Trump alleged Chinese interference with the operations of the critical shipping lane.

In a filing, CK Hutchison Holding said Tuesday that it would sell all shares in Hutchison Port Holdings and in Hutchison Port Group Holdings to the consortium in a deal valued at nearly $23 billion, including $5 billion in debt.

The deal will give the BlackRock consortium control over 43 ports in 23 countries, including the ports of Balboa and Cristobal, located at either end of the Panama Canal. Other ports are in Mexico, the Netherlands, Egypt, Australia, Pakistan and elsewhere.

The transaction, which must be approved by Panama’s government, does not include any interest in a trust that operates ports in Hong Kong, Shenzhen and South China, or any other ports in China.

Starbucks named a new chief financial officer on Tuesday as part of a larger turnaround strategy.

Cathy Smith, who has been Nordstrom’s CFO since 2023, will join Starbucks in the next month, Starbucks Chairman and CEO Brian Niccol said in a letter to employees. Smith previously served as the chief financial officer of Target and Walmart International.

Smith will replace Rachel Ruggeri, who is leaving the company. Niccol said Smith brings extensive experience in retail, global operations and corporate turnarounds.

Ruggeri will stay at Starbucks for a period of time to assist with the transition, he said.

Late last month, Niccol announced a plan to lay off 1,100 corporate employees globally.