Hong Kong-based CK Hutchison Holdings has said it has launched arbitration proceedings to challenge a Panama court ruling that nullified its right to operate two ports at the country’s canal, hours after Beijing warned the nation would pay a heavy political and economic price. The Hong Kong conglomerate led by billionaire Li Ka-shing’s family on Wednesday said it strongly disagreed with the decision by Panama’s Supreme Court, which could take effect in early February, and revealed that its...