Current News in Panama

Panama: Panama America on press council response to clash with official
August 30, 2010

The daily Panama America reported as “worrying” how the the president of the National Press Council (CNP), Guillermo Antonio Adames, described threats made to the closing editor of The Panama America, Julio Ruiloba by Alejandro Pérez, adviser to minister Guillermo Ferrufino. On Sunday, Perez called The Panama America and threatened Ruiloba, warning him that “you’ll see what will happen to you” ... “You have sought a personal problem with me.”

Panama Economy: Farmers get ready for livestock congress
August 30, 2010

The projections of the livestock sector will be among the topics to be discussed at the Congress of Animal Husbandry on September 3 and 4 in Panama. The National Association of Livestock (ANAG) similarly reported that on August 29 a Regular Meeting will be held where farmers will participate throughout the country.

Panama Law: Central American FTA
August 30, 2010

The first review of the Free Trade Agreement (FTA) between Panama and Central America could be held on September 8 at a meeting of the Administrative Commission of this TLC. This decision was taken during the meeting held in Spain last week by the Sub-Administration of the FTA.

Panama Investment: Max capacity, no spill – ANAM
August 30, 2010

Despite describing the situation as critical because the dam where the material is deposited is treated with cyanide at the mine of Petaquilla Gold in Donoso, Colón Province, it has reached its maximum capacity, said the administrator of the National Environmental Authority (ANAM), Javier Arias, who also says there has been no material spilled. National News.

Panama Government: Exports show mild drop
August 30, 2010

The sale of Panamanian products in foreign markets during the first half of 2010 amounted to $387 million, $34 million less than in the same period of 2009. The most significant drops showed a decline of cattle by 87.5%, 64% for melon and for yellow fin tuna, fish and fillets, a decrease of 47.6%.

Panama Politics: Admitting and combating corrupting
August 30, 2010

The corruption in the Transit and Land Transport Authority (ATTT), “is nothing new, and has been evolving for several years,” admitted the director of the institution, Jorge Ricardo Fabrega. But he said that efforts are being made to combat these acts, such as suspension and removal of officials and some have even been reported to the judicial authorities.

Panama Government: National Bank announces $1B credit
August 30, 2010

The National Bank of Panama has reported that about $1,150.3 million in new credit is intended to be disbursed in 2011. This amount represents 95% of the total investment program that will reach $1,210.1 million.

Panama Banking: An industry that never sleeps
August 30, 2010

Every day in Panama $4.9 million is bet, according to the report for the first half by the Gaming Control Board (JCJ). Comparing this data shows a slight increase of 4% over the same period of 2009.

Panama Banking: Tech meetings
August 30, 2010

The industry of Information Technology and Communications (ICT) this week celebrates a heavy schedule of business meetings. Today the first Forum of Educational Technology Innovation in the Americas will be held under the responsibility of the Authority of Government Innovation (AIG).

Panama Government: Much more Canal hiring to do
August 30, 2010

Between 2011 and 2013 more people will be required to work on the Panama Canal expansion. This was announced by the executive director of the Grupo Unidos por el Canal Consortium (GUPC), Antonio Zaffaroni, who said they have not yet used a quarter of all the people who have to be employed.

Panama: Customs budget cut
August 30, 2010

The director of the National Customs Authority (ANA), Gloria Moreno de Lopez, complained of a “low budget” for 2011 which was assigned to the entity in comparison to what it had previously requested. Of the $66 million requested, only $25 million was approved.

Panama Investment: Prepping for Korea trip
August 30, 2010

In order to discuss issues concerning the possible visit of President Ricardo Martinelli to Korea in the coming months, Vice President and Foreign Minister of Panama, Juan Carlos Varela, met with the Ambassador of the Republic of Korea, Jung Doo-soo. Deputy economy minister, Frank De Lima had conversations with the Incheon International Airport Corporation during his recent visit to Korea, regarding the creation of a direct flight between Panama and Seoul.

Panama: Fitting in prisoners
August 30, 2010

To reduce the severe overcrowding in the prison system, the Ministry of Government is to build new pavilions and adaptations in the prisons. These works are valued at $5 million.

Panama: Fiesta (Thunderbird) sells to Crown
August 30, 2010

According to the daily La Critica, Thunderbird Resorts Inc., operator of Fiesta Casino, sold its shares to a company called Codere, owner of the Presidente Remon Racetrack and Crown Casinos for $38 million.

Panama Economy: Park on a blacklist?
August 30, 2010

The construction of hydroelectric dams on rivers that are part of the Parque International La Amistad (PILA) and a road connecting Boquete to Volcan, Chiriqui Province, is of concern to the United Nations Educational, Scientific and Cultural Organization (Unesco) for the damages they cause in the protected area. The PILA runs the risk of entering a blacklist.

Panama Finance: CAF doubles down
August 30, 2010

The Corporación Andina de Fomento (CAF), which has immediate plans to become an important player in the local stock market, currently has a line of credit of approximately $2 billion to support various infrastructure projects in Panama.

Panama Investment: Los Santos road to widen
August 30, 2010

Of the seven companies that participated in the bidding for the expansion of the road from La Villa de Los Santos to Las Tablas, the virtual winner was the construction company Meco, SA, with a bid amounting to $74,452,270. Carlos Gonzalez, governor of the province, said the project includes the design, construction, rehabilitation and widening, which covers a 26 mile stretch of road.

Panama Finance: Off the Singapore gray list
August 30, 2010

Panama negotiates with Singapore this week the twelfth tax treaty needed to exit the gray list of the Organization for Economic Cooperation and Development (OECD). Panama has now signed double taxation treaties with Mexico and Barbados, and has closed negotiations with France, Italy, Belgium, Spain, the Netherlands, Qatar, Luxembourg and Portugal.

Panama Finance: Scholarships in Bocas
August 30, 2010

This week, the distribution of “universal scholarships” began to students with minimum grades of 3.0 GPA. The recently-passed initiative states that delivery will begin in the province of Bocas del Toro and the Ngobe-Bugle Indian region.

Panama Finance: From 16 to 11 Metro stops
August 30, 2010

The daily La Prensa reported that the 16 stations that the first Metro line in Panama will have had will be reduced to 11 according to the Secretariat of the Panama Metro (SMP)

Panama Finance: Qatar suspends refinery negotiations
August 30, 2010

The negotiations for the proposed construction of a refinery in Chiriqui with Qatar are moving at a slow pace. Representatives of Qatar requested Panamanian authorities to suspend negotiations until next October without giving further details.

Panama Finance: Canada FTA on the table
August 30, 2010

This week, the Free Trade Agreement (FTA) between Panama and Canada could be submitted for approval by the National Assembly, said the Minister of Commerce and Industry, Roberto Henriquez.

Panama Finance: New buses in December
August 30, 2010

The first 120 units of the Metro bus project will start operations on December 18 in the capital city, according to the Minister of the Presidency, Demetrio Papadimitriu. A total of 2,000 buses are slotted to replace the 1,500 “Red Devils.”



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