The Panama Canal is likely to attract up to 15 percent more tonnage next year after an upgrade which means it can now accommodate gas tankers previously too large to transit, its operator said. The expanded canal opened in June, fitted with new locks that allow ships three times bigger than previously to pass through. […]
The budget for 2017 approved by the Congress includes $4.764 billion in investments, of which $632 million will go to Metro de Panama. From a statement issued by the National Assembly of Panama: NFPS investment amounts to 4.764 million dollars. 632 million designated for Lines 1, 2 and 3 of Metro de Panama. The National […]
The reorganization process and subsequent sale of the Panamanian bank has been extended for 90 days, and eleven local and two foreign banking groups are interested in the process. From a statement issued by the Superintendency of Banks in Panama: Through Resolution SBP-0198-2016 of October 27, 2016, the Superintendency of Banks ordered an extension to […]
The National Assembly has passed a law which creates the National Securities Commission and regulates securities and OTC negotiations. From a statement issued by the National Assembly of Panama: The full National Assembly approved on its third reading Bill No. 360 amending the only text of Decree Law 1 of 1999, which created the National […]
The Littoral Combat Ship USS Montgomery (LCS-8) suffered damage during a transit through the Panama Canal on its way to its new homeport in San Diego, Calif., USNI News has learned. Montgomery, was crossing from the Atlantic to the Pacific when the LCS collided with one of the walls of the lock and suffered damage […]
Here we go with the holiday season! Banks are closed and the town is packed with visitors ready to celebrate with parades, poleras and more. November in Panama has lots of Independence celebrations. On November 3 is celebrated the Independence of Panama from Colombia in 1903, also known as Colon Day, that jump starts Panama’s […]
Derek Sambrook, Managing Director at Trust Services, S.A. sent me this article that he wrote about the resignation of Joseph Stglitz from the Panama Papaers committee. “ Now we have the unfortunate resignation in August of Messrs. Stiglitz and Pieth from the Panama Papers committee, an embarrassment to the Panamanian government and which has been […]
The presidents of Panama and Colombia have signed agreements to increase security along their porous border, which is used by migrants and drug traffickers. President Juan Carlos Varela of Panama met with Colombia’s Juan Manuel Santos in the jungle-clad southern province of Darien Tuesday. The two presidents said the flow of migrants has tapered off […]
The International Transport Workers’ Federation has raised its concerns over the safety of the Panama Canal’s new locks amid what it says is a growing threat of privatization within waterway operations. The ITF sounded the alarm during a top level meeting union leaders held in Panama last Friday. The global union federation is saying that the Panama […]
Here is a great article that appeared in The Wall Street Journal written by Costas Paris. The Panama Canal Authority’s chief executive is concerned about anti-trade rhetoric taking center stage in the U.S. election campaign, but he believes American consumers will step up their shopping after the result and boost shipping cargo volumes across the […]