An intervention have been ordered into the Istmo Compañía de Reaseguros, Inc. for not having the required equity, among other violations. From a statement issued by the Insurance and Reinsurance Superintendency of Panama: THE BOARD OF THE SUPERINTENDENT OF INSURANCE AND REINSURANCE OF PANAMA, reports that through Resolution No. JD-046 of December 9, 2016, it […]
Copa has presented a financial offer in cash and stock to acquire the second largest airline in the region after Latam Airlines. The New York Times reported that the offer made by Copa Airlines consists of “… a merger that would value Avianca at more than $2 billion, or a 150 percent premium to its […]
It may be the most important seven feet in recent South Carolina history. These seven feet – of dirt, sand and a shellfish sediment called coquina – could very well be the difference between a bright shiny future for the state, and a cloudy, uncertain one. When Congress recently approved the federal half of funding […]
Authorities in Panama say they have seized more drugs in 2016 than in any other year since 2000, and soaring cocaine production in neighboring Colombia may be the most likely explanation behind this rise. As of December 13, authorities had intercepted 62.3 metric tons of cocaine and marijuana — 7 percent more than last […]
Dec 16 Panama’s economy grew 4.8 percent during the third quarter, compared to the year-earlier period, the government said on Friday. Growth was driven by financial intermediation, construction, and utilities, though operations slowed in the Panama Canal and the country’s ports. In October, the government changed its forecast for the year to 5.6 percent from […]
B.C.’s new natural-gas-powered ferry, the Salish Orca, went through the Panama Canal Sunday on its way to Victoria from Remontowa Shipbuilding in Gdansk, Poland. The Salish Orca spent five days waiting on the eastern side of the canal before it could begin its transit. Its journey through the 80-kilometre canal, with its series of locks, […]
This is a great story written by Michael Hudson, Will Fitzgibbon and Emilia Diaz-Struck for The Center for Public Integrity. In a country where top-drawer lawyers move freely between government posts and offshore law firms, bringing lasting change to Panama’s offshore industry remains a challenge. Panama’s leaders were defiant after the Panama Papers scandal broke […]
From the Panama Papers to the impeachments of the presidents of Brazil and South Korea, 2016 was a year marked by corruption scandals, and by rising public outrage over graft. The question is, will that translate into a lasting demand for cleaner politics? “A new phenomenon” is being seen, said Jose Ugaz, a renowned Peruvian […]
Faced with a more than 10 percent decline in exports this year, Panamanian authorities traveled to exchange information with Costa Rica’s Foreign Trade Promoter (Procomer) to learn from Costa Rica’s recent success exporting more than 100 products to different markets. Panama’s official delegation included Deputy Minister Nestor Gonzalez, Exports Director Leyda Gonzalez, and directors of the Panamanian […]
Panama’s government on Thursday warned of punishment for public employees who took any of the more than $59 million in bribes paid by Brazilian construction company Odebrecht in return for contracts. The declaration by President Juan Carlos Varela’s administration came a day after US officials said Odebrecht and its petrochemical affiliate Braskem had agreed to […]