The message given in private by U.S. Vice President Joe Biden, to the Panamanian presidential candidates, that his country will only recognize the candidate who wins the 2014 elections legally, left a sour taste among local political pundits. Biden left behind a barrage of impressions. “The Gringos had to come back again to place order”, said the former electoral judge Gerardo Solis, who said the reprimand was because the locals “can [...]
CFZ CHANGE NEEDED
Current legislation in the Colon Free Zone is more than 65 years old. Luis Germán Gómez Giraldo, president of the Colon Free Zone Users’ Association, believes that it is time for a change. They consider that one of the major barriers is not allowing Multinational Corporations (SEMs) to establish within the Free Zone. During a forum organized by the Chamber of Commerce of the United States and Capital Financiero, Gomez [...]
FIRED UP FREE ZONE
Discovering the causes of recent fires in the Colon Free Zone (CFZ) is the responsibility of international experts. It was detailed by Leopoldo Benedetti, ZLC manager, that investigations began on November 10. And expert is from the Fire Department of Puerto Rico is researching the more recent fires in the Free Zone which destroyed about 15 warehouses in France Field, Benedetti said the Colonel is named “Colon”, and he will determine [...]
The Spanish newspaper El Pais published an article which discusses the effect of the economic downturn is having on Venezuelan and the increased tariffs of Colombia on the second largest duty free area in the world, the Colon Free Zone (CFZ). If the economies of Venezuela and Colombia start to sneeze, the Free Zone may suffer severe flu and fall into a deep crisis at any time. And that seems to [...]
Energy consumers will pay a more expensive rate in the dry season caused by the government hiring electrical generation engines based on diesel fuel, three times more expensive than the average price. The State electricity company (Egesa) and the Electric Transmission Company, SA (Etesa) convened two tenders separately for delivery between January and June 2014, when there is expected to be a decrease in hydro generation.
The expansion program [...]
BANK CENTER SHRINKS
Panama is no longer an international banking center. Now it has become a regional banking center. This is one of the main conclusions reached by the financial analyst Joseph Abbo, in the financial forum held by the Panamanian Association of Business Executives. It was the analyst Abbo who presented the Rapporteur of the financial forum to a group of businessmen and media. At the event, the expert warned of the [...]
Panamanian and Colombian authorities are having conversations about the tariff on textiles and footwear that are re-exported from the Colon Free Zone (CFZ) to the South American country. “We’ve had meetings in Cartagena and Panama, but are handling the issue in a very confidential manner,” said Ricardo Quijano, Minister of Commerce and Industry of Panama.
The Panamanian economy slowdown will lead the country to a “more manageable growth rate, [...]