News Briefs

Week in Review PPC ON STRIKE AGAIN Workers of Panama Ports Company (PPC) reported on May 9 a “wave of redundancies” in Balboa and Cristobal. In Colon, 10 dismissals were reported, while in Panama the figure could be higher. The Chinese-owned company recently reported millions in losses for clients after overcoming a dock stoppage declared [...]

Week in Review MANUFACTURING NEED Panama is recognized internationally as a transshipment center. It is probably the most developed in this sense in Latin America. Just in 2011, 6.6 million containers moved through the Panamanian ports. However, for the country to make better use of its geographical position and to generate more jobs in this [...]

Week in Review PROMISING CANAL With the expansion of the Panama Canal not all is yet said, because there are still challenges and other opportunities that will come along. The term Post panamaxes will give Panama one of the innovations when the mega expansion project becomes a reality and creates an opportunity to move more [...]

Week in Review PANAMA LOOKS WEST Panama hopes to join the Pacific Alliance in 2013. According to the website www.andina.com.pe, the Ambassador of Panama in Peru, Carlos Luis Linares, said the entry into force of the agreement signed by the two countries will facilitate the entry of Panama into this bloc of nations. LOCKS ADVANCE [...]

Week in Review CONTAINERS MOVING In January he Panamanian port system moved 619,187 20-foot container equivalents (TEUs), 122,764 more than during the first month of 2011. The improvement is 24.7%. According to the Comptroller’s Office, the total cargo transported amounted to 6.25 million metric tons, a 32.8% increase. FISH SALE IN BOSTON Panamanian companies participated [...]

National newsbriefs PANAMA A MAGNET The service sector remains the magnet for foreign investment in Panama. A delegation of over 12 entrepreneurs of South America came in search of new business. Latin America knows the importance of the Panama Canal and so many people and corporations are interested in coming to the country to leverage [...]

DEFICIT CLIMBS The Ministry of Economy and Finance (MEF) raised its deficit forecast for this year to 2.5% of gross domestic product (GDP). It based this on a GDP of about $34 billion at the end of 2012 to meet with the Executive’s estimate that the deficit would be about $850 million. SPENDING UP Spending [...]

National newsbriefs C&W SHARES IN LIMBO President Ricardo Martinelli endorsed the sale of 49% of the shares the State holds in Cable & Wireless. “You have to start thinking about a number of innovative things like that, because these actions took a peak … there is much competition and contractors can sell some to the [...]

National Newsbriefs LAND FOR SALE A total of 25% of the money to be gained from the future sale of land in the Colon Free Zone (CFZ) will go into a trust for projects in the province of Colon and the rest to State coffers. This was reported by the Minister of Commerce, Ricardo Quijano [...]

OK FOR NEW PORT A contract was made between the Panama Maritime Authority and the Panama Canal Society of the Port of Colon, Inc., for construction, operation and management of a container terminal and general cargo area on Margarita Island, in the province of Colon. The investment amounts to $593.9 million and was approved by [...]