News Briefs

Week in Review – Vol. 34#11

DRY DANGER

The “severe” El Niño effect on rainfall has diminished the catchment of the Panama Canal watershed and is causing lower levels in the Gatun reservoir, the main source of water for the operation of the waterway and water supply for human consumption. The phenomenon, says the Panama Canal Authority (ACP), could cause a restriction on the draft of ships, if insufficient rains continue in the area.

HUB TRAINING

The Panama government seeks to [...]

Week in Review – Vol. 34 No. 10

National newsbriefs

ELECTION CALL

The Panamanian Association of Merchant Marine Officers (Apom) formally demanded that the Superior Council of the Panama International Maritime University (UMIP) “make an immediate call” for new elections for the rector. The request comes amid a legal dispute with the suspended rector, Victor Luna Barahona, claiming office after elections last October.

HELPING GREECE

After the financial crisis facing Greece, Panama ordered an extension until August 31 to pay taxes without interest [...]

Week in Review – Vol. 34 No. 9

National newsbriefs

CANAL EXPANSION’S NEWEST MILESTONE

The new locks on the Pacific side of the Panama Canal, in the area of Cocolí, began to flood “successfully,” said the Panama Canal Authority (ACP) and the contractor responsible for the work. Unlike the locks on the Atlantic side, which began to flood by gravity a fortnight ago, the Pacific is filled with electric pumps and diesel pumps, said the CEO of Grupo Unidos por el Canal (GUPC), [...]

Week in Review – Vol. 34 No. 8

National newsbrief

MARKET SEARCH

After years of trade with Colombia and the multi-million Venezuelan debt held by businessmen, the Colon Free Zone (CFZ) is looking for new markets to face the prevailing bad moment in this zone. Since 2014, the Colon Free Zone Users’ Association (AU) seeks to attract new customers from Europe, Asia and Africa. It also seeks innovative ways to market products, trying to compensate for the difficulties which have been caused by [...]

Week in Review – Vol. 34 No. 7

CANAL SUPPORT

Francisco Miguez, Vice President of Finance of the Panama Canal Authority, reported that the board of the waterway approved delivering to the National Treasury contributions of $1.03 billion for fiscal year 2014. This exceeds by $64 million (6.6%) the budget approved at the beginning of the fiscal year, which was $966 million.

SUBWAY WINNER

The consortium formed by the Brazilian company, Norberto Odebrecht, and the Spanish group, Fomento de Construcciones y Contratas (FCC), [...]

Week in Review – Vol. 34 No. 6

FRIENDY CUSTOMS

The National Customs Authority (ANA) launched a new payment system that allows online liquidation of Customs declarations and which aims to streamline business procedures and “give greater confidence to the user. “Users can perform export and import procedures from anywhere in the world, 24 hours a day, 7 days a week at no additional cost,” said the director general of the Customs institution, Jose Gomez.

WHO OWNS WHAT?

At December 31, 2014, the [...]

Week in Review – Vol. 34 No. 5

National newsbriefs

UP OR DOWN?

After the significant drop in commercial activity in the Colón Free Zone in recent years, results in January and February of this year point to a recovery of 7.2%, according to the Comptroller’s Office. However, the Colón Free Zone Users’ Association ensures that the figures are not real. In the first two months of the year, the commercial movement stood at $3.578 billion, while in the same period of 2014 [...]