News Briefs

Week in Review May 16

ZLC RISING

Revenues of the Colon Free Zone (ZLC) for 2018 could improve slightly, while the site recovers from a commercial crisis that resulted in a tax and tariff reduction for its users.

CANAL EXCEEDS

The expansion of the Panama Canal generates good results. Since its inauguration, from June 26, 2016, to April 30 this year, toll revenues exceed $528.6 million. Over 1,000 neo-panamax ships (an average of 5.9 ships per day) have transited the […]

Week in Review April 18

OIL SEARCH

Panama’s Cabinet approved seismic surveys in the open sea to determine if there is oil or natural gas reserves, a source from the National Energy Secretariat (SNE) told the news agency Efe. The geophysical survey will take place only 15 kilometers from the coasts and not on the mainland, in a 40,000 kilometer layout, according to a document from the SNE that indicates that the first analysis will catalog the areas chosen as […]

Week in Review March 6

PANAMA TOPS

Panama will outperform Chile as a result of greater economic growth, but the measure does not reflect persistent inequalities. Panama will be the country with the highest GDP per capita measured by purchasing power parity in Latin America in 2018. This is the projection made by the International Monetary Fund (IMF). Taken into account are the calculations that point to Panama as the fastest growing economy.

DEPENDENCE

An improvement in the economies of […]

Week in Review January 24

TOUCHÉ

The Panamanian government announced that it suspended the purchase of two vessels from the Colombian Navy for about $30 million because of a pending bilateral tariff dispute that was decided in favor of Panama by the World Trade Organization (WTO). The purchase of the vessels, agreed last October, “was suspended until we can resolve the trade dispute,” said the Panamanian Minister of Commerce and Industry, Augusto Arosemena, during the presentation of his management report […]

Week in Review January 12

FINGERED

From Switzerland the bribes were paid in Panama. Investigations in Switzerland confirm the payment of bribes during the government of Ricardo Martinelli Berrocal. Without revealing even the names of the Panamanians who received these bribes from Odebrecht – the largest contractor of the Panamanian State – Switzerland confirmed the existence of bank accounts that would have reached more than $20 million in illegal payments.

CONTRACT CUT

The government of Juan Carlos Varela announced that […]

Week in Review December 31

TRANSITS UP

Some 500 transits were registered in the expanded Panama Canal up until last week, amid a decrease of revenues from fewer transits of smaller ships. According to figures from the Comptroller’s Office, up until October, there was a 6.8% decrease in the transit of ships through the Panama Canal and $51 million less in tolls compared to the same period of the previous year.

PAID UP

Panama Canal Authority (GPA) administrator, Jorge Quijano, […]

Week in Review – December 20

CLOSURES SPREAD

The difficult situation facing the Colon Free Zone is a matter of concern for the Colon Free Zone Users’ Association of the commercial emporium, since they indicate that now there is not only the closure of small companies, but also of large ones that generate hundreds of jobs. According to figures compiled by the Comptroller’s Office, there is a 10% drop in the commercial movement of the Free Zone registered up to last […]