News Briefs

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 22

COMEBACK

After a well-known bad year, Panamanian ports began 2017 with a strong expansion in their economic activity, according to statistics from the Panama Maritime Authority (AMP). According to figures from the AMP, the movement of TEUs (29 ft container equivalents) grew 17.5% in January 2017. In this first month, the ports moved 597,000 containers, up from 508,000 in January 2016.

PUSH ‘N PULL

The pilots, deck officers and engineers of the Panama Canal and […]

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 February 7, 2017

ADVANCING

Sacyr and its partners Impregilo, Jan de Nul and Constructora Urbana S.A. (CUSA) which are part of Grupo Unidos por el Canal (GUPC) called for precautionary measures before the Miami arbitration court in response to pressure from the Panama Canal Authority (ACP) after GUPC recently claimed $300 million in advances for finished work. The news was released by the newspaper “Expansión”, a Spanish newspaper that has specialized in economic issues since 1986.

STUBBORN

With […]

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, […]