Week in Review

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 [...]

Week in Review – Vol. 34 No. 4

National newsbriefs

COROZAL DEFENDED

Although some members of the National Assembly rejected the draft law on fiscal equalization for the port of Corozal, the Panama Canal Authority (ACP) defended the proposal to build the terminal to take advantage of all the cargo that will be created with the new locks. The topic was presented by the Deputy Administrator of the ACP, Manuel Benitez, in Panama Maritime XII, held for three days, an event that brought [...]

Week in Review – Vol. 34 No. 3

PPC PAYS DIVIDEND

Panama Ports Company, which holds the state concession to manage the ports of Balboa and Cristobal, delivered dividends to the State for fiscal years 2014 and 2015. The Panamanian government is a shareholder of 10% of Panama Ports Company, but the company maintained as its philosophy reinvesting profits and not distributing dividends. The port operator will pay $10 million for the year 2014 and estimated that for the year 2015 the amount [...]

Week in Review – Vol. 34 No. 2

National newsbriefs

BIGGEST IN RRGISTRY

What is currently the world’s largest container ship, Mediterranean Shipping Company’s MSC Oscar, with 394 meters in length and a cargo capacity of about 19.224 TEUs, joined the Panamanian registry. The ship, built in South Korea, claims to be the most efficient in the world, and was built thinking about respecting the environment and not only can it carry 35% more cargo, but consumes 35% less fuel.

CANAL ARBITRATION

The [...]

Week in Review – Vol. 34 No.1

EXPOCOMER OPENS

The thirty-third edition of the Panama trade show, Expocomer, will be held from March 11 to 14 with the participation of businessmen from over 35 countries, revealed Lorena Kirchman, International Business Executive of the Panama Chamber of Commerce, Industries and Agriculture. It is the only trade fair in the region that, to date, has subsisted under the scheme of a multi-sector fair, as compared to fairs in other countries that only focus on [...]