weekly news

Week in Review December 27

TOP SPOT

In 2018 Panama will have the greatest economic growth in Latin America and the Caribbean, it was announced the Economic Commission for Latin America and the Caribbean (ECLAC) from Santiago, Chile. Cepal estimates that the country will grow 5.5%; while 2017 will close with 5.3%, when they projected 5.6%.

STRONG HAND

The Panama Canal Authority (ACP) will contribute $1,650 million to the National Treasury, which represents $50 million more than what was budgeted. […]

Week in Review – November 7

FREE AGAIN

The US embassy announced that restrictions on newspapers La Estrella and El Siglo, two of Panama’s most prestigious and long-standing dailies, had been lifted after its owner, Abdul Waked, transferred 51% of his shares to a foundation, a measure that guarantees the continuity of the media, in what has been interpreted as a victory of freedom of expression.

SAVE FUND

If the law does not receive any modification, the savings instrument will not […]

Week in Review October 18

FULL SPEED

The Advisory Board of the Panama Canal, which renders its services ad honorem, recommended the overnight transit of neopanamax ships to generate more income for the country. The measures that were adopted for safety before the opening of the new locks are restrictions that must be reviewed, and removed to generate more income, said the administrator, Jorge Quijano.

CARGO RULES

Panama has never had a legal framework to regulate land cargo transport in […]

Week in Review September 20

UNDP IN CFZ

The Colón Free Zone (ZLC) on the Caribbean coast of Panama, which is the largest free trade zone in the hemisphere, agreed to an alliance with the United Nations Development Program (UNDP) to modernize the institutional framework and promote markets in a transparent manner. UNDP’s resident representative in Panama, Harold Robinson Davis, said that the organization will make available to the CFZ its experience in the management and execution of projects of […]

Week in Review August 14

LAST TOUCH

Grupo Unidos por el Canal consortium (GUPC) has not yet finalized the “minor works” of the Panama Canal expansion. The Panama Canal Authority (ACP) reported in a statement that the contractor has not yet confirmed a new completion date but that, according to its records, the list of minor work and outstanding defects has a breakthrough of a total of 99% for both the Cocolí locks on the Pacific and the Agua Clara […]

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 […]