Gaming company receives 20 years’ exclusivity
Before the end of the government of Ricardo Martinelli, the company Gaming & Services de Panama, SA will have paid $31 million to increase the number of betting shops and extend its control in this business. The company received an extension last September for 20 years to continue operating 26 slot machine halls in the country. It now has exclusivity and provides the government significant revenue in the pre-election period.
Cable & Wireless renews concession for 20 years
Cable & Wireless Panama, SA (C & WP) will pay the government about $100 million for the renovation of the operating concession of mobile services for another 20 years, until 2037. The Cabinet approved Resolution 182 which renews the lease to C & WP to install, maintain, manage, operate and commercially exploit at its own risk, on a competitive basis, the cellular band B mobile service.
Hydrelectriic project in Chiriqui still controversial
The hydroelectric project development of the Isthmus Generating Company, S.A (Genisa) in the province of Chiriqui remains controversial among indigenous Ngäbe Bublé people. This time, the indigenous community raised its voice of alert over forcible eviction from their lands and said their struggle is to preserve and maintain the area and prevent Genisa from building the reservoirs used in its project.
56% of Panamanians believe President Martinelli is doing a good job
Less than eight months from the end of the present Government, 56% of Panamanians evaluates the work of President Ricardo Martinelli as very good or good. Another 36% considered describe it as poor or very poor and 8% did not know or did not respond, according to the latest Pulse of Panama survey, made by the firm Datexco for The Panama America, NexTV and KW Continente.
Trade Promotion Agreement with US has positive results in first year
Panama has just celebrated the first year after sealing the Trade Promotion Agreement (TPA) with the United States, its main trading partner and the world’s greatest power, with successes to report, but goals still to be accomplished. There are firm hopes that things will continue to improve. The trade balance between both countries has been classified as positive from January to June, during which Panama managed to place in the US market approximately $67.4 million, while imports stood at $1,649.8 million, according to preliminary figures from the Comptroller’s Office.
Fuel prices to fall
From Friday, the price of gasoline and diesel in the capital city will fall, it was reported by the Energy Department. Gasoline of 95 octane without ethanol will drop three cents and will cost $1.01 per liter. In contrast, 91octane gasoline with ethanol will drop two cents and will cost $1.03. The 91 octane without ethanol will also drop three cents and will cost 96 cents per liter. While 91 octane gasoline with ethanol will drop two cents and will cost $0.98 per liter.
Foreign Account Tax Compliance Act will impact Panama’s banks, insurance companies and security firms
The Tax Compliance Act (FATCA) Foreign Account (for Foreign Account Tax Compliance Act) will force Americans to report their foreign bank accounts (over $50,000) and their properties, in order to pay taxes. But how does this affect Panama? Banks, insurance companies and securities firms will have to adapt to making these reports. Frank De Lima, Minister of Economy and Finance, said that the Panamanian government is acting as a facilitator. “We negotiated a bilateral agreement between Panama and the United States. An external consultant is responsible for advising the entities”.
Panama Canal Authority pays additional $156 million for Lock construction
The Panama Canal Authority (ACP) has recognized the payment of an additional $156 million to Grupo Unidos por el Canal (GUPC), which is building the third set of locks. Of this total, $120 million relates to changes in the costs of “rebar” used in the locks and additional costs for the increasing price of diesel. Under a request from the consortium, it also received $36 million for increased payroll costs.
Millenium Security Services S.A. wins bid for Tocumen International Airport
Millennium Security Services, SA, is emerging as the winner of the short virtual tender offering best value for the perimeter surveillance service at the Tocumen International Airport. The evaluation committee determined that the company is the only bidder, and met all the requirements of the specification with its proposed price of $2.9 million.
Procedures and Registration of new property values suspended
On Thursday, November 28. Resolution No. 807-04-164-13 of the Ministry of Economy and Finance was promulgated in the Official Gazette, which suspends’ procedures and registration of new property values from appraisals that were made in the areas of Punta Pacifica, Punta Paitilla, Costa del Este, Obarrio, Marbella, Via España, El Carmen, Coco del Mar and Altos del Golf, which were published in Edicts 1 and 2 in 2012 and 1 in 2013. The resolution was published in the Official Gazette No. 27424-A
Venezuelan state airline, Conviasa, opens new routes to Panama
The Venezuelan state airline Conviasa will open two new routes to Panama City and Managua from December 5 and 7, respectively, according to the Minister of Water and Air Transport of Venezuela, Hebert Garcia. “On December 5 we’re flying from Maiquetia (Caracas airport) to Panama and on December 7 we’re flying from Panama to Nicaragua,” said Garcia during a ceremony for the inaugural flight between Caracas and Cumana (eastern Venezuela) by the airline.
Panama Canal Authority may reduce fine on North Korean ship
The Panama Canal Authority (ACP) announced today that it can reduce from $1 million to $670,000 the fine on the North Korean ship that entered transit waters with undeclared weapons, if its leaders accepted the misconduct. The administrator of the ACP, Jorge Quijano, told reporters that the rules allow the Canal to lower the fine, but the North Korean authorities must accept that they were wrong by not declaring that they were carrying hazardous cargo on the ship Chong Chon Gang. “It had hidden cargo that could have been of some danger” to the security of the Canal, Quijano said.
Panama and Japan committed to stop overfishing of yellowfin and bluefin tuna
Panama and Japan reaffirmed yesterday their commitment to preserve and develop yellowfin and bluefin tuna from overfishing, officials said. Various governmental and environmental organizations in Japan and Panama signed documents ratifying the agreement on comparative studies of development and sustainable use of yellowfin and bluefin tuna, which culminated with a technical evaluation meeting. The signing and press conference held at a hotel in Panama City was attended by the Aquatic Resources Authority (Arap), the International Cooperation Agency of Japan (JICA) in collaboration with the Inter-American Tropical Tuna Commission (CIAT), Kinki University of Japan and the Agency for Science and Technology of Japan (JST) were also involved.