Canal

2019 ends with 6.2% increase in goods through the Canal.

https://www.laestrella.com.pa/economia/191009/6-2-ano-2019-canal Despite the economic and commercial situation in the international environment, the tonnage of cargo by the Canal maintained its dynamism, according to the figures of the Panama Canal Authority (ACP). According to statistics, the Canal closed fiscal year 2019 with a 6.2% increase in tonnage, compared to the previous …

Economy

LA ESTRELLA reports on bleak outlook for Panama youth.

https://www.laestrella.com.pa/nacional/190918/aguda-crisis-buscar-jovenes Panama faces the worst youth unemployment crisis of the last thirteen years. During the administration of Juan Carlos Varela, the population aged 15 to 29 increased by 64,511 people – 83% of them economically active -, which resulted in the increase of young people who neither study nor work …

Crime

IDB refuses to partner in future with corrupt ODEBRECHT.

https://impresa.prensa.com/panorama/Odebrecht-lista-BID-corrupcion_0_5388961136.html The construction company will not be able to participate in projects financed by the multilateral bank until 2024, after recognizing illegal payments in Brazil and Venezuela. Brazilian construction company Norberto Odebrecht (CNO) was disabled to participate in projects financed by the Inter-American Development Bank (IDB) until August 2024. info …

Economy

Cortizo to finally appoint the new director of CSS (Social Security) Fund.

https://www.prensa.com/sociedad/noche-sabra-nombre-director-CSS_0_5385961359.html The president of the Republic, Laurentino Cortizo , declared in El Espinal de Guararé, in Los Santos, that tonight he will announce the name of the new director of the Social Security Fund (CSS). info President Cortizo: in a month it will be known who will be the new …

Economy

#1 watchdog delivers another “F – You” to the Assembly. Panama will miss Humbert.

https://impresa.prensa.com/panorama/Diputados-beneficiaron-donaciones-Asamblea_0_5379212103.html Deputies and former deputies of different political parties in the country are mentioned in the audits delivered by the Comptroller to the Public Ministry (MP) on the management of contracts and donations from the National Assembly. info ‘That of the forms are guayabitas’: Tito Rodríguez Assembly again prevents the …

Economy

Our neighbors have it very bad in tumultuous Venezuela.

http://laestrella.com.pa/venezuela/salario-venezolano-llega-punto-bajo-historia/24135210 To date, the price of the dollar is 14,483.54 bolivars – official value set by the Central Bank of Venezuela – a figure that has multiplied unstoppably since the beginning of the current year Venezuela’s minimum monthly salary has reached its lowest point in the country’s history, on Tuesday …

Economy

The National Assembly got who they wanted, now let’s see how he does.

https://www.prensa.com/politica/Gerardo-Solis-electo-contralor-Republica_0_5372462726.html The lawyer Gerardo Solís , former electoral attorney and former magistrate of the Electoral Tribunal (TE) , was elected with 68 votes in favor and 2 abstentions by the plenary of the National Assembly , the afternoon of this August 13, as the Comptroller of the Republic, in replacement …

Economy

Assembly preparing 20 questions for outgoing Humbert. They hate the guy that calls out their SHIT.

https://www.prensa.com/politica/Asamblea-cuestionario-preguntas-contralor-Humbert_0_5368713091.html The second vice president of the National Assembly , the deputy of Molirena Tito Rodríguez , reported this Thursday, August 8, that they prepare a questionnaire of about 20 questions for the comptroller of the Republic, Federico Humbert . info Assembly again prevents the entry of auditors from the …

Economy

We look back at Varela as Nito era begins.

OP ED: Based on what we reported on during the year, thought this would be higher. I’m pissed I can’t rant a bit more. “JB” https://www.prensa.com/politica/millones-dolares-publicidad-gastaron-Varela_0_5339466030.html During the five years of administration of President Juan Carlos Varela , (2014-2019), the investment in advertising amounted to $ 26 million 447 thousand …

Economy

Third approved moratorium seeks to rectify what ANATI failed on previously for tax benefit.

The Economy and Finance Commission of the National Assembly approved this Wednesday in the second debate the bill 745, which allows a third moratorium, for the payment of property tax in surcharges. The president of the Assembly, Yanibel Ábrego, affirmed that the approval was born in response to the popular …

Economy

IMF forecasts Panama to grow back at 5% up from 4% in 2018

After 2018, with projected growth of around 4%, the most moderate in the current decade, projections indicate that the country’s economy will rebound at rates above 5% in the short and medium term. MEF: Panama is set to return to the FATF gray list Debt grows $ 2,710 million Panama’s …

Agriculture

ALTRIA- (US company that owns MARLBORO) enters the Cannabis business.

One of the largest tobacco companies in the world has launched the cannabis market with an investment of $ 1.8 billion in Cronos Group , a Canadian medical and recreational marijuana company. Altria , which makes Marlboro cigarettes, is acquiring a 45% stake in Cronos. He added that the tobacco …

Economy

Debt grows but remains in lockstep with Economic Growth

The debt of the non-financial public sector increased by $ 322 million during the last year and stood at $ 24,376.7 million at the end of July. $ 24,386 million debt Since 2014, when the government of President Juan Carlos Varela began , the increase is $ 6,750 million, according …

Economy

CSS- Social Security update for Panamanians

All contributors to the Social Security Fund (CSS) that belong to the mixed subsystem of pensions have, as part of their personal savings component, a total of $ 821 million , according to the unaudited information of the institution, reported until 2016 . Mixed program reports $ 2,457 million in …

Economy

Comptroller audits reveal egregious abuse of public funds

“It is very sad to see how the funds of all Panamanians were handled in such an irresponsible manner,” said Comptroller Federico Humbert , regarding the audits of payrolls and donations in the National Assembly . Deputy Adolfo Valderrama named nephew who lives in Mexico Deputy Leandro Ávila must render …

Economy

Over $52 Million owed to Social Security

A total of $ 52.4 million owes the State to the Social Security Fund (CSS) in worker-employer quotas that stopped reporting dependencies of the central and decentralized government, and those generated by special laws. The vice-president of the board of directors of the CSS, Roberto Valencia , provided a report …

Economy

Administration sees Public sector debt rise over $30 Million

The total debt of companies linked to the public sector in Panama totaled $ 31,445 million, according to official reports from the Ministry of Economy and Finance (MEF) and the Panama Canal Authority (ACP). According to reports from the Public Financing Directorate of the MEF, the debt of the Non-Financial …

Agriculture

Impact of Coffee on Panamanian economy evaluated in study

The multiplier effect of the coffee industry on the added value of the Panamanian economy was estimated at $ 212.2 million in 2015, according to the study “Economic Impact of the Coffee Industry in Panama” presented on Wednesday, June 6. The greatest impact of this industry is generated through the …

Economy

Panama City no longer the deal it was a few years ago, living costs rising steadily in Latin America

Panama City is the most expensive Latin American city in the world, followed by Buenos Aires and Santiago de Chile, according to the benchmark index of the Swiss bank UBS published today, which places Zurich in the first position of the most expensive cities, ahead of Geneva and Oslo. The …

Economy

Urban development requiring $20 billion until 2035

The Ministry of Housing and Territorial Planning (Miviot) published in the Official Gazette the Urban Development Plan for the Pacific and Atlantic Metropolitan Areas (Panama-Colón), which suggests a state investment of $ 20 billion in infrastructure to face the growth urban until the year 2035. Juan Manuel Vásquez , Vice …

Economy

Panama seeks to become Latin America leader in new Technology

This year Panama will present 130 technological patent applications to the Ministry of Commerce and Industries (MICI), which means that the country aspires to become the first in Latin America to generate applications through the Patent Cooperation Treaty (PCT). in English), when measuring the number of applications per million inhabitants, …

Economy

SUNTRACS hoped for agreement last night, still no end to strike

The Panamanian Chamber of Construction (Capac) and the Single Union of Construction and Similar Workers (Suntracs) sought to reach an agreement last night. However, at the close of this note (7:00 pm) they were still negotiating. Suntracs leader Luis Gonzalez said in the afternoon that there might be ‘white smoke’ in …

Economy

Panama signs new Free Trade Agreement with Israel

In the framework of the meeting between the president of Panama, Juan Carlos Varela and the Prime Minister of Israel, Benjamin Netanyahu, the signing of a Free Trade Agreement and a memorandum of understanding on agricultural matters was celebrated. The Free Trade Agreement, signed by the Minister of Commerce and …

Air Travel

Lufthansa (largest German carrier), and other airlines to increase traffic to Tocumen

The inventory of air frequencies is expanded. Several airlines have announced new frequencies from Panama in order to expand their service in the region and meet the demand of their customers. As of November 3 of this year, the German airline Lufthansa will add an additional frequency to its route Panama …

Economy

Parque Porras set for SUNTRACS assembly ahead of arbitration meeting

The construction workers affiliated to the Suntracs begin to arrive at the Porras Park for the General Assembly in the debate about the continuity or not of the strike that today has 27 days. The assembly is scheduled to start at 10:00 in the morning and according to the leaders …

Agriculture

Insect that ravages coffee harvest may have hope to being mitigated

When the rainy season begins, the insect of the coffee borer takes advantage to attack. The Hypotenemus hampei , also known as coffee borer, punches the mature grain and severely damages the quality and flavor of the product. Its effect is so devastating, that it reduces coffee production by 50% …

Economy

Class system struggles awash all of Venezuela under Maduro rule

Corina lives in a luxurious house but can not frequent restaurants; Federico , journalist, does not have for the cinema; and Alida , a seller, longs to eat chicken but it is not enough. Even with their class differences, the crisis changed their lives. The arepa – corn tortilla typical …

Economy

FACEBOOK enters alliance with Latin America; 1.9 Million Panamanian users

Facebook signed an alliance with Cisneros Interactive that makes the latter the official commercial representative of the social network in nine countries in the region: Panama, Puerto Rico, Guatemala, the Dominican Republic, Costa Rica, Uruguay, Bolivia, Ecuador and Paraguay. At present, 1.9 million Panamanians enter Facebook every month, of which …

Economy

CCIAP calls for oversight of discretionary spending

The Chamber of Commerce, Industries and Agriculture of Panama (CCIAP) yesterday asked the National Assembly to stop the discretionary use of State resources through the deputies. In a pronouncement of this business entity signed by its president, Gabriel Barletta, the CCIAP asks the members of the Assembly to fulfill the …

Economy

Spending leading to a large spike in debt, Warnings issued

Economists consulted by La Estrella de Panama pointed out that the increase in Central Government expenditures versus total revenues could increase the country’s fiscal debt. Much of that debt, they added, could be purchased to meet the commitments and campaign works of the current government administration, which is about to end. The …