Colón

Superhero movie bringing needed jobs to impoverished area of Colon.

https://www.prensa.com/economia/las-plazas-de-empleo-que-genera-la-filmacion-de-escuadron-suicida-ii/ A group of colonists showed satisfaction for the employment opportunity generated by the shooting of the film Suicide Squad II , which uses locations between 7th and 9th streets and Amador Guerrero and Justo Arosemena avenues, in the city of Colon. Sequence of ‘Suicide Squad II’ will be filmed in the …

Energy/Infrastructure

Keep an eye on this “BULLSHIT”. Contract has $3.5 Million of FLUFF baked in.

https://www.prensa.com/impresa/panorama/aaud-gastara-cerca-de-20-millones-en-contratos-directos/ Ten contracts drawn up in November 2019, by the Urban and Home Cleaning Authority (AAUD), for the rental of heavy equipment for the amount of $ 19.5 million, rest in the Comptroller General of the Republic pending endorsement. The contracts, whose endorsement was rejected in December last year by the then …

Economy

WOW, a massive contract that Odebrecht did not win. Pinch me.

https://www.prensa.com/economia/metro-de-panama-adjudico-hoy-a-consorcio-hph-joint-venture-diseno-y-financiamiento-de-la-linea-3/ The Panama Metro awarded the HPH Joint Venture Consortium on Tuesday, February 4, the design, construction of civil works and financing of the third line of the transportation system. The HPH Consortium is made up of the Korean Hyundai Engineering & Construction and Posco E&C. The ACPC Consortium, formed by the Spanish Acciona …

Economy

Official handoff to new Comptroller.

https://www.laestrella.com.pa/nacional/191230/humbert-entrega-llaves-despacho-nuevo-contralor-gerardo-solis Federico Humbert made the official delivery of the keys of the superior office to the new comptroller, Gerardo Solís, marking the end of the transition process. Solís will begin his duties next Thursday, January 2, 2020. The symbolic delivery of the keys occurred in parallel to a tour of …

Financials

2020 gives clean slate to Humbert replacement at Comptroller. Fingers Crossed

https://www.prensa.com/impresa/panorama/la-contraloria-clave-para-la-lucha-contra-la-corrupcion/ Since the beginning of the Republic there has been a succession of offices responsible for maintaining fiscal control of public spending. What we know today as the Comptroller General of the Republic was originally a tax visitor and then the state tax agent. In the 1930s it became the current institution. + info …

Colón

ODEBRECHT campaigning for 72km of Infrastructure work in Colon.

After losing tenders to build the extension of line 1 of the Panama Metro to the Villa Zaíta sector and the expansion of the Concepción-Volcán highway, in the province of Chiriquí, combined projects exceeded 280 million dollars, the Constructora Norberto Odebrecht (CNO) prepares to dispute two new state contracts. It …

"JB"
1

Dovetailing off Steven’s post: PANAMA #1 destination of Conde’ Nest. Bocas: Get your shit together.

OP ED: James “JB” Bryson: Timing is everything. Just the other day my son in law posted his first OP ED not relating to legal about his recent travel and the possibility of seeing more of Panama. Well the world seems to think that there is much to see here …

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 …

"JB"

DISCRETIONARY SPENDING AUDIT FINALLY IN: $42 Million

OP ED: by James “JB” Bryson Please refer to the PNO.com blog entry and article last week that mentioned the fact that Varela administration was delinquent and tardy in disclosing what “discretionary spending” was for the past quarter of his term. New article in La Prensa today states that the …

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 …

Financials

Foundation calls for end to “discretionary funds” for Deputies

The Foundation for Development and Citizen Liberty (Panamanian chapter of Transparency International ) asked the Executive “not to devote more discretionary funds for the management of deputies,” and that the Office of the Comptroller General of the Republic be allowed to audit the items used by the National Assembly to …

Crime

Financial Pacific pyramid case continues with questionable $8.5 million loan satisfaction

Without a visible bank refinancing certification, Riccardo Francolini – who was benefited yesterday with a bail of $ 100 thousand in the Financial Pacific case – paid a loan of $ 8.5 million in 9 months . The money was requested on loan to buy a ” Plug & Grind …

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 …