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Showing posts from 2014

$300 Million In Financing Secured For 215MW Goldwind Wind Turbines In Panama

Panama Business.Goldwind USA, the US subsidiary of Xinjiang Goldwind Science & Technology Co., Ltd. (Shenzhen Stock Exchange: 002202, the Stock Exchange of Hong Kong Limited: 2208) ("Goldwind"), announced today that the International Finance Corporation ("IFC") of the World Bank has financed the 215MW second phase of the Penonome Wind Project located in the Province of Cocle, Panama which will utilize 86 Goldwind 2.5MW permanent magnet direct drive ("PMDD") wind turbines.  The World Bank-led financing provides $300M for the project, which is expected to reach commercial operation in 2015.  The supply of turbines to this project represents Goldwind's largest international wind turbine order.
"This financing by the IFC/World Bank highlights confidence lenders and customers place in Goldwind's 2.5MW technology," said Andrew Evans, Director of Structured Transactions for Goldwind USA, Inc. "Goldwind is proud to play a leading role in…

Signature Vacations Announces Exclusive New Flight Service From Quebec City to Rio Hato

Panama Business.Beginning December 12, 2014, Signature Vacations launched an exclusive flight service from Quebec City to Panama's newest airport, Rio Hato. No other carrier provides this direct route from Quebec City to Rio Hato, conveniently located only a short distance from Panama's resort area of Playa Blanca.
 Chief Operating Officer for the Sunwing Travel Group, Andrew Dawson commented, "Panama is a new destination for Signature Vacations this year, and has quickly become a favourite winter escape for Canadians. We are pleased to be able to expand our programming for the coming winter to offer our clients in Quebec City a convenient, direct flight service to this Central American hot spot."
 The resort area of Playa Blanca in Panama faces the Pacific Ocean and the Gulf of Panama. Located approximately two hours from Panama City, Playa Blanca offers a mild sunny climate, tranquil beaches, eco-tourism adventures and welcoming hospitality.

All packages inc…

Ingeteam opens new subsidiary in Panama

Panama Business. The company is currently working for the first wind farm to be constructed in Panama and the largest in Central America.In line with the company's strong commitment to internationalization, Ingeteam has opened a new subsidiary in Panama, a country which is planning on strengthening its investment in renewables over the next few years.
The company is currently working for the first wind farm to be constructed in Panama and the largest in Central America, carrying out the O&M work on the wind turbines and substation. This farm has 22 wind turbines and an installed power of 55 MW, equivalent to the electricity supply to 20,000 homes. Likewise, there are plans to extend the farm with a further 66 wind turbines (stages II and III) which would increase its capacity to 165 MW and provide 8% of the estimated energy required by Panama. This year, Ingeteam has also connected two photovoltaic plants in the country, one for 200 kW whilst the other is a 15 kW self-consumpti…

BlueBay Hotels arrive in Panama

Panama Business. BlueBay Group inaugurated on 16th of  December the 'Blue Bay City Panama' , the first of their hotels that will be in this country. The facility is operated is located in the financial and business district of the capital, near the famous towers 'Americas', in the area of Obarrio, Bella Vista. The property is oriented to business tourism and the operation is part of the international expansion plan of the hotel for the biennium 2014/2015.

The 'Blue Bay City Panama' has 143 rooms with modern design, free Wi-Fi, 24 hours room service, business and fitness center 24 hours. Its cuisine consists of international theme 'Teak' and Japanese restaurant 'Umai Sushi & Lounge, plus a space' Blue Sky Bar 'and' Cigar Lounge '. With this opening, BlueBay Group, which works under the parent Alandalus Management Hotels, closes this year 2014 also marked by the opening in Dubai hotels 4E 'Navy Blue Bay' -and 'Blue Bay B…

Bladex announces Quarterly Dividend payment for 4th Qtr 2014

Panama Business. Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) (NYSE: BLX), announced this week a quarterly cash dividend of US$0.385 per share corresponding to the fourth quarter 2014.
At its meeting held on December 8, 2014, the Board of Directors ratified its commitment to continuing its established dividend approach that reflects the development and growth of the Bank's core business.  Consequently, the Board of Directors declared a quarterly dividend of $0.385 per share, corresponding to the fourth quarter 2014.  This represents an increase of $0.035 or 10%, compared to the previous quarterly dividend.
The dividend will be payable on January 13, 2015, to the Bank's stockholders as of the January 5, 2015 record date. As of November 30, 2014, Bladex had 38,781,391.28 shares outstanding of all classes.
Bladex is a supranational bank established by the central banks of Latin-American and Caribbean countries, to promote foreign trade finance and economic integratio…

United Airlines debuts Denver-Panama Flight

Panama Business. Service between Denver International Airport and Panama just started with United Airlines Flight 1697. Denver-to-Panama passengers can continue on to nearly 40 cities in 11 countries through a United partnership with Copa Airlines.
Nonstop Panama flight solidifies Colorado as Latin American commerce partner. United plans to provide daily service to Panama City's Tocumen International Airport through next August. The frequency will be five times weekly in September and October

Starbucks about to inaugurate and start operations in Panama in 2015

What was announced earlier this year, has opening date and place: US franchise Starbucks will open its first store in Panama in mid-2015 in a shopping mall that, in turn, is about to inaugurate too. One of the spaces in the “Street Mall” project, which is under construction on the roundabout route of via Israel and Brazil, would be reserved for the famous coffee shop that in 2013 recorded close to $ 15 billion revenue worldwide..

Thus, Kotowa, Café Durán and Colombian Juan Valdez, who arrived in Panama in January 2012, added a new competitor in the coffee serving market.
The arrival of Starbucks Central America began in April 2011 and now has stores in El Salvador (5), Costa Rica (4) Guatemala (2). The parent company Starbucks Coffee Company aims to reach 20 branches in the coming years.The US franchise, based in Seattle, Washington, has 21 thousand 160 stores in 63 countries.

Panama anticipates welcoming its first publicly traded REITs next year

Panamanian authorities want to open the country’s small but burgeoning commercial real-estate industry to more outside investors, and they are banking on real-estate investment trusts as the way to do it. Panama anticipates welcoming its first publicly traded REITs next year. The government has been putting the necessary legislation and regulations in place over the past two years to provide much-needed liquidity to the Panamanian real-estate market. “We have a very dynamic real-estate market, but unfortunately it is in the hands of a few investors,” said Marielena Garcia Maritano, a senior vice president of investment banking at Panama’s MMG Bank Corp. and president of the Panamanian Chamber of Managers of Mutual Funds and Pension Funds who helped guide the REIT legislation. But the small country of roughly 3.9 million people will face challenges as it gets its REIT industry off the ground. Panama might struggle to attract anything larger than regional investors to its REITs because of …

Panama Diamond Exchange and Fiera di Vicenza to Cooperate

Fiera di Vicenza, the leading Italian jewelry trade fair organizer, and the Panama Diamond Exchange (PDE), have agreed to join forces in the organization of events that will promote the trade in gemstones and jewelry in Latin America. A memorandum of understanding that details the two organization's future cooperation was signed on Friday, December 5, 2014, on the trading floor of PDE's soon to be inaugurated headquarters, by its founding chairman, Eli Izhakoff, and Fiera di Vicenza's president, Matteo Marzotto. According to the memorandum, PDE and Fiera di Vicenza will formulate a strategic plan and conduct a feasibility study for projects that include trade fairs, symposiums and industry forums, which will take place in Panama and promote the diamond, gemstone and jewelry business in a region that includes Mexico, Central America, South America and the islands of the Caribbean. The joint program will begin in 2015. The signing ceremony was the first official event to be he…

PPG to acquire Panama based Protective and Marine Coatings distributor

PPG Industries PPG today announced that it has reached a definitive agreement to acquire substantially all of the assets of Canal Supplies, Inc. (CSI), a privately-owned distributor of protective and marine coatings to customers inCentral America. The company is based inPanama. The transaction is expected to close in the second quarter, subject to customary closing conditions. Financial terms were not disclosed.The acquisition will enhance access to PPG products for customers inCentral America, and specifically inCosta RicaandPanama, which are growth markets for both protective and marine coatings.“PPG looks forward to continuing to build its supply networks throughoutCentral Americaand meet the growing demand for our products inPanama. ThePanama Canalis an important regional economic hub for the industry,” said Tim Knavish, PPG vice president, protective and marine coatings. “The acquisition will increase PPG’s ability to deliver protective and marine coatings to customers throughout…

Global Securities Group comes to Panama

Global Securities Group investment banking and fund management focused on Latin America USA has signed a purchase agreement with PanAmerica Capital Group, Inc. broker regulated in the Republic of Panama. . Global Securities Group , the main shareholder of Global Securities Colombia continues its expansion throughoutLatin America.  PanAmerica was founded in 1998 by Larry and Patrick Abraham , bankers and characters of the American political life. PanAmerica has been recognized for his extensive experience in stock trading and structuring issues for companies in Latin America, USA and Europe, and is a correspondent of RBC Correspondent Services ( RBC) , owned by Royal Bank of Canada , the custodian for their clients, which provides a wide range of investment products to preserve and monetize their assets through a technology platform generation . RBC Correspondent Services is a division of RBC Capital Markets, LLC, member NYSE / FINRA / SIPC , and NYSE , AMEX, CHX , CBOE , PSE, offering…

NYCO develops its international presence in Panama

NYCO, the European manufacturer of high performance specialty lubricants and synthetic esters, will open a new representative office in Latin America. Located in Panama, the office will represent the 3 main businesses of NYCO: Aeronautics, Defense and Industry & Automotive. After Germany, the United-States, Russia and India, they continue their internationalization with this office in Latin America where they noticed a dynamic growth and a strong interest for their products and services. It is an important event in the life of their company which shows their will to positioning NYCO as a major player in the region», explains Eric Piveteau, General Manager of NYCO.The office will work on increasing NYCO’s visibility in Latin America, developing contacts with prospects and local institutions, improving our customer support by more proximity, and coordinating the already existing network of agents and distributors.

Hollund Industrial starts operations at Bayano Project

Survey Teams Search Concession for Select Species to Fill Pending Orders.(17/March/2014) — Hollund Industrial Marine Inc., an underwater forest management company, is pleased to announce that the senior project manager has informed management that survey teams have been on the reservoir identifying and tagging tree species in preparation for initial harvest operations.“The launch of this first project will be a major milestone; however, it is only the beginning of Hollund’s entrance into this multi-billion dollar untapped global market,” stated Peter Meier, President at Hollund. Sheldon Romain, Vice President at Hollund, commented, “A successful launch accelerates our path to revenues and provides us with a foothold to further develop our market strategy, which includes unlocking the intrinsic value of Bayano’s submerged timber.”Hollund will dispatch its executive project team to Panama later this month to meet with its Senior Partner and local officials to discuss its ideas for expan…

Panama Business News has a New Blog!

Panama Business News is a publication of: SANCHIZ, SIEBRASSE & ASOCIADOS,S.A. World Trade CenterPanama, 53rd Street East, 7th Floor, Suite 701, Marbella, Bella Vista, Panama WTC-0832, Republic of Panama Tel:+507-227-2658, Fax:+507-227-1358