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Showing posts from June, 2015

Wienerschnitzel Signs First International Franchise Agreement

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Panama Business. Wienerschnitzel, the world's largest Hot Dog chain, has signed a master franchise agreement with International Food Concepts, Inc. to begin developing Wienerschnitzel locations in Panama. The agreement, made with Wienerschnitzel parent company Galardi Group, outlines commitments to open at least five locations throughout the country, with the first to open in Panama City this year."There's a significant demand all over the globe for what Wienerschnitzel offers, and that's craveable food that's served fast and at a great value," said Geoff Ingles, Director of Real Estate and International Development for Wienerschnitzel. "We're thrilled to team up with such a talented and seasoned franchise partner as we enter Panama. We look forward to growing our international presence and sharing Wienerschnitzel's famous chili cheese dogs with world."
With a proven track record of franchise success in the limited service restaurant (LSR) ca…

Cardinal Resources set to enter the Panama Market

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Panama Business. Cardinal Resources Inc. a global producer of patented, solar powered, community-scale drinking water systems, today announced that it completed a series of meetings with government officials in Panama last week as it advances its initiative to open the massive Latin American market for its patented, solar-powered Red Bird water systems beginning in the following months. Accompanied by Cardinal's Latin American reseller/distribution partner, Panama City-based Agua Saludable Group, Inc., and led by Cardinal's Chief Executive Officer Kevin Jones, the Cardinal team met in Panama City with senior advisors on national water policy from the Office of the President, officials from “Consejo Nacional para el Desarrollo Sostenible”, SIP, IDAAN and Panama's Ministry of Health. Further, the Company met with senior officials in the Chiriqui Province, to select the location in August installation of Latin America's first Cardinal Red Bird water system. Beyond the implem…

Copa Airlines begins service between New Orleans and Panama

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Panama Business. Copa Airlines is offering nonstop service four times a week between Copa's Hub of the Americas at Tocumen International Airport in Panama and Louis Armstrong New Orleans International Airport. New Orleans is the airline's 11th U.S. destination. Copa flight CM 499 departs New Orleans on Mondays, Tuesdays, Thursdays and Saturdays at 7:01 a.m., arriving at Panama City at 10:42 a.m. The return flight, CM 498, departs Panama Mondays, Wednesdays, Fridays and Sundays at 6:33 p.m., arriving in New Orleans at 10:31 p.m.

Fitch Affirms La Hipotecaria's Cross-Border Transactions

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Panama Business. Fitch Ratings has affirmed the ratings of La Hipotecaria's Panamanian cross-border transactions.Delinquency levels have been in line with Fitch's expectations; excellent performance of the underlying portfolios is partly attributed to the direct deduction payment mechanism benefitting the majority of the securitized loans. La Hipotecaria Eighth Mortgage-Backed Notes' cumulative +180 day delinquencies equalled 1.57% of the original pool balance as of April 2015 (May 2014: 1.46%). La Hipotecaria Tenth Mortgage-Backed Notes' cumulative +180 day delinquencies totalled 0.52% as of April 2015 of the original pool balance (May 2014: 0.34%). La Hipotecaria Twelfth Mortgage-Backed Notes' cumulative +180 day delinquencies totalled 0.03% as of April 2015 of the original pool balance. La Hipotecaria's Panamanian cross-border transactions continue to benefit from increasing CE. Current CE equals 28.77% (May 2014: 26.55%) for Eighth Mortgage-Backed Notes; 18.…

Alessandra Ambrosio was a Green Goddess for Michael Kors in its opening in Panama

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Panama Business. Alessandra Ambrosio was the picture of elegance as she arrives at the Michael Kors Panama Flagship Store Opening on Thursday (June 25) at the Multiplaza Pacific Mall in Panama City, Panama. A few days earlier, the 34-year-old model showed off her killer bikini body while snapping photos with her friend in Rio De Janeiro, Brazil. She also soaked up some sun while sipping on fresh coconuts and talking on the phone. Alessandra is Michael Kors Collection. MK shop in Panama is located in the new Luxury Avenue Mall Multiplaza Pacific, has collections of "ready to wear" clothing, and accessories lines Michael Kors Collection and Michael Kors watches, jewelry, shoes and glasses. The store also features a selection of brand fragrances. The team designed the store brand echoing the casual-chic-aesthetic experience, using elements such as zebra print furniture, metal fittings, mirrored and polished surfaces and vintage photographs at scale to evoke the glamorous jet set …

230 companies in Panama Pacifico

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Panama Business. In six and a half years since the green light was given to the development of the area, it has invested about $ 450 million in infrastructure.
In late 2008, the Panama Pacifico project took its first steps in an area of ​​410 thousand hectares, logistics and residential center would be developed with a vision of 40 years. Six and a half years later, 230 companies from various sectors have been established there, currently employing some 7000 workers directly.
Henry Kardonski, general manager of master developer, London & Regional Panama, said recently that they have invested some $ 450 million in infrastructure of the company. So far, he added, it has developed about a third of the master plan. In this regard, he explained that the industrial and logistics sector has advanced by 35%, the office sector  between 15% and 20% and the residential area around 25% and 30%.
In this area, there are companies in industries from high-tech and manufacturing, and marine services …

Group Melo increases sales 4.8% and continues its expansion

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Panama Business. An increase in sales of its automotive division, the growth of the restaurant division and an increase in the marketing of agricultural products have been the keys for Melo Enterprises to achieve an overall increase in sales of 4.8% for the first quarter of this year compared with the same period last year.
According to a company report published by the Stock Exchange of Panama, by 2015 it is expected that the company will continue its pace during the first quarter. Melo Enterprises has achieved consistent results with strategic investment decisions and growth set as a goal.
In the following months, the company will continue to run the business expansion plan and investment program that will consolidate the growth in various sectors of the economy in which it participates.
As for its automotive division, the company said that during the first quarter of the automotive market in general has grown by 5%. In this period Isuzu (which I distributed by Melo) was the highest gr…

Electrosonic’s AV Solutions Light Up Biomuseo

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Panama Business. Electrosonic, working with Kubic Inc., has brought an exhibition exploring Panama’s biodiversity to life at the Biomuseo, Panama City. The museum, housed in Latin America’s only Frank Gehry-designed building, features eight permanent art and science galleries and tells the story of Panama’s isthmus (land-bridge) and its impact on the planet’s biodiversity.
Electrosonic designed, built and installed audio-visual systems throughout the galleries and in the museum’s theatre, the Panamarama – a cube-shaped projection space with ten screens across all four walls and above and below a glass ceiling and floor.
Visitors enter at the Gallery of Biodiversity where a nine-panel LCD monitor system is stacked horizontally and vertically in custom frames. A looping montage of flora and fauna, with ambient surround sound, is synchronised by a Dataton WATCHOUT system which allows the monitors to display stunning individual content or sections of a sweeping single image.
In the Panama…

Mississippi Development Authority to lead business development mission to Panama

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Panama Business. Representatives from Mississippi Development Authority will lead a delegation of Mississippi companies on a business development mission to Central America Sept.19-25, 2015. The trip is designed to connect Mississippi businesses that want to expand trade and create new business relationships with qualified buyers in Costa Rica, Nicaragua and Panama.
With the goal of increasing Mississippi exports to the region, the mission will help participating firms gain market information, make business and government contacts, solidify business strategies and advance specific projects. The mission will include business-to-business matchmaking appointments with local companies and site visits.
The trip will be a multi-industry mission; however, the following sectors have been identified as lucrative prospects: agricultural, automotive parts/service equipment, building products, construction equipment, port/shipbuilding equipment, security and safety equipment and telecommunications …

Tideworks Technology Integrates with Automatic Stacking Cranes at Manzanillo International Terminal

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Panama Business. Tideworks Technology® Inc., a full-service provider of comprehensive terminal management and planning software solutions, today announced that Manzanillo International Terminal (MIT) Panama has deployed the latest versions of Tideworks’ terminal operating system (TOS) solutions to support its automatic stacking cranes (ASCs). The ASCs are part of a large-scale automation project at MIT to streamline operational processes and increase efficiencies. “Tideworks played a fundamental role in MIT’s automation and we’re very pleased that we had their support” The addition of the ASCs signifies the commencement of automated terminal operations at MIT. Manufactured by Shanghai Zhenhua Heavy Industry Co., Ltd. (ZPMC), the cranes provide 12-wide stacking capabilities, allowing MIT to substantially increase yard density. The cranes are equipped with multiple systems employing lasers, cameras and radar to help precisely position trucks and chassis under the crane, as well as ensure…

Panama insurer gets preliminary OK to operate Lloyd's syndicate

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Panama Business. Risk Management Lloyd's of London Latin America United Kingdom Risk Management Panama-based insurer and reinsurer Istmo Compañia de Reaseguros Inc. and Capita Managing Agency Ltd. have received approval, in principle, to set up a syndicate at Lloyd's of London. Ash Bathia, previously chief underwriting officer for the European operations of QBE Insurance Group Ltd., and active underwriters of QBE's liability syndicate 386 will be active underwriter of the syndicate, Istmo Re and Capita said Wednesday in a statement. Jon Foley, most recently director of insurance at Sciemus Ltd. and formerly executive underwriter at Ascot Underwriting Ltd., and Nick Bacon, most recently director of international markets at Nelson Brown & Co. and formerly a managing director at Marsh Ltd. in London, also are members of the syndicate's founding team. Details of the business the syndicate will underwrite are not yet available, according to a spokeswoman. “We are genuinely…

Cable Onda launches Inter-powered DTH

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Panama Business. Panama pay-TV company Cable Onda has launched a direct-to-home (DTH) satellite TV package powered by Venezuelan wholesaler Inter's TuVes platform, introducing an extensive HD offer to the country's market. According to Dataxis' NexTV Latin America report the satellite service aims to take Cable Onda's TV services throughout Panama, where both the cable and MMDS networks of the company are already strongly positioned. A spokesman for the company explained that there were rural areas which weren't served by fibre and so the satellite solution allows the company to deliver the same quality and content to these regions. The DTH services were initially tested in areas of Panama City and Colon. "We are ready and we have deployed all the necessary power at a national level to bring Cable Onda Satelital to every customer who asks for it, although we are prioritizing those areas in which there is no fibre network," said the spokesman.

Banistmo will invest US $ 100 million this year in Panama

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Panama Business. Bancolombia President Carlos Raul Yepes Jimenez announced recently  that Banistmo , this year, 'will be investing in Panama around$ 100 million dollars, mainly in the areas of technology, and the new headquarters of Banistmo in Soho' (Mall) in 50th Street. 'The financial performance of Banistmo is very positive, including last year it exceeded our expectations and has been consolidating slowly. According to Yepes, they are also upgrading the core banking technology or platform, which will bring more investment from Bancolombia, apart from the US $ 100 million. "This is a project that has already started and that, surely, will require significant resources'. The banker noted that Banistmo in Panama a serious and responsible financial group with a broad and rich history. “ We have over forty years of being present in the country's financial system with the Panamanians. We came to stay and to help develop the country. " For Yepes, Panama is a c…

PPG Acquires Paint Stores Network

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Panama Business. PPG Industries announced recently that it has acquired Consorcio Latinoamericano, which operates a network of 57 paint stores in Central America. Financial terms were not disclosed. “The purchase enables PPG to leverage an extended stores network to grow the GLIDDEN® brand in Panama and offer additional PPG products to customers throughout the region.” “This acquisition expands PPG’s operations in the growing Central American region,” said Michael McGarry, PPG president and chief operating officer. “The purchase enables PPG to leverage an extended stores network to grow the GLIDDEN® brand in Panama and offer additional PPG products to customers throughout the region.” With this acquisition, PPG will operate 87 company-owned stores across Belize, El Salvador, Guatemala, Honduras, Costa Rica, Nicaragua and Panama. PPG plans to brand stores in Panama with the Glidden brand, which is well recognized in the region, and offer products from its protective and marine coatings bu…

Greater Tampa Chamber of Commerce Signs Landmark Agreement with Panamanian Business Group

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Panama Business. Shumaker, Loop & Kendrick LLP attorney Ronald A. Christaldi last month joined dozens of influential business leaders from the Tampa area and the nation of Panama for a historic series of meetings that resulted in a landmark agreement between the two groups. That cooperative agreement, signed by the Greater Tampa Chamber of Commerce, where Christaldi serves as chair, and the American Chamber of Commerce & Industry of Panama, strengthens economic ties between Tampa Bay and Panama just as the ambitious plan to double the Panama Canal’s capacity nears completion. The Panama delegation that visited Tampa in early May included 34 business and government ministers, with 13 participating companies that conducted more than 50 meetings with Tampa businesses each day they were here. The Tampa Chamber worked with both the Tampa Bay Trade & Protocol Council, an international organization within the Tampa Chamber that promotes the region around the world, as well as Ente…

Diesel to open new store at Tocumen Airport as it extends LatAm footprint

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Panama Business. "Tocumen Airport represents an important stepping stone for increasing the visibility of our travel retail standalone store concept in the Latin American region.", said Michele Turrin, Head of Travel Retail  of Diesel Italian lifestyle brand Diesel has announced that it will open a 62sq m standalone store this August at the North Pier of Tocumen Panama International Airport. The opening will add to Diesel’s Latin American footprint, which comprises 64 stores in the domestic market including three in Panama. Tocumen Airport will be the brand’s third travel retail location following the two points of sale opened last year at Sao Paulo-Guarulhos International Airport Terminal 3 departures. The new store design will be based on the brand’s format for its 60sq m stores, Diesel Head of Travel Retail Michele Turrin told The Moodie Report. Product categories to be featured include denim, apparel, accessories, underwear/beachwear and shoes. Denim represents a significant…

Moody's upgrades the Global Bank Corporation - Panama Covered Bond

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Panama Business. Moody's Investors Service upgraded the rating for Global Bank Corporation -- Panama Covered Bond Program to Baa2 from Baa3. This action concludes Moody's review initiated on 17 March 2015, when it placed the rating under review for upgrade.
The rating action follows the assignment of a Counterparty Risk (CR) Assessment to Global Bank Corporation of Baa3(cr). The action has also taken into account the rating constraints for the covered bond program imposed by the country ceilings and timely payment indicator (TPI) framework.
Moody's has changed its reference point --the covered bond (CB) anchor -- for determining the probability that an issuer will cease making payments under a covered bond, before any recourse to the covered bond collateral. Under the updated methodology, Moody's will now use financial institutions' CR Assessments as the reference point for the CB anchor.

AES Panama Commences Tender Offer for Its 6.35% Senior Notes Due 2016

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Panama Business. AES Panamá, S.R.L. today announced last week that it has commenced a tender offer  to purchase for cash (as repayment) any and all of its outstanding 6.35% Senior Notes due 2016.
Banco General, S.A. and Deutsche Bank Securities Inc. are acting as dealer managers for the Tender Offer and as solicitation agents for the Consent Solicitation. D. F. King & Co., Inc. is the information agent and tender agent for the Tender Offer and the Consent Solicitation.
AES Panama are the largest electricity generation company in Panama both in terms of installed capacity and average energy dispatched, as well as the largest privately controlled hydro generation company in Central America The  derive substantially all of their revenues from the sale of electricity through firm capacity and energy supply agreements, spot market sales and regional market sales. 

Their principal customers are Panama's three energy distribution companies. We also have capacity and energy supply agree…

SmartTouch Interactive Real Estate Marketing Expert, Robert Cowes III, to Attend ELDI 2015

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Panama Business. SmartTouch® Interactive, an interactive real estate marketing agency and real estate marketing automation and the lead nurturing CRM solution company, today announced that President and Co-founder Robert Cowes III, originally from Panama, is visiting Panama June 7 – 13, 2015 to meet with top real estate developers as well as participate as a signature sponsor of ELDI 2015, Encuentro Latinoamericano De Desarrolladores Inmobilarios (Latin American Meeting of Real Estate Developers). “Panama is a dynamic and growing market with tremendous opportunity and competition for real estate developers” Cowes and the SmartTouch Interactive team have worked closely with a number of leading Panama developers on over a dozen high-impact marketing programs recently, ranging from interactive lead generation, SEM, CRM, email marketing, remarketing and online digital campaigns on thousands of websites that have generated millions in new home sales. SmartTouch Interactive opened its satelli…

Bell Helicopter announces first Bell 407 GXP in Panama

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Panama Business. Bell Helicopter, a Textron Inc. company, has announced the sale of the first Bell 407GXP in Panama. The aircraft is scheduled to be delivered in July 2015 and will be outfitted to perform corporate and VIP transport in the region for Urban Development Group (UDG).
“The reliability of Bell helicopters have been proven to us over the years with the use of our Bell 407GX,” said Gabriel Diez, CEO at Urban Development Group. “We are thrilled to integrate the new Bell 407GXP into our operations with its state-of-the-art features and superior performance.”
UDG is a Panamanian family-owned business with over 40 years experience in the construction industry. Their operations include commercial and residential projects that are designed and created to ensure quality and customer satisfaction.
“We look forward to continuing our relationship with UDG and delivering the first Bell 407GXP into Panama,” said Jay Ortiz, Bell Helicopter’s vice president for Latin American sales. “We beli…