Showing posts from August, 2015

Emirates adds Panama City flights, longest in the world

Panama Business. Dubai-based airline Emirates  plans to launch services to Panama City, beginning 01 February, 2016. The new service will be the longest non-stop flight in the world (17 hours 35 minutes in the Westbound direction) and will be Emirates’ first gateway destination in Central America. Service to Panama City, Panama’s capital and largest city by population, will commence with a daily flight operated by a B 777-200LR aircraft in a three-class layout - eight in First, 42 in Business, and 216 in Economy. The aircraft can carry up to 15 tonnes of cargo. Key imports to the country include pharmaceuticals, machinery products, iron/steel rods, and electronics. Service to Panama City will operate through Tocumen International Airport (PTY). Emirates has chosen Panama as its fourth destination in Latin America. The Dubai-based carrier has announced today the plans to launch a daily service to Panama City as of February 1st, 2016, -the longest non-stop flight in the world with a 17 hou…

Endofa Expands Physical Operations to Panama

Panama Business. Endofa has announced recently its expansion in Central America, and says it will have a physical presence in Panama. The firm has also hired Christoffer Pedersen, who previously worked for OW Bunker, saying he was "instrumental in building their Panama and central American portfolio of business." "Our steady expansion in this region is well in-line with our overall strategy. We see both the location and Christoffer adding immediate value to the brand as a whole, ensuring better pricing and service to our clients and partners" said Kenn Soendergaard, partner of Endofa. "Christoffer will not only service Endofa's growing client base in the entire region, but will also look for opportunities to build closer ties with local players." Pedersen commented: "I'm happy to be given the opportunity to further expand the Endofa brand in an area that is very dear to me. I'm in no doubt that with the tremendous backing of the entire Endof…

SKECHERS Launches New Subsidiary in Panama

Panama Business. SKECHERS USA, a global leader in the lifestyle and performance footwear industry, today announced that the Company is transitioning its business in Latin America from a third-party distributor to a wholly-owned subsidiary, SKECHERS Latin America LLC. The subsidiary will oversee more than 30 countries in the region, including the four key markets of Panama, Peru, Colombia and Costa Rica. “SKECHERS’ strategic business model has established a strong framework for our brand to grow in many parts of the world, and we see Latin America as the next natural destination for us to employ this vision” Building on its nearly 20 years of business in Latin America, SKECHERS plans to grow its operations and footprint – transitioning 21 SKECHERS stores in the region to subsidiary-owned and -operated locations, looking at new retail destinations and expanding its account distribution base. “SKECHERS’ strategic business model has established a strong framework for our brand to grow in man…

Tocumen S.A. prepares new bond issue

Panama Business. To obtain the financing needed to complete the expansion of the South Terminal, the Tocumen International Airport administration expects to re issue debentures. The delays that have occurred in the work due to changes in the original project design, prevent the administration from beginning to raise funds for the concession of the new “duty free” area, so they have announced that they will need to issue a new bond debt to complete the financing. It is estimated that the amount will be for more than $650 million. Joseph Fidanque III, manager of Tocumen, S.A., said that “The financial plan left by the last administration is not feasible, because it was based on the tender for commercial or duty free areas in the south terminal, but these spaces will not be ready before 2017. “No one will invest in something that will not useable for three years. “The previous government was hoping to get $500 million, and those funds would have been paid to the Brazilian company Norberto O…

New Panama Itinerary from Un-Cruise Adventures

Panama Business.Un-Cruise Adventures has released a new brochure of small ship adventure cruises from November 2015 through April 2017, including a new itinerary in Panama. Other areas covered include Alaska, Pacific Northwest, Columbia & Snake Rivers, Hawaii, Mexico, the Galápagos Islands and Costa Rica. The printed brochure has increased to 100 pages and includes details on twenty cruise itineraries plus land tour extensions. Colorful photos and maps illustrate each trip, and ship deck plans provide an overview of the line’s fleet of boutique yachts and small ships carrying 22-88 guests. A Pure Panama: Cultures, Coasts & Canals itinerary in 2017 sails round trip Panama City, Panama aboard the 64-guest Safari Voyager. Highlights include exclusive visits at Guna Yala Islands and Darién villages, explorations of historic Casco Antiguo and San Lorenzo Fort, wildlife viewing in the Darién Jungle by motorized dugout canoe, bird watching along the Chagres River and a full transit of …

Air France to increase capacity and comfort to Panama.

Panama Business. In November 2015, and until the end of the winter season, Air France will offer its customers six weekly flights to Panama City on departure from Paris-Charles de Gaulle.
The Company will thus operate an additional frequency (starting from Friday 27 November) to this destination. All flights will be operated by Boeing 777-200 equipped with the Company’s latest long-haul travel cabins.
On board, customers will be able to enjoy the new Business class, a real cocoon in the sky, as well as the completely redesigned Premium Economy and Economy seats ensuring optimum travel comfort.
“This move upmarket of our products and services, and our increasing capacity, allow us to meet our customers’ requirements as closely as possible and demonstrates our ambition to increase our presence in Panama and in the Central America region”, stated Zoran Jelkic, SVP Caribbean Indian Ocean and Latin America Air France-KLM.

Complementing KLM’s daily service on departure from Amsterdam-Schiphol, …

Starbucks Enters Panama with New Flagship Store

Panama Business. Starbucks today opened its first store in Panama, its 15th market in Latin America. Located in Panama City's Street Mall, the 3,304 sq. ft. space is a celebration of Starbucks coffee journey, from its first location in Seattle's Pike Place Market to Panama's Volcán Chiriquí Valley.
Starbucks today opened its first store in Panama, its 15th market in Latin America. Located in Panama City's Street Mall, the 3,304 sq. ft. space is a celebration of Starbucks coffee journey, from its first location in Seattle's Pike Place Market to Panama's Volcán Chiriquí Valley.
Starbucks today opened its first store in Panama, its 15th market in Latin America. Located in Panama City's Street Mall, the 3,304 sq. ft. space is a celebration of Starbucks coffee journey, from its first location in Seattle's Pike Place Market to Panama's Volcán Chiriquí Valley.
 Starbucks Coffee Company together with Premium Restaurants of America (PRA), its long-term strat…

Xylem awarded $6M rental contract for Panama Canal expansion project

Panama Business. Xylem’s Godwin pumps to fill new Panama Canal lock basins with 1.7 billion gallons of water Xylem Inc.,a leading global water technology company, is playing an important role in the Panama Canal Expansion Program. Xylem is providing its heavy duty Godwin dewatering pumps to fill the third set of basin locks on the Pacific Ocean sector, with 1.7 billion gallons of water, as part of performance trials for the system prior to its commissioning.
“We are honored to work with the Authority of the Panama Canal (ACP) and to be part of this project which expands one of the world’s most important transport routes”.
The Panama Canal Expansion Program is scheduled for completion in the second quarter of 2016. It creates a new traffic lane and builds two new lock complexes, one on the Atlantic Ocean and the other on the Pacific, allowing for the passage of New Panamax ships, doubling the capacity of the Canal.
"We are honored to work with the Authority of the Panama Canal (ACP)…

A.M. Best Affirms Ratings of Aseguradora Ancón, S.A.

Panama Business. A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Aseguradora Ancón, S.A. (Ancón) (Panama). The outlook for both ratings is stable.
The ratings reflect Ancón’s improving underwriting practices, its good position within Panama’s market and its well-structured reinsurance program that is placed with strong, quality reinsurers. Offsetting factors include the company’s operating performance during the past year and pressures on its risk-adjusted capital.
Ancón is the sixth largest insurer in Panama with a market share of 5.2% as of December 2014; the company’s business portfolio is 94% property/casualty and 4% life. Surety business generates the bulk of Ancón’s non-life written premiums at 37%, and is followed by auto insurance at 28%.
During 2014, Ancón’s net income was negatively affected by the results in its automobile and fire lines of business with each segment being impacted by increased competition and high…

New LEED® Certified Building Under Construction at Panama Pacifico

Panama Business. Special Economic Area Panama Pacifico is constructing its first LEED® certified Class A office building, making the development more competitive among the international business community.
Special Economic Area Panama Pacifico is joining the global green building movement by constructing its first 7-story, LEED® certified Class A office building. Once completed in 2016, the 18,624 square foot office building will boast sustainability features and cost savings options, making Panama Pacifico more competitive among the international business community.
 “We are excited to build the first LEED Certified office building at the Panama Pacifico Special Economic Area,“ said Henry Kardonski, Managing Director of Panama Pacifico. “The new LEED certified building enhances the collection of commercial and industrial space we offer to companies looking to locate to one of the most attractive markets in Latin America.”
Sustainability features of the building include a reflective sol…

Hard Rock Hotel Panama Megapolis Chooses IDeaS to Drive Better Revenue

Panama Business . IDeaS Revenue Solutions, the leading provider of revenue management software solutions and advisory services, today announced a new strategic partnership with Hard Rock Hotel Panama Megapolis to increase revenue performance across the property's 1,460 rooms with IDeaS G3 Revenue Management System (RMS).
In need of a best-in-class revenue management system and strategic partner to support the company's future expansion efforts, Hard Rock Hotel Panama Megapolis selected IDeaS G3 RMS following an extensive evaluation of multiple revenue management solution providers.
"Our decision to partner with IDeaS is really two-fold: IDeaS G3 RMS is the best solution for Hard Rock Hotel Panama Megapolis. It is clearly the most robust and sophisticated solution we evaluated. Furthermore, IDeaS is the proven global leader for revenue management in the industry, and has the track record to back it up," said Freddy Gordillo, general manager for Hard Rock Hotel Panama Me…

Agribotix Announces Latin America Joint Venture With Eco BCG

Panama Business. Agribotix LLC and Eco BCG have announced a strategic joint venture, called Agribotix-Latin America. Agribotix-Latin America will bring agricultural intelligence solutions, leveraging drone-enabled technology to the region. The company's headquarters are in Panama City, Panama, with additional offices in Mexico City and Santiago, Chile. Regional sales, training and customer service will be provided by Agribotix-Latin America and its authorized dealers.
The joint venture enables rapid, efficient expansion of reach for both companies, whose expertise and relationships are complementary. Latin America represents a large market, with substantial acreage dedicated to agriculture. Agribotix is an emerging leader in agricultural intelligence using agriculture-specific drone-enabled technologies, while Eco BCG provides clean technologies for business operations, including agricultural production.

Growers, NGOs, agronomists and authorized dealers can use drones to collec…