Showing posts from October, 2015

CEMEX Panama awarded highest recognition for environmental management.

(Company Press Release- Panama, Panama). CEMEX S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced recently  that its Panamanian operations were awarded the highest recognition in sustainable development and environmental management by the Panamanian Chamber of Construction (CAPAC for its acronym in Spanish). CEMEX Panama earned this honor for its implementation of protection and conservation policies in the environments where the company operates.
The CAPAC’s panel of judges included engineers, architects, developers, governmental officials, and scholars. The award criteria included companies’ environmental policies, energy and water efficiency, waste management, and handling of chemical substances; air pollution mitigation; environmental controls and records; environmental contingency plans; and reforestation plans.
CEMEX Panama obtained this recognition thanks to such initiatives as its Technological Innovation Project based on P+L Systems, which resulted in energy savings of 32% at its ce…

Fitch Affirms Banco General at 'BBB+'; Outlook Stable.

(Business Wire- Panama, Panama)--After completing the peer review of Panama's largest banks, Fitch Ratings has affirmed Banco General S.A.'s (BG) long-term foreign currency Issuer Default Rating (IDR) and Viability Rating (VR) at 'BBB+' and 'bbb+' respectively. See the full list of rating actions at the end of this release.
The bank's VR, IDRs, and senior debt ratings reflect the bank's still sound operating environment, solid franchise, sound and consistent performance, robust capital levels, conservative policies, good asset quality and reserves, ample deposit base and well-diversified portfolio. Fitch's view of BG's creditworthiness is tempered by the heightened competition it faces and the lack of a lender of last resort.
BG has long been Panama's largest locally owned bank; it has one of the largest branch networks, presence in most key markets, a significant market share and a reputation for conservative and consistent policies.
BG enjoys…

Thomas Kenna, new President of AACCLA

Panama, Panama. The Association of American Chambers of Commerce in Latin America and the Caribbean (AACCLA) earlier this month elected Thomas Kenna, president and CEO of the Panama Canal Railway Company, as chairman of its Board of Directors. Kenna, who has served on the board of AACCLA since 2011, will have a one-year term as president.
"Tom has been a great asset to our board and to the growth of our institution," said Jodi Bond, Vice President of the Americas in the United States Chamber of Commerce. "We know that Tom will pour all the energy, passion and work in advancing the political priorities of AACCLA as it is located in Panama, the hub of the Americas."
He has directed for 15 years the company Panama Canal Railway Company which is part of the company Kansas City Southern and Mi-Jack-products, contributing to the company's success over the past decade.
As president, Kenna plan to use this platform to drive continued growth AACCLA network, including the c…

De Beers Sightholders Set Up in Panama Diamond Exchange to Launch LatAm Operations

Panama, Panama. Diamond manufacturers Diarough, Jewelex and Kiran Gems have set up offices at the Panama Diamond Exchange (PDE) to launch their operations for Latin America. The companies, which had pre-reserved space during the construction phase of the premises in the World Jewelry Hub, are also De Beers sightholders, the PDE said in a statement October 13. Panama is a “springboard into Latin America, and the center from which we will be able to consolidate and manage our business in what clearly will be the focal point of a rapidly expanding market,” Ashit Parikh, president of Emby International, Diarough's New York affiliate, said in the statement. Diarough, an Antwerp-based manufacturer and wholesaler, appointed Leon Nevedrov to head its office at the hub. Sharon Schwartz will lead Mumbai-based Jewelex’s office and Nathan Abadiwill run Kiran Gems, which is also headquartered in India’s financial capital. Jewelex’s strategy is to “establish a physical presence in an emerging marke…

Copa Holdings announced Monthly Traffic Statistics For September 2015

Panama, Panama.. Copa Holdings, S.A., today released preliminary passenger traffic statistics for September 2015.For the month of September 2015, Copa Holdings' system-wide passenger traffic (RPM) increased 2.3% year over year, while capacity decreased 0.5%.  As a result, system load factor for September 2015 was 72.8%, a 2.0 percentage point increase when compared to September 2014. YTD reported traffic figures (January-August 2015) have been adjusted as per 6-K filed on October 14, 2015. Copa Holdings is a leading Latin American provider of passenger and cargo services.  The Company, through its operating subsidiaries, provides service to 74 destinations in 31 countries in North, Central and South America and the Caribbean with one of the youngest and most modern fleets in the industry, consisting of 100 aircraft: 74 Boeing 737NG aircraft and 26 EMBRAER-190s.

ASSA to Acquire AIG Operations in Central America

Panama, Panama. ASSA Compañía Tenedora, S.A. and ASSA Compañía de Seguros (ASSA) and American International Group, Inc. (NYSE:AIG) today announced that they have entered into a share purchase agreement under which, ASSA will acquire 100 percent of AIG’s operations in Central America located in El Salvador, Guatemala, Honduras and Panama. The transaction is subject to regulatory approvals in each country.
“In looking for a partner in Central America, AIG found a world class player in ASSA. Its deep understanding of the Central American insurance market will help ensure that customers in the region will continue to receive a full range of products and services”
In connection with the transaction, AIG and ASSA will establish an on-going business partnership to pursue new opportunities and continue to deliver innovative products and unique customer experiences in Central America.
“In looking for a partner in Central America, AIG found a world class player in ASSA. Its deep understanding of t…

Sanchiz, Siebrasse & Asociados to participate in American Chamber of Commerce of Panama (Panamcham) Trade Mission to Washington D.C.

Panama, Panama. Sanchíz, Siebrasse & Asociados S.A. a well known Public Relations and Corporate Communications firm from Panama, will participate from October 13th to October 15th in the prestigious American Chamber of Commerce of Panama (Panamcham) Trade Mission to Washington D.C. which has the purpose of meeting US investors and government officials interested in the central American nation.
Donna Siebrasse, Managing Director of Sanchíz, Siebrasse & Asociados will be the participant for the firm in such an important event in the U.S. capital.
Several officials and Ministry of the government of Panama will be the principal participants, together with Robert “Bobby” Saint John head of PANAMCHAM, and Thomas Kenna, new Head of ACCLA (American Chambers of Commerce from Latin America). Delegates and several members of the Chamber will also participate in the important trade trip.

The Mission starts October 13th, with a Dinner at the National Press Club in WashingtonD.C. at 8:00pm.

SkyPower Announces 500 MW of Solar Energy Projects in Panama

Panama, Panama. SkyPower, the world's largest developer and owner of utility-scale solar projects, made an announcement unveiling its plans to build 500 MW of utility-scale solar energy over the next five years in Panama, representing an investment of US $1 billion.
In addition to building 500 MW of solar projects in Panama, SkyPower will also construct a US $50 million world-class solar and environmental research centre in Panama dedicated to the advancement of solar photovoltaic (PV) innovation as well as advanced research and innovation in environmental sciences.
To be built in affiliation with several leading universities and research institutions, this research facility will clearly distinguish Panama as the definitive hub for new solar technologies and innovation in Central America, and is expected to generate significant licensing revenues for Panama.
Furthermore, SkyPower is proud to announce it will fund 250 scholarships for Panamanian students who are studying in the field…

ICANN selected Panama for their next summer’s meeting

Panama, Panama. ICANN’s summer meeting next year will take place in Panama City, Panama. The decision was made during a board meeting earlier this week.
This meeting will draw a lot of domain name investors. Many already live in Panama (such as Andrew Rosener of Media Options) and many more run their businesses out of the country.
There are two ICANN meetings between now and the Panama meeting. The first takes place later this month in Dublin, Ireland, home to many domain name companies. (Between Ireland and Panama, there seems to be a tax haven theme to ICANN’s meeting locations.) Then in March, ICANN travels to Marrakech. The Marrakech meeting was supposed to take place this year but was moved due to the ebola scare.

After the Panama meeting, ICANN travels to San Juan, Puerto Rico for its fall 2016 meeting.

Panama's biggest computer wholesaler announced going Global

Panama, Panama. GRUPO MADURO, Panama's biggest computer wholesaler announced going global with the opening of the company's first "Innovation Store" in Toronto this coming summer 2016.
The company was founded in 1997 by a young Panamanian born IT attorney and entrepreneur Alexander Levy Maduro, with headquarters in Panama, the 18 years old company manufacture, wholesale and distributed computers, computer parts, home technology and gadgets in Central and South American countries.
The company reported big profits on 2014-2015, with a 45% IRR (Internal Rate of Return) The secret? Reinvesting 65% of the company budget in retail market, sales force and strengthening the supply chain. Engineering hardware and software since 2012 in a new Mobil PC technology, Alexander is promising a 9ux level user experience, "we are bringing the future to people's workstation", the company -he said- is keeping the engineering secretly under radar from the big players like App…

Datablink will present innovative solutions for transactions signing for banking at CELAES 2015 in Panama

Panama, Panama. Datablink, Inc., a global provider of advanced solutions for authentication and transaction signing, announced last week  its participation in CELAES 2015, the Latin American Congress on Banking Security to be held on 15 and 16 October at the Hard Rock Hotel and Convention Center Panama City (Panama).
As a silver sponsor of the event, it will present its innovative technologies Datablink authentication and transaction signing for financial institutions. Datablink provides a powerful out-of-band authentication for end users and gives banks an important differentiating factor. Datablink is proud of its commitment to service as profitable and reliable to prevent fraud and enable business partner.
User authentication is now just the beginning. The true identity and transaction verification is the final step that no institution or user should skip to protect against today's advanced threats. Traditional systems are outdated and create security breaches that for allow unau…

Much-hyped daily direct Denver-to-Panama flight dropped by United

Panama, Panama. Performance of flight to hub connecting travelers with South American destinations was much poorer than expected.
United Airlines' daily direct flight between Denver and Panama City, Panama — touted just 10 months ago as a huge boost for Colorado tourism and jobs — has fallen short of the promise. The airline confirmed Friday that daily direct service to Panama City ceased on Sept. 6.
"We understand there are challenges when operating a new route," DenverInternationalAirport spokesman Heath Montgomery said. "We did expect some seasonality in passenger traffic trends, but the lows were lower than we anticipated."
When the service was announced in May 2014, once daily flights each way between Denver and Panama City were promised year round, except for September and October, when service would drop to five days a week. The flights began in December, however, "the performance of the flights in the spring and summer" led to the cancellation,…

Huawei’s Latin American Distribution Center Opens in Panama

Panama, Panama. Huawei Technologies Ltd. has opened a new global distribution center in Panama, broadening its business in Latin America. The Chinese telecommunications giant Huawei Technologies has inaugurated on Thursday, Oct. 1, a new distribution center for its Latin American operations in Colon free trade zone.
Huawei, which has a current staff of 500 people in Panama, will create another 200 direct jobs and hundreds more indirect jobs at the 10,000-square-meter distribution center.
"It is projected that this new structure will house up to 15 production lines for Huawei products destined for all of Latin America," said Mr. Wang Weihua.
Wang Weihua, office representative of Commercial Development of China in Panama, also said that the opening of the new distribution center shows that Huawei is confident of Colon's position as a business and economic hub. Wang added that the center will be a logistic cooperation model between China and Panama. He said the company's p…

DP World Plans Big for the Panama Canal

Panama, Panama. DP World is expanding its container terminal at Port of Caucedo following the expansion of the Panama Canal to accommodate larger container ships, reports ASC.
DP World will increase the capacity of the port to 2.5-million TEU and started work to increase the depth of the quay wall in late August. The depth will be increased from 13.40m to 15.00m and the shipping channel will be deepened to 17.00m. 
The new developments are based on the project to expand the Panama Canal, which will allow passage and operations of 13-14,000-teu container ships. These ships currently cannot call at Port of Caucedo due to its draft restriction and quay capacity.
The estimated time of completion of the expansion project is April 2016. The expansion follows a project in 2014 to increase the depth of the shipping channel to 13.40m and the capacity of the terminal to 1.65-million-tue, but this is not enough to accommodate the new standard of container ships that are expected to use the can…

BIOMIN Opens New Panama Plant

Panama, Panama. BIOMIN has further expanded its global production network with the opening of a production plant in Panama. The inauguration marks the latest milestone in the firm’s local presence that stretches back nearly two decades. The new plant will allow for growth and quicker delivery to BIOMIN distributors and customers in new and existing markets throughout the Americas.
The plant produces Mycofix®, an innovative mycotoxin deactivating feed additive, with plans to produce PoultryStar®, a multi-species probiotic for poultry, in the future.
The site was planned with a long-term perspective and an expectation of growth in mind. It has an installed production capacity of 3,120 tons per year based on one packaging station and a single shift.
Its starting production goal is 6,240 tons per year with two shifts. Maximum production capacity can reach 12,480 tons per year with the addition of a second packaging station.
In late August, Christian Seiwald, Chairman of Erber AG, and Esteban …