Showing posts from 2016

Eurona Wireless Telecom to provide WiFi network at Tocumen airport in Panama

Eurona Wireless Telecom to provide WiFi network at Tocumen airport in Panama
The service will be provided by the company Eurona Wireless Telecom, which currently provides this service at 46 airports worldwide. The free WiFi will have an hour of duration for the passengers.
Eurona Wireless Telecom, of Spaniard origin who is one of the main managers of Wifi in the world, was awarded the concession to manage this free network in the TocumenInternationalAirport, during the next five years.
The Wi-Fi network will allow travelers to connect to the Internet from any part of the airport free of charge for 60 minutes. The user will enjoy a friendly platform that multiplies ten times the bandwidth, with a simple configuration that will allow you to connect from any electronic device, according to a statement from Tocumen airport, and as it was known by Miguel Sanchiz of the Business section and Economy section of PanamaON, and editor of Panama Business News.
Tocumen announced that it will make avai…

(Panama Business News).Plexus Technology Group and La Casa del Médico Announce International Distributor Partnership for Mexico, Central and South America

(Panama Business News) Plexus Technology Group and La Casa del Médico Announce International Distributor Partnership for Mexico, Central and South America
Plexus Technology Group, LLC (Plexus TG), a fully KLAS-rated, market-leading, best-of-breed provider of anesthesia information management systems (AIMS), announces an international partnership with Horacio Icaza y Cía, S.A. (La Casa del Médico), a leading healthcare distributor based in the Republic of Panamá. Through this partnership, La Casa del Médico will market and implement Plexus TG’s world-class anesthesia documentation and medication management solutions, Anesthesia Touch™ and Pharmacy Touch™, throughout Mexico and Central and South America, bringing greater efficiencies to the OR anesthesia process.
Anesthesia Touch is an easy-to-use anesthesia EMR solution for both iPad iOS and Windows platforms. Anesthesia Touch integrates with other hospital systems, streamlining clinical documentation by providing anesthesia clinicians …

(Panama Business News). CIFI Moves its Headquarters to Panama to Boost the Infrastructure Financing in Latin America and the Caribbean

(Panama Business News). CIFI Moves its Headquarters to Panama to Boost the Infrastructure Financing in Latin America and the Caribbean
The corporation has financed over 160 transactions representing total investments of more than US 1,3 billion dollars
The Inter-American Corporation for Infrastructure Financing (CIFI), a leader non-bank financial institution dedicated to run projects in Latin America and the Caribbean, has decided to move its headquarters to Panama City. The objective of this measure is to leverage closer to the region to further boost its activity there.
The move to Panama coincides with the 15th anniversary of the corporation. Since the beginning of its activity in 2001, CIFI has evaluated over 600 potential transactions of which has financed over 160, representing total investments of more than US 1,3 billion dollars. All these projects have played a key role in economic development in Latin America and the Caribbean.
"Panama is a key financial center in Latin Am…

(Panama Business News). COPA AIRLINES suspected to be offering $2billion for AVIANCA according to the New York Times

(Panama Business News). COPA AIRLINES suspected to be offering $2billion for AVIANCA according to the New York Times. United offered a $500 million loan to Avianca and potentially one of its investors according toa recent news coverage by the New York Times. Copa pursued a merger that would value Avianca at more than $2 billion, or a 150 percent premium to its share price last week. Delta offered more than $1 billion in cash, a majority of which would go to buy out most of the Synergy Group, Mr. Efromovich’s investment arm, with the rest going to Avianca. The Delta bid implied a $1.9 billion valuation.
On Tuesday, a special committee of Avianca’s board are expected to meet to decide whether to accept a bid or proceed with a new round of bids.
According to the NYT, details of these discussions are based on interviews with people who have direct knowledge of the company and negotiations but who were not authorized to speak publicly.
Despite its recent troubles, Avianca, which is based in B…

(Panama Business News).Tocumen Airport to issue Duty Free tender in January 2017

(Panama Business News).TocumenAirport to issue Duty Free tender in January 2017. Attenza-Duty-Free-Tocumen-leadTocumenInternationalAirport is issuing tender documents for three separate 700sq m duty free areas in the second half of January next year, almost a year earlier than anticipated.
Incumbents Motta International – with its Attenza Duty Free retail concept – and Grupo Wisa with its Riviera Duty Free brand, hold 10-year contracts at the Panamanian airport, which are due to expire in December 2017.
However, the airport says that the tender is being called early ‘because of the situation of Grupo Wisa’.
Regarding the new tender, there are three ‘blocks’ of duty free space at 700sq m each, of which a retailer can bid for a maximum of two areas.
“A company can bid for more than one space; two maximum,” the airport operator tells. “There will be two winners. One company will have one space and the other will have two.”
The airport is currently undergoing a massive expansion project with t…

(Panama Business News). Judges give green light to Corozal

(Panama Business News). Judges give green light to Corozal. Panama’s Supreme Court has thrown out a motion put forward by Panama Ports Company (PPC) that the tender for the Port of Corozal infringes guarantees set out in the country’s constitution.
The decision, which was taken by nine judges, clears the way for Panama Canal Authority (ACP) to continue with its tender for the construction of what will be a new container port with a 5.3m teu capacity.
Corozal port forms part of the ACP’s strategy to diversify its business portfolio and thereby maintain its competitive position, allowing it to generate additional income for the state.
The scheme, which has broad support in Panama, is especially supported by the Chamber of Commerce, Industry and Agriculture, even though PPC argues that, given the downturn in the global economy, its construction is entirely unnecessary.
In contrast and despite the fact that Panama has seen box volumes drop 12.8%, Rommel Troetsch, president of Panama’s Marit…

(Panama Business News). Chinese companies interested in using Panama as Latin America entry point

(Panama Business News). Chinese companies interested in using Panama as Latin America entry point. Panama's positioning itself as a platform to distribute Chinese goods to Latin America offers a lot of potential, said Wang Weihua, permanent representative of China's Office of Commercial Development in Panama.
"Panama is already acting as a bridge, a window to transit Chinese merchandise to Latin America. I think that, given Panama's logistical development, this role will increase and will be enjoyed by more Chinese companies," he said in an interview with Xinhua on Thursday.
Wang added that Panama is a potential base for manufacturing plants, which is helped by the country's reputation as a logistical center.
According to Wang, the fact that a ship belonging to China's Cosco Shipping was the first to pass through the newly expanded Panama Canal on June 26 attracted a lot of attention to the country.
Wang said that a big Chinese business delegation arrived in …

(Panama Business News). ABCI to Promote Latin American Bizav Expo in Panama in 2017

(Panama Business News). ABCI to Promote Latin American Bizav Expo in Panama in 2017. Aviation Business Consultants International (ABCI) has been selected to promote the second annual Aero Expo Panama Pacifico, which will be held at Panama CityPacificoInternationalAirport on April 20 and 21, 2017. “The Latin American market has been growing by leaps and bounds,” said ABCI president Paula Williams, adding that the business aviation expo “is a proven concept and in a great location.”
Despite the lack of a coordinated marketing effort last year, the event still attracted several major industry exhibitors and sponsors, including Dassault Falcon, Embraer Executive Jets, Pilatus Aircraft, Textron Aviation, Million Air and Rockwell Collins. “That just proves the market is ready, the location is ideal and we're…planning for some impressive growth at the 2017 event,” said Williams.

This year's event included six aircraft on display, 25 exhibitors, worldwide and local FBOs, fuel provider…

(Panama Business News). Panama approves banana production contract with Del Monte

(Panama Business News). Panama approves banana production contract with Del Monte. The Cabinet Council of Panama approved into law the contract that will allow the Banapiña de Panama SA company, a subsidiary of the Del Monte transnational fruit company, to invest more than $ 100 million dollars in banana production in the provinces of Chiriqui and Bocas del Toro.
The contract stipulates that Banapiña de Panama will invest a minimum of 100 million dollars over seven years in the districts of Baru and Alanje, in the province of Chiriqui, and in the district of Chiriqui Grande, in Bocas del Toro.
It also includes the lease of land and its preparation for planting, agricultural activities for growing bananas and / or plantains, the installation of irrigation systems, the construction of infrastructure for the packaging and export of the fruit, and any other improvements necessary for the development of the banana industry.
The contract will last for 20 years and will be automatically renewa…

(Panama Business News). Ports and Panama Canal growth decline in 2016

(Panama Business News). Ports and Panama Canal growth decline in 2016
From January to September 2016, the income from ships that crossed thed Panama Canal and the movement of cargos in ports of the country dropped, according to the report of the National Institute of Statistics and Census (INEC) published here.
These figures are in contrast with the report of the Canal Authority (ACP) which registered the third highest annual tonnage of its history in fiscal year 2016, period that comprises from October 1st 2015 to September 30th of 2016, period in which transited the canal 13 thousand 114 ships, of them 238 PostPanamax (great size).
'Despite the deceleration of the international maritime trade during last year, we have registered on of the highest annual tonnages since the opening of the original canal 102 years ago', said last October the administrator of the Canal Authority, Jorge Luis Quijano.
This reinforces the continuous strategic importance of the route and the increasin…

LNG Carriers allowed to Bunker at Panama Canal

LNG Carriers allowed to Bunker at Panama Canal. ACP has reversed its earlier decision to prohibit LNG carriers to bunker at the canal's anchorages, effective immediately.
The Panama Canal Authority (ACP) has reversed its earlier decision to prohibit liquefied natural gas (LNG) carriers to bunker at the canal's Pacific anchorage, LNG World News reports.
ACP says the new rules, which take effect immediately, require that such bunkering operations be carried out on a space-available basis, and only at the explosives area of the canal's Pacific anchorage.
Bunkering operations should also not interfere with vessels' canal transit schedule, noted ACP.

Recently, the International Bunker Industry Association (IBIA) announced its next Regional Forum, "The 'New Panamax' fuelling a new era in the Caribbean" - taking place in Jamaica from the March 7 - 9, 2017 - would focus on the Caribbean as an emerging key bunkering hub delivering marine services to an increasing…

Bennigan’s opens new restaurant in Panama

Bennigan’s opens new restaurant in Panama. One of the world’s most beloved restaurant brands – Bennigan’s – opened its doors in the Obarrio district of Panama City on Monday, Oct. 24, bringing its friendly Irish hospitality, craveable chef-driven food and innovative drinks to this vibrant part of town.
The local franchisees chose the Obarrio district due to its central location between El Cangrejo and San Francisco in downtown Panama City.
Bennigan’s has enjoyed success in the Panamanian market for more than 16 years. The Obarrio restaurant replaces the local team’s previous location in the Marina, which was closed in May due to heavy construction in the area, which made it difficult for guests to get to the restaurant.
The Obarrio restaurant will be open for lunch, happy hour, dinner and late night. A special lunch menu will be served on weekdays from 12 – 3 p.m. The restaurant includes a full bar, 18 HD TVs and a comfortable outdoor seating area that is ideal for family dining, busine…

Fitch Affirms IDR of Banco Nacional de Panama

Fitch Affirms IDR of Banco Nacional de Panama. Fitch Ratings has affirmed the ratings for Banco Nacional de Panama's (Banconal) Long-Term Issuer Default Rating (IDR) at 'BBB' following a peer review of Panama's largest banks. The Rating Outlook is Stable. At the same time, the bank's Viability rating (VR) was affirmed at 'bbb-'. A full list of ratings follows at the end of this press release.
The ratings reflect the potential support the bank would receive from its owner, the Republic of Panama. Banconal's IDRs are aligned with those of the sovereign while the Support Rating Floor (SRF) and Support Rating (SR) reflect a state guarantee for its debt. In Fitch's view, the Panamanian government has a vested interest in providing timely support to Banconal as it is considered a policy bank that plays an important role as the government's financial agent.
The Stable Outlook reflects Fitch's expectation that the issuer's Long-Term IDR will rema…

Bid for Corozal Terminal Moves Forward

Bid for Corozal Terminal Moves Forward. The terminal is expected to play an important role in providing additional port capacity on the Pacific side of Panama in order to support the transshipment needs of the larger vessels going through the Expanded Panama Canal. The goal is to further position Panama as a logistics hub for the Americas.
The Panama Canal Authority (ACP) has issued a request for proposals to the four pre-qualified port operators selected to compete for the concession to design, develop, finance, construct, operate and maintain a container terminal located near Corozal, in the Pacific entrance of the Panama Canal.
Upon completion, the container terminal will have the capacity to handle more than five million TEUs at the Canal’s entrance in the Pacific side. The two-phased project will include the construction of a 2,081-linear-meter-dock, a container yard, offices and warehouse facilities within a 120-hectare area owned by the Panama Canal.
Corozal Container Terminal w…

Mex Rent A Car Opens Location at Tocumen Panama Airport

Mex Rent A Car Opens Location at Tocumen PanamaAirport
Mex Rent A Car’s affiliation program has reached Panama with the opening of a location at TocumenInternationalAirport in Panama City.
“By having complete domain over the Spanish language, Mex can fully understand the customer needs/desires and provide the best experience to our affiliate and our mutual clients,” said Jordi Rivero, Mex Rent A Car’s chief product officer. “It goes so natural when both parties speak the same language and share some of the same culture.”
Within its metropolitan area, Panama City, holds nearly half of the country’s population.
“Since the market behavior in Panama is not exactly going unchanged for long, our new affiliate’s strategy will find in Mex the support it needs to keep up with our new competitors at Tocumen International Airport,” said Chris Reveles, Mex Rent A Car’s chief technology officer.
Mex Rent A Car now has 11 affiliate locations internationally, including Panama. Canada, the U.S., Mexico…