Panama Business

Global Bank Corporation Announces That Deutsche Bank Securities Inc. Intends To Launch A Tender Offer For Any And All Of The Outstanding 4.750% Notes Due 2017
Global Bank Corporation ("Global Bank"), today announced that Deutsche Bank Securities Inc. (the "Offeror") intends to launch an offer (the "Tender Offer") to purchase for cash any and all of the outstanding 4.750% Notes due 2017 issued by Global Bank under its U.S.$500 million Covered Bond Programme (the "Notes").
The Tender Offer will expire at 11:59 p.m., New York City time, on October 26, 2016, unless extended by the Offeror (such date and time, as the same may be extended, the "Expiration Date").  Holders of the Notes ("Holders") must validly tender their Notes before 5:00 p.m., New York City time, on October 12, 2016, unless extended by the Offeror (such date and time, as the same may be extended, the "Early Tender Date") to be eligible to receive the Tot…

Urban Vertical Farms – David Proenza believes in the Agriculture of the Future. Vertical farming is in vogue in the United States, Japan, South Korea and Taiwan. An Association for Vertical Farming has been created, and groups companies, universities and individuals. It has offices in Canada, China, India and several European countries.
This farming method offers an alternative in cities around the world, and in impoverished rural areas where people still go hungry. In cities like Buenos Aires, Mexico City or Santiago, rooftop gardens where people grow their own fresh produce are now common.
To foment the sharing of knowledge, David Proenza of Vertical Farms in Panama created the Foundation for the Development of Controlled Environment Agriculture, which organized the International Congress on Controlled Environment Agriculture which has drwan more than 350 researchers, academics and farmers from around the world. The next edition is slated for 2017.
“Farmers earn three times more th…

American Chamber of Commerce of Panama with mission to New York in November. After a highly successful trade mission to Silicon Valley in California, the American Chamber of Commerce of Panama (PANAMCHAM) is now planning a trade mission to New York.
“With a population nearing 20 million, a median household income of $58,691, and a gross state product of $1,405 billion, New York is currently ranked 5th best State regarding Economic Climate.” – Forbes
The itinerary for this trip is as follows:
Monday, November 14th:         
Arrival New York City Welcome Toast at the Hotel Tuesday, November 15th:
Welcome Presentation by the Office of the Governor of New York Sectorial Appointments by Track* Wednesday, November 16th:
Doing Business Event at Council of the Americas Business Roundtable Sectorial Appointments by Track* Thursday, November 17th:
Sectorial Appointments by Track* End of Trade Mission

* Some of the Sectorial Appointments by Track include:
Logistics, Transportation and Construction (PANYN…

Little Caesars expanding rapidly in Panama. Restaurants in Calle 50, Via España, and even in Arraijan, and La Chorrera, Little Caesars is expanding rapidly in Panama.
Many may not have noticed, but there is a rapidly expanding pizza franchise in Panama. Its name is Little Caesars, and it provides quick service at very reasonable prices. Crowds of customers go there every day for a quick pizza which is even ready when you order it.
Panama is not stranger to fast food restaurants such as Pizza Hut, Papa Johns, Domino´s and others, but this supposedly “little” franchise is killing the competition in the city, and going to the suburbs like Arraijan and La Chorrera. Interviewed customers, which are quite happy about this fast food alternative, are stating that other restaurants specializing in pizzas are more expensive than regular restaurants around the city, while you can find pizzas at Little´s for as low as $6.99, and combos for less than $10.00 dollars, other alternatives are becoming …

Copa Airlines, Delta and United bidding for Avianca. Some large carriers are considering a partial purchase of Avianca, a Colombian carrier. Delta Air Lines, United Continental and Copa Airlines already have made non-binding offers for a minority stake in Avianca Holdings, though there’s no guarantee any deal will be reached.
Avianca carried 61 per cent of Colombia’s 15 million-plus passengers through July and a deal could also give a winning bidder a chance to partner with Avianca Brasil, a separate airline also controlled by Avianca owners the Efromovich brothers and which has about 11 per cent of the Brazilian market.
Avianca Holdings SA, based in Bogota, has been hunting for an international partner to help shore up its balance sheet and support growth. The publicly traded carrier is controlled by brothers German and Jose Efromovich, who also own a separate airline called Avianca Brasil through a closely held holding company.
Avianca Holdings offers potential suitors a point of entry…

Multibank Names William Shelton Salazar as New President. William Shelton Salazar took over as the new president of Banco Multibank S.A. this month. According the company, Shelton will oversee a strategy of growth to raise the Bogota-based financial services firm’s presence in Colombia and target the corporate banking sector.
Expanding the commercial loan portfolio is high on the new president’s agenda as he runs the domestic subsidiary of Multibank Inc., which is based in Panama, as it was known by Miguel Sanchiz of the business section of Panama On, and editor of the Panama Business News.
“With the support and backing of our parent company Multibank Inc. in Panama, we want to strengthen our factoring operations, commercial banking, and SME banking, consolidate our transactional banking, and offer hedging products through the treasury,” said William Shelton Salazar.

Shelton’s background includes experience in strategic management. He has led the implementation of corporate planning and …

Hoegh Target, World’s Largest PCTC transits expanded Panama Canal. Hoegh Target, World’s Largest PCTC transits expanded Panama Canal. Höegh Target transited the newly expanded locks of the Panama Canal, the company said in a press release.
Höegh Target is the world’s largest PCTC with its 8500 car capacity and 71 400 m2 deck area. The vessel is the first Post-Panamax vessel from Höegh Autoliners that passes through the new canal.
The vessel was delivered in 2015 and was the first in a series of six vessels under the New Horizon design. Höegh Autoliners designed these vessels with a larger beam whilst the Panama Canal project was underway.
About the New Horizon vessels
The New Horizon vessels are designed for maximum flexibility, offering 6.5 meters of free deck height, 12 metre ramp width and capacity to take cargo weighting up to 375 tonnes. The 71 400 m2 of deck space is divided over 14 decks, of which five are liftable. This allows for considerable flexibility in types of cargo that …

World Jewelry Hub in Panama announced the appointment of Edi Faltz as Executive Vice President. World Jewelry Hub in Panama announced the appointment of Edi Faltz as Executive Vice President. The World Jewelry & Diamond Hub in Panama, has announced the appointment of Edi Faltz as Executive Vice President. He replaces Joseph Kuzi, who is stepping down after two years in office.

Faltz also serves as Chairman of the Membership and Banking Committees of the World Jewelry & Diamond Hub, Panama. He is the owner and CEO of both DBO (Diamond Buying Office) and the Faltz Diamond & Jewelry Group in Ramat Gan, Israel, and has served as an external advisor to Credit Suisse Bank and UBS Bank.  According to a press release received by Miguel Sanchiz, of the Business Section of Panamá ON, and editor of the Panama Business News,  Faltz has also been involved in the creation of new technologies for the diamond and jewelry industries, heading the development of a 360-degree photographic sys…

Vitamin Shoppe, Inc. Announces Panama expansion. The Vitamin Shoppe®, a multi-channel specialty retailer and manufacturer of nutritional products is pleased to announce the opening of two additional franchise stores in Panama.
The franchise stores in Costa Rica will be operated by Vita Vida Limitada, an affiliate of The Vitamin Shoppe's franchise partner in Panama.  Vita Vida and the team have been working for over two years to register products that will benefit the lives of the Panamanian consumer and on August 31, 2016, The Vitamin Shoppe and Vita Vida also celebrated the grand opening of three stores in San Jose, the country's capital and largest city. The Vitamin Shoppe stores will offer consumers a curated selection of The Vitamin Shoppe's proprietary brands and other leading third-party brand products.  The franchisee is expected to open in addition, eight Vitamin Shoppe stores over the next five years in Costa Rica, as it was known by Miguel Sanchiz of the busi…