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Showing posts from April, 2016

Cosco Shipping Corporation´s Ship Andronikos selected to be the first vessel to pass through the new expanded Panama Canal

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Cosco Shipping Corporation´s Ship Andronikos selected to be the first vessel to pass through the new expanded Panama Canal. The Andronikos, a Marshall Islands-flagged container ship belonging to the China Cosco Shipping Corporation (COSCOCS), a Chinese state-owned group, was selected by lottery among the Panama Canal Authority's 15 largest clients.
The Chinese-owned freighter will be the first vessel to pass through Panama's newly expanded canal, to be inaugurated with great pomp in June after nine years of work, officials said Friday.
China is the second-biggest user of the canal, which provides easy passage between the Atlantic and Pacific oceans by cutting across the narrow Central American isthmus.
The 80-kilometer (50-mile) canal has been widened at an estimated cost of more than seven billion dollars to triple its capacity by allowing bigger bulk carriers to cross through.
The aim is to greatly boost the annual revenue Panama collects in shipping passage fees, currently wort…

Panamá Pacífico wants to have its own First Base Operators for Executive Flights

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Panamá Pacífico wants to have its own First Base Operators for Executive Flights. Panamá Pacifico will soon participate in the bidding process for Executive Flight First Base Operators.
As the PanamaPacíficoAirport (former Howard Air Force Base) is now the second in importance in the Republic of Panama, it is becoming increasingly attractive for companies that want to offer Private Executive Flights from Panama. Currently, there are 7 companies that are interested in setting up business in that area, just minutes away from Panama City.
The Master Plan for the Special Area also includes improvements for the Terminal, Plane Maintenance and more space for those who will be assigned the business, according to Mr. Frankin Carrillo, Executive Vice President of Tocumen International Airport (TIA) which is the authority that regulates all the 4 airports in Panama. He has also stated that this year alone there have been around 1.28 million passengers coming to the country, an increase of 6% o…

The Coffee Bean & Tea Leaf® Opens At Tocumen International Airport in Panama

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The Coffee Bean & Tea Leaf® Opens At TocumenInternationalAirport in Panama. The iconic U.S. coffee and tea retailer's fifth Panama City store location is now serving signature handcrafted beverages to locals and tourists at the international travel hub.
The Coffee Bean & Tea Leaf®, the oldest and largest privately held specialty coffee and tea retailer in the U.S., opens its newest store location at the Tocumen International Airport in the heart of Panama City, Panama. The TocumenInternationalAirport is the fifth The Coffee Bean & Tea Leaf® location in the Central American city of Panama with local area developer Premium Café. Two additional store locations are planned to open in Costa Del Este and the RoyalBluePlaza in Via Porras later this year.
"We are excited to share our premium coffee and tea products with travelers in Panama," says General Manager Jose Mendez. "From the Original Ice Blended® drinks to tea lattes, now visitors traveling to and fro…

Praxair acquires Geneva Industrial gases in Panama

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Praxair acquires Geneva Industrial gases in Panama. Praxair, Inc. (NYSE:PX) announced today that it has acquired  Geneva Industrial Gases in Panama. With this acquisition, Praxair is growing geographic density and strengthening its ability to efficiently supply customers. Financial terms of the transactions were not disclosed.
“Through prudent capital allocation, we continue to deliver on our strategy of capitalizing on acquisition opportunities in our core geographies while also expanding our exposure to more resilient end-markets, like healthcare.”
Praxair acquired Geneva Industrial Gases, a well-established company that provides gases for industrial and medical purposes as well as for the metal fabrication segment.
“These synergistic acquisitions will contribute profitable growth and reinforce Praxair’s integrated business model,” said Steve Angel, chairman and chief executive officer of Praxair. “Through prudent capital allocation, we continue to deliver on our strategy of capitaliz…

Second Latin American Diamond and Jewelry Week to take place in Panama, June 21 to 23

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Second Latin American Diamond and Jewelry Week to take place in Panama, June 21 to 23. Buyers and suppliers of jewelry, diamonds and colored gemstones from more than 20 countries in Latin America and around the world will gather at the World Jewelry Hub in Panama City from June 20 to June 23 for the Second Latin American Diamond and Jewelry Week.
A commercial and networking event that is specifically designed to bring together players from both the regional and global trades, the week will also spotlight the growing role of Panama in the jewelry and gemstone business.
Established as the only dedicated gemstone and jewelry trading center in all of Latin America, and home to the region's only recognized diamond exchange, the World Jewelry Hub registered about $140 million worth of turnover in its first 10 months of operation.
Among the highlights being planned for the Second Latin American Diamond and Jewelry Week are the first major diamond and gemstone auction to be held in Latin …

Japan Bank for International Cooperation to finance US$2.6b monorail in Panama

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Japan Bank for International Cooperation to finance US$2.6b monorail in Panama. Japan early this week  agreed to finance a US$2.6 billion monorail Panama intends to have built by 2022 as an extension of its young metro system, the Panamanian government said.
"This financing Japan is giving us today is recognition of the solidity and credibility of Panama," a statement quoted President Juan Carlos Varela saying during a visit to Tokyo.
The Japanese credit for the monorail is a 20-year deal extended through the government-backed Japan Bank for International Cooperation (JICA).
A memorandum of understanding was signed in January and Varela's trip to Tokyo sealed the agreement with Japanese Prime Minister Shinzo Abe.
The cost of the monorail project makes it the biggest in Panama after a massive expansion of its century-old canal, which is to be inaugurated in June after an investment of over US$5 billion.
The monorail will constitute a line three to Panama's new metro netwo…

Scotiabank’s Panama business rooted in the ‘real economy’, CEO Brian Porter says

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Panama / Panama. Scotiabank’s Panama business rooted in the ‘real economy’, CEO Brian Porter says. CEO Brian Porter said Scotiabank has made investments in technology and training, and takes vigilance for such activities very seriously given the bank's broad "footprint" that covers operations in North America, Latin America and the Caribbean.
Bank of Nova Scotia has been operating in Panama since 1974, but Brian Porter, the chief executive, says Canada’s third-largest bank isn’t doing the type of banking that would put it in the thick of the recent controversy surrounding the Panama Papers.
“I took a course on AML (anti-money-laundering) and anti-corruption last week,” he said. “All employees have to do that throughout the bank, and it’s a question of awareness and keep driving home the message, and having robust protocols and processes in place, which we do.”
Scotia’s operations in Panama are concentrated primarily in personal and commercial banking. The bank closed a weal…

OnQ University Launches in Panama

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Panama, Panama / OnQUniversity Launches in Panama. Healthcare labor outsourcing and contact center offers first-ever continuing education program.OnQ, an emerging leader in healthcare global labor outsourcing, announced recentl the launch of its Panama-based training and continuing education program, OnQUniversity – the first of its kind in the industry. This credit-based quarterly education program affords OnQ associates the opportunity to improve relevant job skills such as customer service, linguistics, organizational and communication skills and more.
OnQ  announced recently its Panama-based training and continuing education program, OnQUniversity.
OnQUniversity was created to support OnQ’s continued growth and bolster its laser focus on quality through employee training and development. Inaugural courses held in January 2016 were marked by a 67% participation rate. U.S. healthcare experts, working alongside OnQ’s training staff, led the sessions. Classes focused on developing assoc…

Tocumen to issue tenders for commercial space in August

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Panama, Panama / Tocumen to issue tenders for commercial space in August. Tocumen International airport has released that tenders for the commercial space in its new south terminal (T2) including duty-free are due to be issued in August.
The commercial space in the new T2 spans 9,000sq m with two duty-free areas around 1,500sq m each planned. Grupo Wisa and Motta Internacional are the incumbent duty-free operators.
Tocumen was originally due to go to tender in 2015, but delays have slowed the process. Commercial vice-president Franklin Carillo said recently: “We had to redesign some areas to make both terminals function as a whole. The offices and some spaces had to go through a redesign; because growth envisaged at the time is disproportionate to the understanding we have now. We are also defining the commercial model.”
Interest has already been garnered from the likes of Dufry Group and Gebr Heinemann for the duty-free tenders, indicated Carillo. “Indeed, the high level of consumption …