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Showing posts from June, 2016

Aquacai Natural Artesian Water – Panama’s Largest Selling Artesian Water Launches in United States

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Aquacai Natural Artesian Water – Panama’s Largest Selling Artesian Water Launches in United States. Aquacai Natural Artesian Water Panama's largest selling artesian water launches in the US with with a strong marketing effort focusing on Florida, California and Metro New York.
Aquacai – Panama’s largest selling bottled Natural Artesian Water sponsors the expansion of The Panama Canal. “As part of Panama’s historic opening of a second canal to accommodate todays mega ships, I felt it was important to be part of this very important day as Panama’s largest selling Natural Artesian Water,” said Michael Horth CEO of Eurofusion S.A. the parent company of Aquacai.
Going on to say, “With this expansion nearly 6 percent of all the worlds sea transit will travel through canal making Aquacai’s geographic location prime for global expansion.” This coincides with Aquacai Launching in the United States with a very aggressive trade and consumer effort. “With the opening of the new canal, Aquaca…

Schaeffler Supplies Key Components For New Panama Canal

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Schaeffler Supplies Key Components For New Panama Canal. After a nine-year construction period, the new, third channel of the Panama Canal opened Monday. Starting immediately, ships with a maximum length of 366 meters (984 feet) and a width of around 50 meters (164 feet) can travel this shortcut between the Atlantic and Pacific oceans. Until now, the passage was restricted to ships that were no more than 290 meters (951 feet) long and 32 meters (105 feet) wide. Bearing solutions from Schaeffler keep lock gates and valves moving.
Components made by Schaeffler play a key role in the operation of the lock gates. The locks are necessary both on the Atlantic and Pacific side so that ships can overcome a difference in height of 26 meters and pass through the interior of the country. This is achieved by three consecutive locks that are flooded with water from adjoining reservoirs, as  Miguel Sanchiz from Panama Business News learned.
The lock gates are made of reinforced concrete and have eno…

Allied Steel Buildings considers as a game changer the Expansion of the Panama Canal

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Allied Steel Buildings considers as a game changer the Expansion of the Panama Canal. Today the international trade community is celebrating the long awaited inauguration of the expansion of the Panama Canal. Allied Steel Buildings, a leading global builder in the steel construction industry, views the canal expansion as a game changer that will usher in the next big wave of commercial development and economic prosperity for the country. Allied Steel Buildings foresees revenue from the expansion driving the next big wave of development in Panama.
In the mid 2000s, Allied saw an opportunity on the horizon in Panama, which offered low barriers to entry and a welcoming business community. Allied delivered their first project in 2008, as part of the ground-breaking Panama Pacifico development, which built a new city from a wasteland of bunkers and barracks (formerly the Howard Air Force Base). Allied now has close to 60 projects in the country, totaling more than 400,000 square feet, and r…

Princess sets trips into new Panama Canal locks

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Princess sets trips into new Panama Canal locks. Princess Cruises has become the first major cruise line to schedule sailings through the massive new locks at the Panama Canal.
The company this week said the 3,080-passenger Caribbean Princess would operate partial transits of the canal using the new locks at its Atlantic entrance starting in late 2017.
The experience will be part of 10-day Panama Canal cruises out of Fort Lauderdale, Fla. scheduled through the winter of 2017-18, according to what was learned by Miguel Sanchiz of the Panama Business News
There are two new sets of locks at the Panama Canal, one each on the Atlantic and Pacific sides. The locks were added as part of a massive canal expansion project that also included excavating channels to the new lock and expanding existing channels.
Three other Princess ships -- Coral Princess, Island Princess and Pacific Princess -- will operate Panama Canal sailings for the winter of 2017-18 using the canal's original, smaller …

Mizuho, Citi and Bladex co-lead successful syndication of a US$135.5 million, Syndicated Loan Facility for Global Bank Corporation (Panama)

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Mizuho, Citi and Bladex co-lead successful syndication of a US$135.5 million, Syndicated Loan Facility for Global Bank Corporation (Panama).
Mizuho Bank Ltd. ("Mizuho", NYSE: MFG)Citibank N.A. ("Citi", NYSE: C) and and Banco Latinoamericano de Comercio Exterior, S.A. ("Bladex", NYSE: BLX) announced today the recent closing of a US$135.5 million, 2-year and 3-year dual-tranche senior unsecured syndicated Facility for Global Bank Corporation ("Global Bank").
Established in Panama in 1994, Global Bank is the second largest Panamanian-owned bank in terms of assets. The bank is rated BBB-, with a stable outlook, from both S&P and Fitch, and Ba1, with a stable outlook, by Moody´s. Miguel Sanchiz of Panama Business News learned that Mizuho, Citi, and Bladex acted together as Joint Lead Arrangers and Bookrunners in the Facility.
The transaction, which attracted several financial institutions from Japan, Taiwan, the United States of America, and Latin A…

Hyundai Samho Heavy Industries completes supplying key parts to third sets of locks of the Panama Canal

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Hyundai Samho Heavy Industries completes supplying key parts to third sets of locks of the Panama Canal.Hyundai Samho Heavy Industries (HSHI), an affiliate shipbuilding company of Hyundai Heavy Industries (HHI), announced today that it completed its work of supply, installation and construction of a total of 20,000 tons of key equipment for the Third Sets of Locks for the Panama Canal on the Pacific and Atlantic side.
In 2010, HSHI won an order worth $210 million to provide 158 units of valves, 158 sets of hydraulic power unit and cylinder, 84 units of bulk heads, and trash racks, which are key components for reliably managing water level of the new locks. The newly-expanded Panama Canal is due to be formally opened on June 26.
The completion of the Third Sets of Locks for the canal will allow the passage of the Post Panamax vessels with a capacity of up to 14,000 TEUs, a length of 366 meters, a width of 49 meters and a draught of 15 meters.

HSHI’s work was handled by its Industrial Plan…

Asustek Computers and Everest Textiles in Taiwan delegation to Panama

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Asustek Computers and Everest Textiles in Taiwan delegation to Panama. President Tsai Ing-wen’s delegation that is to visit Panama and Paraguay later this month will reportedly include representatives from Asustek Computer and Evergreen Marine Corp, a Chinese-language newspaper reported recently.
Executives from five other firms — Everest Textile Co, Fwu Sow Grain Products Co, General Energy Solutions Inc, I-Mei Foods Co and Sanyang Industry Co — are also to be part of the delegation.
Tsai is to embark on a nine-day trip to Panama and Paraguay on Friday, with transit stops in Miami and Los Angeles. Tsai is scheduled to attend the inauguration ceremony of the expanded Panama Canal on Sunday, the Ministry of Foreign Affairs said.
The seven firms were selected based on the principles of practicality and functionality, learned Miguel Sanchiz of the Panama Business News. They are either involved in sectors in which Taiwan and the allies have ongoing cooperative projects or that play key role…

Fitch Affirms AES Panama at 'BB+'; Outlook Revised to Stable

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Fitch Affirms AES Panama at 'BB+'; Outlook Revised to Stable. Fitch Ratings has affirmed AES Panama SRL's (AESP) Foreign Currency and Local Currency Long-Term Issuer Default Ratings (IDRs) at 'BB+'. Fitch has also revised the Rating Outlook to Stable from Negative. The rating action affects USD82 million of notes outstanding due in 2016 and the USD300 million of notes due 2022.
Additionally, Fitch has affirmed AESP's national scale rating at 'AA-(pan)'. The Rating Outlook is Stable. The national scale affirmation also affects the notes due 2022.
The Outlook revision to Stable from Negative reflects the recent refinancing of AESP's 2016 notes, which alleviated liquidity pressure in the short term. The Stable Outlook also reflects the recovery of the company's EBITDA margins. Fitch expects this improvement to continue due to reduced exposure to spot purchase risk.
AESP began commercial operation of its power barge during the second quarter of 2015, a…

Evergreen Marine gains new 20-year lease of Colon Container Terminal

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Evergreen Marine gains new 20-year lease of Colon Container Terminal. Taiwan's Evergreen Marine Corp. said recently that it has gained approval to extend its lease of the Colon Container Terminal (CCT) in Panama for another 20 years, days before President Tsai Ing-wen heads here for the formal opening of the expanded Panama Canal.
Tsai is scheduled to visit Panama and Paraguay from June 24 to July 2, during which she will attend the inauguration of the expanded Panama Canal on June 26. The new 20-year lease of the CCT was approved last week by Panama's Cabinet.
Evergreen Marine, one of the world's leading container shipping lines, said the 20-year extension of its CCT lease will help improve its service and efficiency and consolidate Panama's status as a transshipment hub in the Americas.
The Colon terminal can accommodate large vessels with a capacity of 10,000 TEU, the company said, adding that it also has three wharfs for small- and medium-sized container vessels. Mig…

Fitch Upgrades La Hipotecaria's Eight Mortgage-Backed Notes Trust & Panamanian Mtg Trust 2007-1

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Fitch Upgrades La Hipotecaria's Eight Mortgage-Backed Notes Trust & Panamanian Mtg Trust 2007-1. Fitch Ratings has upgraded the ratings for the series A notes on La Hipotecaria's Eight Mortgage-Backed Notes Trust and La Hipotecaria Panamanian Mortgage Trust 2007-1 certificates to 'Asf' from 'BBB+sf'. A full list of rating actions follows at the end of this release.
Performance of the Underlying Assets: Delinquencies within the underlying portfolio have performed better than Fitch's expectations. Such low delinquency levels can be partly explained by the fact that the vast majority of the securitized loans benefit from a direct deduction payment mechanism, which helps mitigate willingness to pay risk. Cumulative +180-day delinquencies represent 1.75% of the original pool balance.
Credit Enhancement: The series A notes continue to benefit from increasing credit enhancement. Credit Enhancement has built during the last year due to the sequential nature of th…

China´s Cosco Shipping to Make History in Panama

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China´s  Cosco Shipping to Make History in Panama.The container vessel Cosco Shipping Panama set sail from the GreekPort of Piraeus recently on its way to Panama to make history.
The Neopanamax vessel will make the inaugural transit of the expanded Panama Canal on Sunday, June 26, after a 14-day journey.
Panama Canal Administrator Jorge L. Quijano met with Cosco Shipping Panama’s Captain Jude Rodrigues and crew members prior to the ship’s departure.
Captain Rodrigues said: “I had transited the Panama Canal many times before and it has been a great experience, but being the master of the first vessel to transit the expanded canal is an experience of a century.
“The Panama Canal is testament to the diligence and wisdom of the people of Panama. The Panama Canal Expansion is a major event on itself and a milestone in global history. I would like to congratulate the people of Panama for their efforts and contribution to the global economy.”
Cosco Shipping Panama is a new vessel constructed a…

Andersen Global Expands into Panama

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Andersen Global Expands into Panama. Andersen Global, the multinational accounting and law firm,  now has a location in Panama through the addition of Rivera, Bolivar y Castañedas (RBC) law firm in Panama City. A total of twenty professionals join Andersen Global including four partners: José Javier Rivera, Irene Itzel Bolívar Cisneros, Dayra Castañedas López and César Alberto Rivera.
“We are increasingly finding that the combination of tax and legal services in Latin America is of great interest to our clients”.
 “We are increasingly finding that the combination of tax and legal services in Latin America is of great interest to our clients,” said Mark Vorsatz, CEO of Andersen Tax. “The addition of RBC brings strength and depth to our team and enhances our client service capabilities.”
José Javier Rivera, Founding Partner of RBC, added to Miguel Sanchiz in Panama, “Andersen Global is an excellent fit for RBC. We are committed to providing best-in-class solutions and, through Andersen …

Airlines ready to pounce on Panama based Avianca .

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Airlines ready to pounce on Panama based Avianca .The airlines circling Panama-based Avianca Holdings SA and its Brazilian cousin show that Latin America retains an attraction for foreign carriers, even in the midst of a regional economic slump, as local currencies nosedive. For foreign buyers flush with U.S. dollars, Avianca offers a solid foothold on a continent with just a handful of major players and plenty of untapped potential for leisure and business travelers in a region where many still travel long distances by car and bus. United Continental Holdings Inc and Delta Air Lines Inc are vying with China’s HNA Group for a chance to buy into Bolivian-born entrepreneur German Efromovich’s operations spanning from Havana to Rio de Janeiro, sources told Reuters on Friday. A string of quarterly losses from the region’s carriers, including three in the past year from Avianca, have not deterred U.S. airlines, which are cashing in on low fuel costs, strong demand and rising revenue from chec…

Panama Diamond Exchange Gets New Name

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Panama Diamond Exchange Gets New Name. The Panama Diamond Exchange has been renamed the World Jewelry & Diamond Hub, Panama, to reflect a broader range of goods being traded in the bourse.
“While the trade in diamonds is a principal component of the activity at our bourse, it is certainly not the only one," said Mahesh Khemlani (pictured), the exchange’s president. “A large number of our members deal in jewelry as well, and there is also a very active trade in emeralds and other colored gemstones.”
Not to be confused with the World Jewelry Hub (WJH), which hosts the exchange, management also wanted a name that underlined the connection between the two institutions.
Separately, the WJH reported the first export of finished jewelry manufactured in its free-trade zone since the hub was inaugurated last year. The transaction was managed under the center's expanded free-zone license, which now permits manufacturing facilities within its jurisdiction.
"This was a small exp…