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Showing posts from 2017

A.M. Best Assigns Credit Ratings to Seguros Suramericana S.A.

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A.M. Best Assigns Credit Ratings to Seguros Suramericana S.A.
(Panama Business News). A.M. Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Seguros Suramericana S.A. (Sura) (Panama). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Sura’s good risk-adjusted capitalization supported by a well-structured reinsurance program, parental support provided by Grupo de Inversiones Suramericana S.A. (Grupo Sura), and improved underwriting metrics that continue to be driven from its integration with Seguros Banistmo, S.A. (Seguros Banistmo) in 2015. Offsetting these positive rating factors is Panama’s highly competitive landscape, which could pressure Sura’s operating performance.
As of year-end 2016, the company stood as the fourth-largest insurer in Panama, with a market share of 9%. Sixty-eight percent of its business portfolio is composed of property/casualty (P/C) products, with life products ma…

Blockchain Embassy Opens for Business in Panama

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Blockchain Embassy Opens for Business in Panama
(Panama Business News). A new location for bitcoin and cryptocurrency enthusiasts, entrepreneurs, activists, iconoclasts, connoisseurs, and the general public has opened in Panama. It is called the Blockchain Embassy. It is located in the Balboa Boutiques Strip Mall of Balboa Avenue in Panama City.
The space has crypto clothing and other merchandise for sale. It has a cafeteria, craft beers for sale, hardware wallets on display, a coffee shop, and even a working space.
A press release sent to bitcoin.com, said the embassy will also start giving cryptocurrency workshops and presentations. Everyone is welcome to come and engage with the Panama crypto community. The Embassy press release elaborated on how it accepts payment and provided more information:
The embassy accepts payments in cash and Crypto, and has become an emblematic tourist site in Panama. It receives visitors from all over the world. It is one of the projects created by startup…

Trimax Corporation and Wholly Owned Subsidiary Saavy Naturals Inc. to Begin International Retail Sales With the Execution of Its Distribution Agreement With Panama Based US Pharmacy Group

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Trimax Corporation and Wholly Owned Subsidiary Saavy Naturals Inc. to Begin International Retail Sales With the Execution of Its Distribution Agreement With Panama Based US Pharmacy Group
(Panama Business News). Trimax Corporation, Inc. (OTC PINK: TMXN) (the "Company") and its wholly owned subsidiary Saavy Naturals Inc., will begin international retail sales of its all natural body care line through its executed distribution agreement with Panama based US Pharmacy Group in the Caribbean, Central & South America.
U.S. Pharmacy Group based in Panama City, Panama started in 1997 and has grown into one of the largest distributors of pharmaceuticals, medical devices, hospital disposables, personal care and beauty products, food supplements, vitamins and foods in the Caribbean, Central & South America.
US Pharmacy Group prides themselves on strategic knowledge of their markets from the constant study of both regional and national market trends. Whether pharmaceutical, hospita…

Bondholders sell majority of units at Trump condo hotel in Panama

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Bondholders sell majority of units at Trump condo hotel in Panama
(Panama Business News ). Ithaca Capital Partners, which has a Miami office, acquired 202 of the 369 units for an undisclosed price Bondholders with delinquent debt on the 70-story Trump International Hotel, Panama, sold most of the units at the condo hotel, a high-rise landmark in Panama’s capital city.
Investment firm Ithaca Capital Partners paid an undisclosed price for 202 of the 369 units at the Panama City property, plus the condo hotel’s three restaurants and its 30,000-square-foot conference center.
Orestes Fintiklis, a Miami-based director of Ithaca, told TRD in a phone interview Friday that the transaction was “an arrangement” agreed upon by the bondholders, equity holder Newland International, and hotel operator Trump International.
“The bonds have been non-performing for about two years,” Fintiklis said. The Panama City hotel opened in 2011.
Canal Bank provided debt financing for the acquisition by Ithaca, which is…

Attenza DFA targets success at Tocumen following win of duty free contract.

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Attenza DFA targets success at Tocumen following win of duty free contract.
(Panama Business News). Motta Internacional’s retail fascia Attenza Duty Free will operate one of the duty free contracts at Panama Tocumen Airport.
Motta Internacional has vowed strong returns from its new Attenza Duty Free concession at Panama’s Tocumen International Airport after securing one of the three 10-year contracts in a competitive tender.
As reported earlier today, Duty Free Americas (DFA) snapped up two of the three 700sq m retail spaces at the airport in a deal worth $288m to the airport in concession fees over the lease period.
Reacting to the result, Motta Internacional CEO Erasmo Orillac said: “We placed what we considered a competitive bid based on the knowledge we have of the market; of course we would have loved to have won two concessions, but we will make the concession of our block a successful operation.”
Attenza Duty Free will pay a minimum monthly guarantee of $675,844 for the contract. Ba…

OrthAlign, Inc. Announces Distribution Partnership with Ortosistemas S.A. and First KneeAlign Cases for TKA in Panama

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OrthAlign, Inc. Announces Distribution Partnership with Ortosistemas S.A. and First KneeAlign Cases for TKA in Panama
(Panama Business News). OrthAlign, Inc., a privately held U.S.-based medical device and technology company providing orthopedic surgeons with advanced precision technologies, announced today a distribution partnership with Ortosistemas S.A. and the first set of KneeAlign® cases successfully completed for total knee arthroplasty (TKA) in the country of Panama.
These cases were completed by Panama City-based orthopaedic surgeon Edmundo Ford, MD of Centro de Especialidades Ortopedicas at Hospital San Fernando and continue to demonstrate the rapid adoption of OrthAlign’s handheld precision technologies, by surgeons throughout the world (the technology is now utilized in over 45 countries).
“KneeAlign is easy, simple, and reliable,” said Dr. Ford. “I’m happy to know that going forward, my total knees no longer are subject to human error. Our patients will be happy to know that…

Red Frog Beach Island Resort & Spa Debuts Affordable New Condominiums in Panama

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Red Frog Beach Island Resort & Spa Debuts Affordable New Condominiums in Panama
(Panama Business News). Red Frog Beach Island Resort & Spa, Panama’s award-winning island resort in Bocas del Toro, Panama, recently announced three new upscale condominium designs to their collection of luxury residences: The Capitana, The Boutique and the Solare. The three additions to the Red Frog Beach community offer sleek and refined layouts that all feature spectacular, unspoiled views of the turquoise blue Caribbean Sea. Home owners will have access to world-class beaches, adventure experiences, water sports, wildlife, and more.
Embracing a smaller architectural design that offers an island lifestyle at a fraction of the cost compared to other Caribbean vacation home options, these new floor plans range in size from 646 square feet to nearly 2,000. These upscale yet affordable condos will feature energy-efficient smart technology, an infinity-edge pool with stunning views and dramatic landsca…

Sacyr, Hyundai pull out of Panama Canal bridge tender

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Sacyr, Hyundai pull out of Panama Canal bridge tender
(Panama Business News). The shortlist of consortiums bidding to design and build the fourth bridge over the Panama Canal has been reduced from six to four and the date for submissions has been put back from 11 August to 5 September.
The 1,2km cable-stayed main bridge will be 50m-wide and carry six lanes for vehicles and two for the trains of the future Metro Line 3. It will be built north of the Bridge of the Americas, near the Balboa port installations, and will connect Panama City to its western suburbs.
The cost of the works, including about 6km of highway has been estimated at between $800m and $1.2bn.
A consortium led by Brazilian contractor Odebrecht was asked to withdraw at the end of last year. This was one of a number of big infrastructure projects in Latin American that the company lost as part of the fall-out from the immense Lava Jato corruption scandal. The company announced its decision in January.
The second team to dr…

Planet Fitness Expands to Panama. Country's first Judgement Free Zone to Open in Santa Maria

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Planet Fitness Expands to Panama. Country's first Judgement Free Zone to Open in Santa Maria
Planet Fitness, Inc. (NYSE: PLNT), one of the largest and fastest-growing franchisors and operators of fitness centers in the U.S., today announced the upcoming opening of its first club in Panama. The country's first Judgement Free Zone® in Santa Maria is expected to officially open this fall with a second location opening in Centennial by the end of 2017.
Planet Fitness, founded in 1992, is known for the combination of its high-quality fitness experience, affordable prices, and hassle-free, non-intimidating environment known as the Judgement Free Zone. Today, Planet Fitness has over 10 million members and more than 1,300 locations system-wide in 48 states, the District of Columbia, Puerto Rico, Canada and the Dominican Republic. Each location features the brand's iconic "Lunk Alarm" – a purple and yellow siren on the wall used as a light-hearted reminder that gr…

JCDecaux Top Media wins the exclusive advertising concession for Tocumen International Airport in Panama

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JCDecaux Top Media wins the exclusive advertising concession for Tocumen International Airport in Panama
(Panama Business News). JCDecaux S.A. (Euronext Paris:DEC), the number one outdoor advertising company worldwide, announces that its subsidiary JCDecaux Top Media has won the exclusive advertising contract for the Tocumen International Airport in Panama City, following a competitive tender.
Aeropuerto Internacional de Tocumen S.A. (AITSA) chose to put its confidence in JCDecaux and Top Media, who signed a merger agreement last 23rd of december, to be responsible, as of 1stAugust 2017, for installing, managing and marketing the advertising displays (interior, exterior, hallways and approach roads) for Terminal 1 and the upcoming Terminal 2, which is currently under construction and will open in 2018.
Combining JCDecaux's expertise as the number one airport advertising company worldwide with that of Aerotop, Top Media's subsidiary currently the advertising concession holder at T…

MPC Capital expands its renewable energy business with a new office in Panama

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MPC Capital expands its renewable energy business with a new office in Panama
(Panama Business News). MPC Capital AG, a global investment manager for real assets, has today announced the launch of MPC Renewables Panama S.A., based in Panama City, Panama.
MPC Renewables Panama will support the development, management and further expansion of the company’s renewable energies projects throughout Central America and the Caribbean, with Fernando Zuniga appointed as its Regional Director for Central America and the Caribbean.
“Central America and the Caribbean is a key region for the growth of our renewable energies business” said Dr. Roman Rocke, Management Board Member, MPC Capital AG. “Having an office in Panama City, under the leadership of Fernando Zuñiga, who has extensive experience in the sector, are strategically important steps in serving our investors and business partners and in our global growth.”
Fernando Zuniga has over 9 years of experience in the renewable energies secto…

Panama´s Copa Holdings, Boeing Announce Deal For 15 737 MAX 10s

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Panama´s Copa Holdings, Boeing Announce Deal For 15 737 MAX 10s
(Panama Business). Copa Holdings (NYSE: CPA) and Boeing (NYSE: BA) announced an order for 15 737 MAX 10s at the 2017 Paris Airshow.  With this announcement, Copa Airlines is one of the launch customers for the 737 MAX 10 airplane and will be the first airline in Latin America to operate the newest addition to the MAX family. The order is a conversion from a previous order of 737 MAX 8 aircraft. Copa Airlines is first airline in Latin America to order the 737 MAX 10
"Due to the long-term success we've had operating 737 NG we had placed a sizable order of 737 MAX aircraft for our future, and the 737 MAX 10 provides additional flexibility for certain segments of our network," commented Ahmad Zamany, Copa Airlines' Vice President of Technical Operations.
Copa Airlines will use these airplanes to replace existing airplanes and support the carrier's plans for strategic growth.  Copa Airlines will be the fi…

Panama hopes for big economic return from new ties to China

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Panama hopes for big economic return from new ties to China
(Panama Economy). Panama's business community cheered the Central American country's decision to establish full diplomatic ties with China and ditch Taiwan, hoping to deepen links with a key customer of the nation's shipping canal.
There was broad support for the decision to throw his lot in with China, whose growing global ambitions contrast with U.S. President Donald Trump's isolationist rhetoric.
"I'm sure it wasn't an easy decision, given the long-term links we've had with Taiwan, but nonetheless, (China) is a global superpower, the world's No. 2 economy, the second biggest user of the canal - and so we think this is a positive development that will result in more business and investment in Panama," said Inocencio Galindo, president of Panama's Trade, Industry and Agriculture chamber.
The diplomatic U-turn comes as China attempts to position itself as a defender of free trade in t…

Punta Pacifica Realty Inks Deal to Market New Boquete Project

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Punta Pacifica Realty Inks Deal to Market New Boquete Project
(Panama Business). Punta Pacifica Realty (PPR), the leading sales, rental and property management company in Panama City, has reached an agreement to serve as exclusive sales and marketing agent for a new luxury condominium project outside Boquete, the popular expat community in the lush mountains of northern Panama.
The Estrella condominiums are in development on the 17th hole of the existing Lucero Golf and Country Club, the master-planned active lifestyle community built around an 18-hole championship-level golf course designed by J. Michael Poellot. Owners of the Estrella condominiums will have full access to Lucero’s amenities, including professional-level clay tennis courts, 10 km of hiking trails and the gourmet Seasons restaurant.
“Estrella brings a new level of luxury and quality to Boquete,” said Duncan McGowan, president of Punta Pacifica Realty and a consultant on the Estrella development. “This is not your typical…