Panama Business

DineEquity Inc. Opens First Applebee's® Restaurant in Panama 
Applebee's Grill + Bar® Restaurant Brand Now in 15 Countries and Territories World Wide
(Panama Business News). DineEquity, Inc.® ("DineEquity"; NYSE: DIN), one of the world's largest full service restaurant companies and the parent company of Applebee's and IHOP® restaurants, has opened the first  Applebee's® Grill + Bar on December 8 in Panama City, Panama it was announced today by Stephen Joyce, CEO and President, International, DineEquity Inc. The restaurant is the first of five locations planned for Panama within the next five years under an agreement with franchisee Collins Restaurant Group, Inc.
Located in Via Centenario, Altaplaza Mall, Local 2-417, Ciudad de Panamá, the restaurant is expected to bring 70 new jobs to the economy as well as additional tax revenue and ongoing local spending on supplies, ingredients and marketing and other services.
"We are delighted that we will now hav…

Trump name to be changed by management in luxury Panama hotel
(Panama Business News). Owners of the Trump International Hotel in Panama are working to strip President Donald Trump's name from the 70-story building and fire the hotel management company run by Trump's family. The property once paid at least $32 million to associate with Trump.
The uprising by Panama hotel owners - following news that Trump was effectively being paid to end a similar management contract for the Trump Soho hotel in New York - points to continued struggles for the Trump brand outside strongholds like Mar-a-Lago in Florida and the Trump Hotel in Washington.
The Trump Organization acknowledged the effort to strip away the Panama property's management and brand. It said it believed the move was a contract violation.
"Not only do we have a valid, binding and enforceable long-term management agreement, but any suggestion that the hotel is not performing up to expectations is belied by the actual …

Panama´s  Retailer Tova S.A. Selects APTOS to Support Inventory Management
The Largest Department Store Chain in Panama will deploy APTOS Merchandising to Optimize Inventory Decisions and Delight Customers. With over 125,000 stores live on its Singular Commerce platform available in the cloud, more than 500 retail brands across the globe rely on cloud-ready Aptos solutions.
Aptos, Inc., a recognized market leader in retail technology solutions, today announced Tova S.A. has selected the Aptos Merchandising solution to modernize its retail operations and optimize inventory aligned with customer expectations.
In business for more than 40 years, Tova S.A. is the largest department store chain in Panama and the country’s second largest employer. The retailer has 19 stores across its three flagship brands — El Campeon, Madison and Steven’s.
With Aptos Merchandising, Tova S.A. will benefit from a suite of applications designed to analyze, order, price and distribute merchandise accurately and e…

Panama’s Cable Onda Boosts Performance of Backbone Network with Coriant Solution
(Panama Business News). Coriant, a leading supplier of packet optical, IP, and SDN solutions to Tier 1 global service providers and web-scale Internet operators, today announced that Cable Onda, a leading television service provider in Panama, is enhancing the flexibility, scalability, and efficiency of its DWDM backbone infrastructure with the latest packet optical transport technology from Coriant. The high-performance Coriant solution, delivered in collaboration with local partner Grupo Comtel (“Comtel”), will enable Cable Onda to cost-efficiently meet growing demand for service capacity while ensuring a superior broadband experience for its residential and business customers.
Built upon the Coriant® 7100 Nano Packet Optical Transport Platform, Cable Onda is expanding the capabilities of its optical transport infrastructure with deployment of advanced networking features, including Reconfigurable Optical…

CLH to supply fuel to five Panama airports
CLH Aviación will supply fuel to five Panama airports and manage their storage facilities after being awarded the tender, organised by the Panama Government.
Among other airports, the company will manage the International Airport of Tocumen, which services the Panamanian capital and is considered one of the most important in the continent.
The fuel supply contract will also cover the future Terminal 2 at Tocumen, which is estimated to start operations in 2018, and to four airports located inland: Scarlett Martínez, Enrique Jiménez de Colón, Panamá Pacífico and Enrique Malek.
It will also manage the storage facilities at the five airports under a concession scheme for a period of ten years and will also build a new service station in the terminal at Tocumen airport.
This marks the start of the CLH Group's fourth international operation.

José Luis López de Silanes, chairman of the CLH Group, says: 'This transaction represents a boost for the …

ROKU Launches in Panama
ROKU INC. today announced it is making its streaming platform available to consumers and content publishers in Panama. The company unveiled two streaming players that will come to market in the coming weeks – the Roku Express+ which is great for HD streaming, and the Roku Streaming Stick+ capable of streaming HD, 4K and 4K HDR at up to 60 fps. Content publishers who want to use the internet to deliver video to consumers can develop streaming channels for the Roku Channel Store in Panama.
“Streaming is gaining popularity quickly around the world, and in particular in Panama, because it allows consumers to watch TV on their terms. To meet the demand we are launching our affordable and easy to use streaming players in Panama,” said Chas Smith, general manager of Roku TVs and players. “The Roku Express+ is one of our most popular streaming players, and is a great starting point for first time streamers because it works with virtually any TV. We’re also delivering our…

A.M. Best Upgrades Issuer Credit Rating of Chubb Seguros Panama S.A.
A.M. Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” from “a” and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Chubb Seguros Panama S.A. (Chubb Panama) (Panama). The outlook of these Credit Ratings (ratings) remains stable.
The upgrade of the Long-Term ICR reflects Chubb Panama’s continued strong risk-adjusted capitalization, its diversified business profile, a solid reinsurance program placed with Chubb Tempest Reinsurance Ltd. and the company’s affiliation to its ultimate parent, Chubb Limited, one of the world’s biggest insurance groups. This affiliation provides Chubb Panama synergies and operating efficiencies. Offsetting these positive factors are Chubb Panama’s modest, but growing market share within Panama’s insurance industry relative to the lines it writes, and the strong competitive environment in Panama’s insurance sector; however, the company partially mitig…

Grupo Poma desarrolla en Panamá el residencial de lujo “Golf Gardens"
 El brazo inmobiliario del grupo salvadoreño construirá su proyecto en el distrito de San Miguelito, en el este de Panamá
(Panamá Negocios y Empresas). El distrito de San Miguelito, en el este de Panamá, donde se desarrollará la urbanización, “es una zona que en los últimos años ha crecido bastante debido a la construcción de proyectos residenciales, escuelas, iglesias, comercio, etc.”, destacó Alberto Poma, Presidente del Grupo Poma.
Alberto Poma habla con emoción del nuevo proyecto que han emprendido en Panamá: “Nos sentimos muy entusiasmados con el desarrollo de Golf Gardens, ya que sentimos será un proyecto altamente diferenciado, no solo por sus tipos de casas –vamos a ofrecer tres tipos de viviendas– sino por todas sus áreas comunes, amenidades y accesos”.
Poma aseguró que planean comenzar la terracería en poco más de un mes. “Vamos a iniciar con el movimiento de tierra en octubre. La etapa inicial tardará un…

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
(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
(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
(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.
(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
(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
(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
(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…