Thursday, June 22, 2017

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

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 first airline in the region to operate the 737 MAX on deep-South American and North American routes. The 737 MAX 10's operating economics and passenger comfort are ideally suited to Copa Airlines' route network.

"We are thrilled that Copa Airlines is one of the launch customers for the 737 MAX 10," said Van Rex Gallard, vice president, Latin America, Caribbean and Africa Sales, Boeing Commercial Airplanes. "The 737 MAX 10 will be the most profitable single-aisle airplane, offering the lowest seat costs ever and will help Copa Airlines grow their business and win market share in the competitive single-aisle market."

Copa Airlines allows passengers to make fast and convenient connections to 75 destinations in 31 countries in North, Central and South America and the Caribbean through its Hub of the Americas in Panama City, the most internationally connected airline hub in the region.  For the last four consecutive years, FlightStats has recognized Copa Airlines as "Best Airline in Latin America" for its on-time performance and service quality, and, for the last two consecutive years, Copa Airlines was recognized as "The World's Second Most On-Time Airline," by OAG.

The entire 737 MAX family has been designed to offer customers exceptional performance, flexibility and efficiency, with lower per-seat costs and an extended range that will open up new destinations in the single-aisle market. The MAX 8 and 9 will be followed in 2019 by the introduction of a smaller, long range MAX 7 and a 200-seat MAX 8. The MAX 10 will be introduced in the 2020 time frame.

Like Boeing's other 737 MAX models, the MAX 10 incorporates the latest technology CFM International LEAP-1B engines, Advanced Technology winglets, Boeing Sky Interior, large flight deck displays, and other improvements to deliver the highest efficiency, reliability and passenger comfort in the single-aisle market. The 737 MAX is the fastest-selling airplane in Boeing history.

Copa Holdings is a leading Latin American provider of passenger and cargo services.  The Company, through its operating subsidiaries, provides service to 75 destinations in 31 countries in North, Central and South America and the Caribbean with one of the youngest and most modern fleets in the industry, consisting of 101 aircraft: 80 Boeing 737NG aircraft and 21 EMBRAER-190s.

Panama Business News - 

Wednesday, June 14, 2017

Panama hopes for big economic return from new ties to China

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 the face of the "America First" policy of Trump, who was elected in November 2016. Chinese officials also celebrated the news.

Wang Weihua, the permanent representative in the Office of China-Panama Trade Development and Beijing's top representative in the country, said various attempts had been made over the years without success to establish formal ties.

China is interested in Panama for its strategic location, and as a trade and logistics hub, he added.

"China has made a big bet on Latin America, where it has strategic investments, and Panama, which didn't have diplomatic relations, was losing out on those advantages," he said in an interview. "Now Panama will be able to enjoy what our country can offer it in various sectors."

Almost a fifth of the cargo crossing the isthmus last year went to or from China, which has been taking an increasing interest in the Panama Canal.

In March, the canal's administrator, Jorge Quijano, said Chinese state firms were considering developing land around the waterway, which was recently expanded. A spokesman for the canal said Quijano would address soon the implications of the diplomatic change for commerce.

According to Panamanian statistics, total trade between Panama and China was worth $1.1 billion in 2016 - roughly 12 times the value of the nation's commerce with Taiwan. Chinese exports accounted for the vast majority of it.

Octavio Vallarino, a partner of Desarrollos Bahia, a local real estate firm, said he hoped direct flights would soon be established between the two countries, and that the commercial real estate market would be bolstered by arriving Chinese firms.

Sara Pardo, president of Panama's hotel association, said the accord could help make travel between the two countries easier. "This is definitely going to strengthen the economy," she said.

Panama Economy News -

Tuesday, June 13, 2017

Punta Pacifica Realty Inks Deal to Market New Boquete Project

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 project.”... Read More (Complete Article).

Monday, June 12, 2017

Salvatore Ferragamo se renueva en Panamá

Salvatore Ferragamo se renueva en Panamá

(Panama Business)La compañía italiana de lujo aumentó la superficie comercial de su tienda con la que opera en el complejo de la capital del país y sube la persiana de su renovada tienda, con la que operaba en el centro comercial Multiplaza en la capital panameña.

El establecimiento cuenta con una superficie de 450 metros cuadrados donde se pueden adquirir las líneas de productos de la compañía. En el centro comercial, Salvatore Ferragamo comparte presencia con otras empresas del sector del lujo como Dolce&Gabbana y Gucci.

Salvatore Ferragamo finalizó su último ejercicio fiscal con una cifra de negocio de 1.437,9 millones de euros (1.529,9 millones de dólares), lo que representó un crecimiento de sólo el 0,6% respecto al año anterior.

Por mercados, el grupo aumentó sus ventas un 6,1% en Latinoamérica, hasta 76,8 millones de euros (81,7 millones de dólares). A tipo de cambios constantes, el crecimiento de la facturación de Salvatore Ferragamo fue del 15,9%... Leer Más. (Artículo Completo).

Miguel Sanchiz - Panamá Negocios y Empresas -

Thursday, June 8, 2017

Cosco Shipping shuts down subsidiary in Panama

Cosco Shipping shuts down subsidiary in Panama

(Panama Business). Cosco Shipping announced the dissolution Cos Lucky Shipping Maritime Inc, a subsidiary incorporated in the Republic of Panama. Cos Lucky Shipping Maritime is one of the group’s dormant subsidiaries.

The group said the dissolution is subsequent to the scrapping of the vessel owned by Cos Lucky Shipping.

The dissolution of Cos Lucky Shipping is not expected to have any material impact on the net tangible assets and earnings per share of the Company for the financial year ending in December 2017.

The group said that none of its Directors or controlling shareholders has any interest, direct or indirect in the dissolution of Cos Lucky Shipping.

China COSCO Shipping Corporation Limited, also referred to as the China COSCO Shipping Group or China COSCO Shipping, is a Chinese business conglomerate and state-owned enterprise headquartered in Shanghai. The group is engaged in a variety of business sectors, with a focus on integrated logistics, shipping, finance services, and equipment manufacturing.... Read More. (Complete Article).

Wednesday, June 7, 2017

IGY Marinas expands its interest in Panama

IGY Marinas expands its interest in Panama

(Panama Business). IGY Marinas shifts its focus from marketing to ownership and management of Red Frog Beach

Thanks to successful branding efforts implemented by IGY Marinas in recent years, the marina specialist has today announced that it has extended its marketing partnership with Red Frog Beach Marina, Bocas del Toro, Panama, to an agreement that sees IGY Marinas take ownership of the marina and absorb management responsibilities, as well as the original marketing responsibilities.

“We have seen a big increase in superyachts to our Panama locations, especially with the IGY Marinas flag associated with the facility,” says Tom Mukamal, CEO of IGY Marinas. “We anticipate this to grow as both owners and yacht crew love the resort itself as well as the surrounding areas in Bocas, which are quite unique.”... Read More. (Complete Article).

Miguel Sanchiz - Panama Business -