Posts

Showing posts from 2018

Millicom Accelerates Cable Expansion with Acquisition of Cable Onda in Panama

Image
Millicom Accelerates Cable Expansion with Acquisition of Cable Onda in Panama
Millicom announced today it is acquiring a controlling 80% stake in Cable Onda, the largest cable and fixed telecommunications services provider in Panama, Latin America's fastest-growing economy. The transaction values 100% of Cable Onda at an enterprise value of $1,460 million, with a cash consideration of approximately $1,002 million (subject to customary adjustments). The selling shareholders will retain a 20% equity stake in the company. The transaction is subject to customary closing conditions and consent from Cable Onda's bondholders, and it is expected to close by year-end 2018.

Cable Onda is the leader in Panama's broadband internet, pay-TV, fixed telephony and B2B telecommunications markets, serving more than 500,000 customers using mostly its state-of-the-art Hybrid Fibre-Cable (HFC) network. For the half-year ended June 30, 2018, Cable Onda generated revenue of $195 million and EBITDA …

Former Trump hotel in Panama City rebranded as JW Marriott

Image
Former Trump hotel in Panama City rebranded as JW Marriott
A luxury hotel and condominium tower in Panama City that used to bear the Trump name was formally rebranded Tuesday as the JW Marriott after a bitter dispute over control that ended with the U.S. president's family company evicted.
The 70-story, seaside, sail-shaped building is now operated under the brand of U.S. hotelier Marriott International, which took over management.
Owners and administrators unveiled the new name on a granite wall at the entrance where the Trump name was removed in March when, after a hotly contested legal fight, majority investor Orestes Fintiklis was able to oust Trump managers.
"Today is a really exciting day," said Fintiklis, a Cypriot based in Miami, making no mention of the dispute Tuesday. "We are thrilled that the administration of this iconic hotel will be taken on by JW Marriott."
The high-rise with 369 hotel rooms plus restaurants and casinos was inaugurated in a ceremony …

Shell wins LNG deal to supply Chinese firm's power plant in Panama

Image
Shell wins LNG deal to supply Chinese firm's power plant in Panama
Royal Dutch Shell Plc has won a long-term contract to provide liquefied natural gas to a Chinese company's 441 megawatt power plant under construction in Colon, Panama, advisors on the deal said.
The deal with a Shell trading unit comes as a trade dispute between the United States and China has put global LNG exports in the spotlight. This week, China imposed tariffs on $60 billion of U.S. goods, including a 10 percent tax on LNG imports effective Monday, in response to the U.S. slapping tariffs on some $200 billion of Chinese goods.
The deal with a Shell trading unit comes as a trade dispute between the United States and China has put global LNG exports in the spotlight. This week, China imposed tariffs on $60 billion of U.S. goods, including a 10 percent tax on LNG imports effective Monday, in response to the U.S. slapping tariffs on some $200 billion of Chinese goods.
The $900 million power project, being built …

Copa Airlines debuts its first 737 Max 9

Image
Copa Airlines debuts its first 737 Max 9
Copa Airlines has unveiled its first Boeing 737 Max 9, featuring the airline's first lie-flat seats in business class and a new economy extra section.
With 166 seats on board, the aircraft will offer slightly more capacity than Copa's 737-800s which are equipped with 154 or 160 seats. The 737-9 also boasts overhead compartments that are 50% larger, says the Panamanian carrier.
The aircraft marks a "new era" for Copa, after 70 years of commercial service, says Copa chief executive Pedro Heilbron. Registered HP-9901CMP and powered with CFM International Leap-1B engines, the 737-9 was delivered to the Star Alliance carrier in late August. The Max fleet is expected to reduce the airline's fuel consumption by 14%.
Copa will debut the aircraft on revenue service to Tampa and Miami on 20 September, followed by San Francisco on 21 September. The narrowbody will rotate among Tampa, Miami, San Francisco and Los Angeles initially, Heilbr…

Wingstop Opens in Panama

Image
Wingstop Opens in Panama
Wingstop Restaurants Inc. (NASDAQ:WING), the award-winning wing concept with more than 1,100 locations globally, today announced that it has opened its first franchise restaurant in Panama City, Panama, now the ninth international operating country for Wingstop.
The opening is part of an international expansion agreement with Operadora de Restaurantes Orna, a newly formed restaurant group comprised of Grupo Lujor, a Master Wingstop Franchisee from Mexico, and International Brands Panama as the local operating partners. Operadora de Restaurantes Orna and Wingstop have plans to open an additional two locations in 2018, with a long-term goal of ten total locations over the next five years across Panama.
“Expanding Wingstop into our ninth country outside the U.S. continues our growth trajectory towards the brand becoming a top 10 global restaurant brand,” said Larry Kruguer, Chief Operating Officer at Wingstop. “Panama is a major country in Central America with an af…

Air China to Launch New Beijing-Houston-Panama City Route

Image
Air China to Launch New Beijing-Houston-Panama City Route
On 5 April, 2018 Air China will launch a new route from Beijing to Panama City via Houston. The new route is expected to greatly facilitate exchanges between both countries as well as neighbouring regions, while providing passengers with a greater range of options.
In June 2017, China and Panama signed the Joint Communique on the Establishment of Diplomatic Relations Between the People's Republic of China and the Republic of Panama. This formal establishment of diplomatic relations carries forth a relationship that dates back more than 160 years into a new era. China is Panama's second largest trading partner and the second largest user of the Panama Canal, while Panama is China's largest trading partner in Central America. In 2017, bilateral trade amounted to nearly US $6.7 billion, while two-way passenger traffic totalled nearly 40,000, growing at an annual rate of almost 30%.
Best known for the Panama Canal, Panama …

Banistmo Completes $50 Million USD Bond Issuance

Image
Banistmo Completes $50 Million USD Bond Issuance
In the first round of a planned $300 million USD series of corporate bond issuances, Banistmo, through its brokerage firm Valores Banistmo, has issued $50 million USD in the Panamanian capital market.
According to Medellín-based parent company Bancolombia, the funds raised will be used to finance the growth of the bank’s loan portfolio and diversify sources of funding. “This placement reaffirms confidence in the strength of the institution and Banistmo’s commitment to contributing to the development of local and regional capital markets,” added Bancolombia in a statement.
This issuance was co-structured by Banca de Inversión Banistmo and Banca de Inversión Bancolombia, and has received a local long-term rating of AAA (Pan) from big three credit rating agency Fitch Ratings.
Valores Banistmo has more than 1,500 clients throughout Latin America, primarily in Colombia and Panama, with some $2 billion USD in assets under management.
Panama Busine…

W Hotels debuts in Panama

Image
W Hotels debuts in Panama
Marriott’s W Hotels brand has opened its first property in Central America, with the unveiling of the W Panama.
The 203-room hotel is located within the 54-floor Evolution Tower in Panama City’s business district, close to the trendy Zona Rosa district.
Features include an outdoor pool, fitness centre, spa facilities, and 21,000 square feet of events space across six meeting rooms. Dining options include Moro, with its comfort food menu and open kitchen, and La Cajita, a food truck-style restaurant.
Guests enter the hotel on the 15th floor, and in a nod to the Panama Canal, five shipping containers have been used within the interior design, including in the Living Room (W Hotel’s name for the lobby area).
Many of the hotel’s rooms have views of the bay and canal, and feature handmade Mola fabrics and “patterns from the indigenous communities of Guna and Emberá alongside expressive murals”.
Commenting on the opening Anthony Ingham, Global Brand Leader, W Hotels World…

OnQ Continues Growth with New Facilities and Expanded Operations in Panama

Image
OnQ Continues Growth with New Facilities and Expanded Operations in Panama
Expanded facilities in Santiago, Panama to be operational by Spring 2018
OnQ, an industry-leading healthcare labor outsourcing company, is pleased to announce the expansion of its patient services call center and healthcare billing support services in Santiago, Panama. One of the fastest growing companies in the health care labor outsourcing industry, OnQ has commenced construction to expand its second facility in Panama that will increase its capacity by 50 percent.
“The demand for our services has driven remarkable growth over the last year,” said Thomas Mathews, OnQ President. “OnQ is one of the fastest growing call center and labor outsourcing companies in the healthcare industry; and we’re delighted to be able to meet the needs of our existing clients and the market with this increased capacity.”
OnQ was founded in 2013 by former billing company executives inspired by their own experiences to build a premier h…

Alltemp Introduces SEI Corp as Exclusive Distributor for Panama

Image
Alltemp Introduces SEI Corp as Exclusive Distributor for Panama
Alltemp, Inc. (OTCQB: LTMP) ("the Company"), a developer of proprietary and environmentally friendly refrigerant technologies, today announced that the Company entered into a joint-venture with SEI Corp, a 50-year old Latin American business development group, to market and exclusively distribute alltemp® refrigerants in Panama.
SEI Corp is a full-service management, consulting, marketing, sales, and distribution firm that was established in 1968. Its governmental client list includes the national governments of Panama, Chile, Colombia, and Guatemala, on matters including infrastructure, media, and problem resolution. SEI Corp is currently implementing compliance procedures to verify that alltemp's® energy efficacy is in line with Panama's recently passed regulations requiring the use of low energy HVAC alternatives.
On December 28, 2017, the Panamanian Ministry of Commerce and Industry published resolution…

Panama World Jewelry & Diamond Hub Elects Edi Faltz as President

Image
Panama World Jewelry & Diamond Hub Elects Edi Faltz as President
The membership of the World Jewelry & Diamond Hub, Panama, Latin America's first and only diamond exchange, has elected Edi Faltz as its new President. He replaces Mahesh Khemlani, who had served in the position since September 2015.
The vote took place on January 10, following an earlier decision by the diamond exchange's management which appointed an Election Committee to manage the process.
Faltz, who had served as Executive Vice President of the bourse from September 2016 and headed its membership and banking committees, is the owner and CEO of Ten Global SA, a diamond and jewelry company headquartered in Panama City.
A veteran diamantaire, he is also owner and CEO of both DBO (Diamond Buying Office) and the Faltz Diamond & Jewelry Group in Ramat Gan, Israel, and has worked as an external advisor to two leading Swiss banks.
"It has been a privilege to serve during a challenging period, and I am de…

Chinese truck maker eyes expanding LatAm market from Panama

Image
Chinese truck maker eyes expanding LatAm market from Panama
Leading truck manufacturer Shacman has launched operations in Panama with an eye to expanding its share of the Latin American market.
In a recent effort to pursue its aim, the company participated in the international heavy machinery fair Expo Maquina 2018, which took place in Panama City on Jan. 18-20.
"This fair is like a launching, an opening to show that Shacman trucks have arrived in Panama," the company's General Manager for Latin America, Xie Yan, told Xinhua at the city's main exposition center, Atlapa.
The company first entered the Latin American market in 2007, in Chile and Peru, and today has entered Bolivia, Brazil, Ecuador and Colombia.
The company sells about 600 trucks a year in Latin America, mainly in Peru and Chile, and hopes to increase its regional sales by some 15 percent."We want to take advantage of being in Panama to also cater to markets like Costa Rica, Guatemala, and Trinidad and T…

Bladex Announces Quarterly Dividend Payment for Fourth Quarter 2017

Image
Bladex Announces Quarterly Dividend Payment for Fourth Quarter 2017
Banco Latinoamericano de Comercio Exterior, S.A. ("Bladex" or "the Bank") (NYSE: BLX), announced today a quarterly cash dividend of US$0.385 per share corresponding to the fourth quarter 2017.
The cash dividend was approved by the Board of Directors at its meeting held January 16, 2018, and is payable February 21, 2018 to the Bank's stockholders as of February 2, 2018 record date. As of December 31, 2017, Bladex had 39,428,834.73 shares outstanding of all classes.
Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, initiated operations in 1979 to promote foreign trade finance and economic integration in the Region.
The Bank, headquartered in Panama, also counts with offices in Argentina, Brazil, Colombia, Mexico, Peru, and the United States of America, supporting the regional expansion and servicing its customer base, which includes f…

Nasdaq to Deliver Market Technology to Bolsa de Valores de Panamá

Image
Nasdaq to Deliver Market Technology to Bolsa de Valores de Panamá
Nasdaq Inc. (Nasdaq:NDAQ) and Bolsa de Valores de Panamá (BVP) have signed an agreement for Nasdaq to deliver matching engine technology via the Nasdaq Financial Framework architecture to Panama's national stock exchange. BVP will replace its current technology with a new platform that will allow them to meet their strategic growth plans and leverage the modular functionality of the Nasdaq Financial Framework to offer additional services to their members and clients.
"Replacing our existing trading software to Nasdaq's technology is a key component in achieving our strategic goals, our continuing efforts of the regional integration of the exchanges and position our Exchange as the hub for capital markets in the region," said Olga Cantillo, Chief Executive Officer, Bolsa de Valores de Panamá.
"Panama is one of Latin America's important growth markets and is clearly committed to creating a liquid, …

Panama Hotel votes to drop Trump — but his company won’t go

Image
Panama Hotel votes to drop Trump — but his company won’t go
An attempt to oust President Donald Trump's hotel business from managing a luxury hotel in Panama has turned bitter. There have been accusations of financial misconduct. Marriott, like most major international companies, has significant business and public policy interests before the Trump administration.
(Source: CNBC). Trump Hotels is contesting its firing, and its staff ran off a team of Marriott executives invited last month to visit the property during a search for a new hotel operator, according to two people familiar with the matter.
After the owners' association accused Trump Hotels of mismanagement and financial misconduct in a $15 million arbitration claim, the company owned by the president fired back with a $200 million counterclaim and refused to turn over the property's financial records. When a team from Marriott International came to the property at the invitation of the hotel's majority owner, Tr…