Moderator_02
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Panama Canal widening brings new headaches for Panamax owners
Monday, 28 Nov 2016 | 12:15 AM ETCNBC.com
Johan Ordonez | AFP | Getty ImagesContainer ships less than a decade old are potentially on the block for scrap value as a widening of the Panama Canal earlier this year plays havoc with a market already under strain from a crash in freight rates.
An expanded Panama Canal opened in June to ships three times bigger than those previously called Panamax - a designation assigned to the biggest vessels that could pass through the locks cutting through the Central America isthmus. The makeover for the more than century-old shortcut between the Atlantic and Pacific oceans has already been giving the Suez Canal a run for the U.S. East Coast – Asia's shipping route of choice.
In response, many shipping firms are now weighing whether smaller ships are obsolete, as options to find new opportunities narrow and costs outweigh fees earned from operations, said shipping information provider VesselsValue.
Finding new uses for the classic Panamax ships has been difficult, including the ships actually being too big to ply container feeder routes, said VesselsValue associate director, Claudia Norrgren.
The development has sent the value of container ships down on-year, she said, with news rocking the industry of a 7-year-old container ship under negotiation for sale that was valued just above scrap value at $5.87 million, after its value fell 62 percent this year alone, according to VesselsValue.
The ship's owner, Singapore Exchange-listed Rickmers Maritime, said the sale had not been completed, but confirmed talks were ongoing, the trustee-manager said in a statement to the Singapore stock exchange.
Even so, in September a 10-year-old Panamax-size ship was scrapped as overcapacity weighs on the industry. In 2011, the average age of container ships scrapped was 19 years old.
There have been 151 container ships scrapped this year to date, double the number in 2015 and more than the 134 scrapped in 2014, according to VesselsValue. There were 164 such ships scrapped in 2013.
Shippers that own Panamax vessels also face headwinds from sharp drops in rates for bulk commodity shipments in the past few years and an overall slowdown in global trade that has hit container traffic, sending freight rates to record lows.
As well as tanking freight rates, new environmental regulations requiring new installations and retrofitting may contribute to more young vessels getting scrapped.
"Many people in the industry think that lots of the overcapacity will be got rid of, as you will never make your money back from the expense to add all these systems on the vessel," said Norrgren.
http://www.cnbc.com/2016/11/28/panama-canal-widening-brings-new-headaches-for-panamax-owners.html
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Scandal committee report faces implementation challenge
Posted on December 2, 2016 in Panama
Mark Pieth, rightPost Views: 72MARK PIETH, the Swiss criminology professor who resigned from the Panama committee convened in the wake of the Mossack Fonseca scandal to propose reforms to Panama’s financial system says the committee’s report, delivered last month, contains some good recommendations
But : The challenge now is to implement them, that is the hardest part,”he said during the 17th International Conference Against Corruption, which is taking place in Panama.
“I still think that assembling such a committee was a good idea, although I would have wanted it to be more international.”
That objection was one of the reasons that motivated his departure from the committee along with Nobel economics Laureate Joseph Stiglitz.
They were also concerned that the report would not be made public, something that President Juan Carlos Varela did a short time after receiving it.
After their resignations, Pieth and Stiglitz wrote their own report with global recommendations to combat the use of corporate structures and the financial system to hide assets.
In that report, they recommended the creation of public records that can be accessed by investigators.
http://www.newsroompanama.com/news/panama/scandal-committee-report-faces-implementation-challenge
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Six asphyxiated bodies uncovered
Posted on December 2, 2016 in Panama
Argentina Barrera , left,Post Views: 196FIVE MEN and one woman whose bodies were found in a shallow grave near a construction site in Villabos, Pedregal on Thursday Dec.1 were “mechanically asphyxiated” said Prosecutor Argentina Barrera at a Friday press conference.
An El Siglo contact reported that the possibility that the six were buried alive has not been ruled out
Barrera confirmed that the bodies were found in woodland bordering a construction project when a passer by saw a hand sticking out of the ground.
He said that the event is linked to a “related subject with the subculture of organized crime.”
Expert, technical, forensic and documentary investigations are under way.
The proseutor revealed that in the clothes of one of the men a Colombian document and a Costa Rica driver’s license were found.
National Police Subcomandant Manuel Bonome participated in the conference and said that operations were being conducted across the country and Panama would not tolerate this kind of crime.
http://www.newsroompanama.com/news/panama/six-strangled-bodies-uncovered
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Can someone tell us who benefits from the excess monies brought in by the lottery system? Or are there more than one kind of lottery? Curious minds want to know.
QuoteLottery love affair on the upswing
Posted on December 2, 2016 in Panama
http://www.newsroompanama.com/wp-content/uploads/2016/12/lottery-620x264.jpgPost Views: 78PANAMA’S infatuation with the “Lotteria” (lottery) where citizens can try their luck twice a week for as little as 25 cents, continues to grow.
Between January and September this year, the national lottery sold $522.3 million in tickets, an increase of 3.5 percent over the same period last year. That is an increase of $17.8 million.
The lottery made a profit of $106.7 million,an increase of $11.3 million (12.2 percent) from the previous year
http://www.newsroompanama.com/news/panama/lottery-love-affair-upswing
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According to my handy-dandy 700 digit (
) printing calculator, these numbers equate to an average payment of $174.56 per employee.
http://www.prensa.com/in_english/Gobierno-decimo-empleados-publicos-diciembre_21_4634746485.html
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Tocumen to Buy Surrounding Land
The international airport in Panama needs space to build a third runway to ensure the continuity of air operations.
Monday, May 9, 2016
An article on Capital.com.pa reports that "...The neighborhoods surrounding the International Airport of Tocumen are limiting growth of the airport, and preparations are being made to acquire these lands in order to build a third runway in the next five years, to prevent the arrival and departure of aircraft being interrupted by an accident. "
According to Carlos Von Seidlitz, director of Air Transport at the Civil Aviation Authority (CAA), "...Many developments located near the airport came about by land invasion and today they are strangling the growth of the air terminal, which will have to compensate these residents. "
"... Tocumen SA reported that, indeed, the next phase of airport expansion plan includes the construction of a third runway, which will be needed in the next five years. "http://www.centralamericadata.com/en/article/home/Tocumen_to_Buy_Surrounding_Land
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Tocumen Plans a Third Runway
In order to remain competitive Panama City airport needs to further expand its operating capacity, and is already working on the acquisition of surrounding land.
Wednesday, November 30, 2016
The funds to finance the project to construct a third runway will come from the dividends expected to be generated by the terminal with the granting of duty free premises whose tender is scheduled for 2017.
Projections by Tocumen S.A. indicate that "...Between 2022 and 2025 Tocumen International Airport will need a third runway if it does not want to lose competitiveness to other air terminals in the region."
Prensa.com reports that "...It is estimated that the period of construction of the third runway will take about three years. In the expansion plans, projected up until 2030, Tocumen envisages the construction of a third passenger terminal, coupled with a new runway."http://www.centralamericadata.com/en/article/main/Tocumen_Plans_a_Third_Runway
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Low cost carrier’s first Panama landing
Posted on December 1, 2016 in Panama
Post Views: 248WINGO, Panama’s latest addition to the low cost airline business landed it’s first flight arPanama Pacifico Airport at the former US Howard military base on Thursday December 1.
Wingo, is owned by Copa Holdings, owner of Copa Airlines
A traditional welcome
The company, which has its headquarters In Colombia, began its flights on Thursday, , although ticket sales began three weeks ago.
The airline recorded sales in excess of $3 million in the first 10 days of opening their bookings website.
The airline will operate five domestic routes in Colombia and 12 international flights, among which are Panama, Costa Rica, Venezuela and Ecuador.
Wingo will have a fleet of four aircraft and its parent company invested little more than $6 million dollars to start the operation.
Wingo is Copa Holdings’ response to other Low cost airlines such as AirPanama and VivaColombia that also offer flights to and from and Panama at lower prices than regular commercial airlines.
A Wingo spokesperson said that on average they receive from Panama some 31 609 weekly visits to the website.
http://www.newsroompanama.com/news/panama/low-cost-carriers-first-panama-landing
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50,000 new vehicles boost gas sales,traffic jams
Posted on November 30, 2016 in Panama
Post Views: 206NEARLY 50.000 new vehicles on Panama roads helped push push gasoline sales up 8.9 percent in the first nine months of the year with a swing to 95 octane.
Traffic jams also increased, with more ahead as the Christmas rush kicks in.
Figures released by the Comptroller General show that gasoline sales totaled 231.3 million gallons up 19 million from the same period last year.
95 Octane sales rose 19.4% while 91 octane fell 1.6%.
http://www.newsroompanama.com/news/panama/50000-new-vehicles-boost-gas-salestraffic-jams
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Mossack Fonseca challenged to discuss corruption
Posted on November 30, 2016 in Panama
Mossack Fonseca's office buildingPost Views: 118TRANSPARENCY International has thrown down the gauntlet to Panama law firm Mossack Fonseca, center of the “Panama Papers” scandal, and challenged it to discuss corruption in the financial system at a global conference in Panama, Dec.1-4.
“Transparency International definitely invites the people of Mossack Fonseca to come,” said Roberto Pérez Rocha, director of the 17th International Anti-Corruption Conference (IACC
“I extend an invitation (to Mossack Fonseca) to come and discuss openly what transparency in the financial system means,” Perez added.
About 1,200 experts will address corruption issues at the conference, including those related to financial systems.
The agenda of discussions includes the Panama Papers, a leak that revealed how Mossack Fonseca created opaque societies for personalities from around the world, many of which could have served to evade taxes or laundering money from illegal activities.
Several journalists who reported on the case will analyze the scope of the scandal, which caused the resignation of the Prime Minister of Iceland and a Spanish minister, as well as linking former British Prime Minister David Cameron, Argentine President Mauricio Macri and soccer player Argentine Lionel Messi, and others to tax avoidance.
Perez extended the invitation to other actors who have participated in the creation of opaque societies, since “there is a global debate now and the worst we can do is hide.”
“We are going to stand face to face discussing it” because financial systems are the “most corrupt” on the planet and facilitators are ” create practically all the atrocities we suffer as citizens,” he said.
http://www.newsroompanama.com/news/panama/mossack-fonseca-challenged-discuss-corruption
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QuoteTuesday October 18 – Meet the Ambassador, the Wardens, and the Consular Agent. We will introduce Hank Landis and Bonnie Williams, the two new U.S. wardens, Tricia Daugherty, the British Consular Agent, and from the Canadian Embassy in Panama: Consul and First Secretary Mika Kosaki Oldham, Ambassador Anna-Karine Asselin, and Consular Officer, Ms. Debora De Herrera. These folks will speak about what their respective embassies can and cannot do for their citizens, how and when to contact them, their citizen registries maintained by the embassies, and other pertinent topics raised by the audience. The Canadian Ambassador will bring passport renewal forms. A must attend program for all U.S., Canadian and British citizens.
Just came across a picture of the new US Warden for the Boquete area, Hank Landis. Meet your Warden (for US citizens), and if you need to contact him, email him at landis.boquete.warden@comcast.net:
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OPINION: The scourge of obesity
Posted on November 29, 2016 in Panama
Post Views: 112Hoyporhoy La Prensa, Nov 29
CHRONIC non communicable diseases are a scourge responsible for half of deaths in Panama.
Diabetes, hypertension and obesity punish without mercy the people, particularly the poorest, as healthy lifestyles, healthy diet, adequate physical activity, and access to quality health care are not common to most of our population.
In Panama, 61.5% of people over 18 years of age are obese. This is not a casual result.
The cumulative product of decades of poor eating habits, the lack of green areas and safe sidewalks where people can exercise, and high intake of alcohol, combined with the use of tobacco complicate life options for Panamanians.
The creation of a basic food basket together with programs that combat sedentary lifestyles and early diagnosis to provide effective treatments for diabetes and hypertension, are just the most obvious solutions that the state can undertake.
This is more cost-effective and humane treatment than continuing to build hospitals without sufficient equipment or staff.
http://www.newsroompanama.com/news/panama/opinion-scourge-obesity
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Tocumen International revenue up 27%
Posted on November 29, 2016 in Panama
Post Views: 85TOCUMEN International Airport continues to be a Panama money spinner with revenue, up 27percent to $191 million in the first 10 months of the year compared with the same period in 2015.
Airport officials said the increase is due to the $10 rise in the departure tax from $40 to $50 and the addition of routes by Lufthansa and Turkish Airlines. With the peak tourist season about to kick in, the rosy picture looks set to continue for with some 14 million passengers are expected to use the airport this year
http://www.newsroompanama.com/business/panama-4/tocumen-international-revenue-27
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Firefighters challenged by grassland arsonists
Posted on November 29, 2016 in Panama
Post Views: 127Panama Fire Fighters (CBP) dealt with 460 fires throughout the country, from January 1 to November 14.
Jaime Villar, director of the entity, said that the figure has dropped due to the effectiveness of prevention campaigns .
However, Villar said that grasslands and vegetation fires and burning vehicles still account for a large number of reports for the CBP.
Up to November 14, countrywide there were 6,000 fires in vegetable masses and 448 burning cars.
in the province of Panama there have been 1,155 cases of grasslands fires and 198 burning vehicles.
Vegetable mass, with 985 and 962 cases, respectively.
“Studies in the world show that cases of vegetable mass do not originate on their own … we are sure that there is criminal hand at work , “said Villar.
There are people who “enjoy” setting fires which generates enormous expenses to the entity.
http://www.newsroompanama.com/news/panama/firefighters-challenged-grassland-arsonists
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Body of landslide victim found
Posted on November 29, 2016 in Panama
Flood dmaged home in Los SantosPost Views: 124THE BODY of a Nueva Libia landslide victim, Virgilio Martínez, 42 who went missing, Nov 22, has been found.
Martinez was in his residence when a landslide brought down three houses in his neighborhood.
Some 140 Civil Defense (Sinaproc) workers were involved in the six day search.
Meanwhile rains continue to create problems in other locations.
At least five homes were flooded and the wall of another house collapsed due to the flooding of the Perales River in Los Santos.
The overflowing of the river isolated some communities along the river for several hours, said civil defense agency Sinaproc.
In the community of El Jobo, the wall of another house collapsed.
It is the second time in less than a week that storm damage was reported in the province. The early damage was in Macaracas.
Representative Ramon Rodriguez Solis said that the heavy rains have caused numerous problems in Los Santos.
Sinaproc is carrying out a damage assessment
http://www.newsroompanama.com/news/panama/body-landslide-victim-found
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Readers of this topic may wish to also read a blog posting about Windows 10 by TwinWolf at http://www.chiriqui.life/blogs/entry/192-windows-10-updates/.
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For those who may be interested in some of historical background about building "green" in Panama, here is another article from some archives of 2012:
Quote"Green" Architecture in Panama
Although in its infancy, the concept is present in many new projects, and is gaining momentum as older buildings which want to remain competitive in the market are being upgraded.
Tuesday, March 27, 2012
The construction of buildings with sustainable and environmentally friendly features has a long way to go in Panama, although the development of this type of construction has made progress in the last 10 years and the capital now has several buildings that have been constructed with improved regulations.
Panama has one building that has been certified, while 25 are in the process of obtaining a green seal and 12 have sustainable features, but are not attempting to be included in the category, reports Capital.com.pa, using the standards of LEED (Leadership in Energy and Environmental Design).
"Green structures are able to save up to 50% on electricity bills, reduced water consumption and energy generated through solar panels", notes Capital.com.pa.
Among the existing buildings, the U.S. embassy stands out as the only building in the capital that is LEED certified. In addition there is, the future Morgan &Morgan tower, the Business Park in Costa del Este, and an office building in the Santa Maria Business District, located in Juan Diaz which are among the projects being built with green features and seeking certification.Source: martesfinanciero.com
http://www.centralamericadata.com/en/article/home/Green_Architecture_in_Panama
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Panama: Rules for Green Building
The construction sector has a one year period, starting from now, to begin implementing energy saving measures in new buildings.
Friday, November 25, 2016
From a statement issued by the National Secretariat of Energy:
See resolution (in spanish) published in the official newspaper, La Gaceta.
This relates to Resolution No.3142 through which the Technical Guide for energy conservation in new buildings is adopted.
"This resolution is very important to establish, for the first time, competence in terms of sustainable construction, to regulate aspects of green growth in our country," said Victor Urrutia, National Secretary of Energy.
The resolution establishes percentages of energy savings that will reduce costs for users in terms of utility payments. In the first two years energy consumption will be reduced by 15%, and thereafter 20%.Click here for the official Gaceta Oficial notice mentioned above (PDF format, 66 pages): GacetaNo_28165_20161124.pdf
http://www.centralamericadata.com/en/article/main/Panama_Rules_for_Green_Building
No Increase in Electricity Rates Due to Low Fuel Costs
in Public Utilities (Water, Sewer, Electricity, Propane, Garbage Service, etc.)
Posted
http://www.centralamericadata.com/en/article/home/Panama_17_Offers_in_Energy_Tender