Moderator_02
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Merger between Banco Universal and Canal Bank finished
Angel López Guía, Roberto González 15 sep 2016 - 13:27h
The Superintendency of Securities announced today that the merger between Banco Universal and Canal Bank has ended successfully and that the new entity will begin operations Monday.
The new entity, which will retain the name Canal Bank, will have 11 branches in the provinces of Panama, West Panama, Chiriquí, Herrera and Coclé.
In January, the Superintendency of Banks authorized the sale of 70 percent of the shares of Banco Universal to Canal Bank. The sale was prompted by the takeover of Bacno Universal due to several violations related to the investigation of Felipe "Pipo" Virzi, whose family owned the bank. Virzi was being investigated for alleged irregularities connected to the failed irrigation system in Tonosi, Los Santos.
http://www.prensa.com/in_english/Banco-Universal-Canal-Bank-sucursales_21_4576252335.html
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First respiratory virus death
Posted on September 15, 2016 in Panama
Post Views: 94THE FIRST death of a minor as a result of respiratory syncytial virus (RSV) was confirmed on Wednesday September 14.
Authorities of the Hospital of Pediatrics (HEP) of the Social Security Fund made the announcement.
Earlier the hospital had suspended elective surgeries
Medical director Luis Romero said the child initially suffered from respiratory syncytial virus bronchiolitis which progressed to pneumonia and that eventually led to death.
On Sunday the death of another minor following an acute respiratory illness was reported, but it has not been specifically confirmed by the VRS.
A VRS health alert in the was issued last week because it affects children under five, and can cause death.
The mode of transmission is the same as the common cold.
The most common symptoms are fever, runny nose, cough, shortness of breath and loss of appetite.
http://www.newsroompanama.com/news/panama/first-respiratory-virus-death
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Gas prices down
Posted on September 15, 2016 in Panama
Post Views: 107GASOLINE prices will fall Friday, September 16 says Panama’s National Energy Secretariat.
A liter of 95 octane gas will fall almost four cents from 72.1 cents to 68.2 cents.
The price of a liter of 91 octane will fall from 70 cents to 66.3 cents.
Diesel prices will drop from 59.4 cents a liter to 57.1 cents.
The new prices will be in effect through the end of the month
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Clinica Vet Don Henry is listed in the CL Pet/Vet posting with address, telephone, etc. (Other vets are also listed, by city.)
Here is the link, and just scroll down the vet listing (at the bottom):
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Social Security facing financial crisis
Posted on September 14, 2016 in Panama
Estivenson GironPost Views: 118PANAMA’S Social Security System is facing a financial crisis that threatens its existence says its director Estivenson Giron.
“If reforms aren’t made, the agency’s pension fund will run out of money by 2027, and will start losing money in 2019” he wrote in a report submitted to legislators on Tuesday, September 13.
The first step he suggested is a complete audit of the agency’s finances.
“We cannot talk about reforms if we do not have the figures we need,” he said.
“It is irresponsible to talk about reforms if we do not have the correct information.”
Rafael Chavarria, of the National Council of Organized Workers (Conato),sais the crisis facing Social Security is a product of bad management, which has also affected the health care services it provides.
“There is a shortage of medicines and hospitals aren’t operated properly. This is due to bad administration,” he said.
He was also concerned about the lack of correct financial information.
Chamber of Commerce President Jorge Garcia Icaza agreed that the agency’s finances need to be studied before any decisions are made.
He also suggested that the medical and retirement services offered by the agency be run separately, since they serve different groups reports La Prensa.
http://www.newsroompanama.com/news/panama/social-security-facing-financial-crisis
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OPINION: Devastation bordering Canal
Posted on September 14, 2016 in Panama
rampant deforestationPost Views: 155Hoyporhoy, La Prensa Sep 14
WHO IS RESPONSIBLE for the devastation of land in the operating area of the Panama Canal? No one and everyone at the same time.
The Administrative Unit of Reverted lands of the Ministry of Finance sold the land; the predecessor body of the Ministry of Environment approved the environmental impact study of the promoter; and the Panama Canal Authority gave its approval to the project.
Apparently none of the three institutions took responsibility to check that the project would not affect the Miraflores Lake, or irreparably undermine the existing forest.
Derisory fines and lengthy administrative processes, are not intended to restore the ecosystem, but give the appearance that they did something.
Panamanians hope for more care and diligence on the part of officials who must always act in the best interests of the country.
It would be healthy to examine best measures to prevent the comedy of errors that did away with a protected area water Canal, and should be an example of good governance not a repeat of bureaucratic apathy.
http://www.newsroompanama.com/news/panama/opinion-devastation-bordering-canal
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Copa in bidding for Avianca
Posted on September 14, 2016 in Latin America, Panama
Post Views: 172COPA AIRLINES is looking at a big expansion as it enters the bidding for a hook up with Colombian carrier Avianca.
Avianca, with headquarters in Bogota, is looking for an international partner to help it grow. The airline is controlled by the brothers Aleman and José Efromovich, who also control Avianca Brazil.
The airline is also considering offers from Delta Air Lines and United Continental.
Avianca Holdings offers the bidders a potential point of entry to markets such as Colombia, Peru, Costa Rica and Ecuador.
It would also allow Delta and United to better compete in South America with American Airlines.
Avianca, with a market value of $851.1 million, transported 61 percent of the 15 million passengers in Colombia as of July.
http://www.newsroompanama.com/news/panama/copa-bidding-avianca
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Panama judged fourth-worst country to drive in
Andrea Gallo 14 sep 2016 - 20:38h
Panama occupies fourth place on a list of the worst countries to drive in according to a survey done by the traffic and navigation aid Waze.
Waze analyzed the experience of driving of million of users active of the application in 38 countries and 238 cities.
El Salvador was listed as the worst place to drive, followed of the Philippines, Guatemala, Panama, Indonesia, Peru, Singapore and Colombia.
Traffic and services for drivers were the worst categories for Panama, while it received better scores for road quality and safety.
Waze reported the best countries were the Netherlands, France, the United States, the Czech Republic, Sweden, the United Arab Emirates, Latvia, Hungary, Slovakia and Italy.
The evaluation was carried out in six categories: traffic, both its density and its severity; the quality of the roads, safety, obstacles and weather.
http://www.prensa.com/in_english/Panama-cuarto-peores-paises-conducir_21_4575502413.html
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Port traffic drops 12.4 percent
Wilfredo Jordán 13 sep 2016 - 07:49h
The Panamanian port system, composed of six ports, mobilized 3.5 millions containers between January and July, a decrease of 12.4 percent as compared to the same period of 2015.
The fall is attributed in part to the economic decline around the world, particularly in the countries of the region, but also to the lack of port facilities on the Pacific side of the country.
"Loads are going to other transfer centers or shipping companies that are taking merchandise from Asia directly to South American countries," said the President of the Chamber of Shipping Rommel Troetsch.
Troetsch said more port development is needed along the Pacific coast, and added that the Corazol port project would be one way to address this shortage.
http://www.prensa.com/in_english/Carga-puertos-disminuye_21_4574752480.html
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Social Security director says agency needs fiscal reform
Malou Mendoza P. 13 sep 2016 - 15:04h
Temas: CSS Asamblea Nacional Estivenson Girón
Social Security Director Estivenson Giron told the Budget Commission of the National Assembly today that "the institution is facing a financial crisis that threatens its existence."
He presented a report to the committee that outlined the problems facing the agency, namely that if something is not done to offset its deficit spending, the agency will run out of reserves.
He said there needs to be a "national dialogue" to find the most effective formula to ensure the agency's financial future.
He said this can only be achieved through a "consensus of all Panamanians."
http://www.prensa.com/in_english/Presupuesto-CSS_21_4574752487.html
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Martinelli Court hearing set for Wednesday
Posted on September 13, 2016 in Panama
Ricardo MartinelliPost Views: 107THE PROSECUTOR in the $44.9 million dehydrated food scandal has called for a Supreme Court hearing of ex-president Ricardo Martinelli on Wednesday, September 14.
It will be before Supreme Court Judge Geromino Mejía
Oydén Ortega requested the hearing following information received in a request for international assistance that was sent to Brazil.
The investigation is focused on a $44.9 million contract that was granted to the company Lerkshore International.
Supreme Court Judge Ortega plans to present the results of that request at the hearing.
The case is before the Supreme Court due to Martinelli’s status as a deputy in the Central American Parliament(Parlacen) a position he assumed on July 1, 2014, the day that Juan Carlos Varela took office.
He flew to Guatemala by private jet to be sworn into the body which during his election campaign he called a “ gang of thieves.”
Martinelli has a number of other outstanding alleged corruption cases before the courts, plus the charges of illegal surveillance of 150 political opponents, journalists, judges and businessmen.
After that he flew to Europe before settling in Miami in self-imposed exile, while continuing to attempt pull the strings of the Cambio Democratico Party (CD) which he founded and funded to smooth his way to office.
Interviewed by media in New York, in his early days as president, Martinelli attributed his government’s success to it being composed of “businessmen”.”
The corruption revelations in the past two years have given a new twist to his “”gang of thieves” metaphor.
During his early months in office he attempted to engineer Panama’s withdrawal from Parlacen.
http://www.newsroompanama.com/news/panama/martinelli-court-hearing-set-wedneday
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Pope’s visit will speed delivery of Metro 2
Posted on September 13, 2016 in Panama
Roberto Roy leftPost Views: 88THE VISIT by Pope Francis to Panama in 2019 for the Catholic Youth World Assembly will accelerate the construction of line 2 of the Metro and the extension to Tocumen International Airport.
The news came from Metro Chairman Roberto Roy on Tuesday September 13 during a presentation to the National Assembly on the agency’s 2017 budget.
But Roy did not offer any clues to the additional price tag involved in the speed up work on the projects.
When the selection of Panama as the site of the event was first announced, enthusiasts talked of visitors arriving by the million.
That was scaled back to around 400,000.
But traffic watchers, pointed out that some 150,000 additional vehicles will appear on Panama’s streets by mid-2019 and the current public transit system would not be able to cope with a sudden major influx of visitors.
Hotels will have less of a problem as apart from the dignateries, the mass of youth visitors are billeted in private homes.
President Juan Carlos Varela and First Lady Lorena Castillo, who attended the last youth event in Krakow, Poland, were enthusiastic proponents of the visit.
More resources
“Metro line 2 has to be fully ready by Dec. 31, 2018,” Roy told legislators. “That accelerates the project which was originally supposed to be completed by April of 2019. This requires additional resources.”He did not specify how much accelerating the completion date would cost.
During his presentation Roy also said that authorities are working on integrating a single fare for riders using the Metro and the Metro Bus.
http://www.newsroompanama.com/news/panama/popes-visit-will-speed-delivery-metro-2
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Delay in corruption case criticized
Posted on September 13, 2016 in Panama
Luis Cucalon heading for his short lived preventive detentionPost Views: 66THE SUSPENSION of preliminary hearing of the case involving former Revenue Director Luis Cucalón and four others for alleged offenses against public administration has led to widespread criticism.
The hearing was suspended because Cucalón was not able to attend due to health issues.
A La Prensa cartoonist’s take on the hospitalized corruption suspect
He has been hospitalized for about a year and critics point to the high cost of his “imprisonment,” excluding medical treatment.
Cucalón was moved from preventive detention to Panama’s most expensive private hospital.
Money circle
The case involves a contract issued by the department he headed to the company Cobranzas del Istmo for the collection of delinquent taxes.Other defendants include Cobranzas del Istmo officials Christopher Salerno, Maria Salerno and Magaly Salerno.
Chritopher Salerno claims he delivered cases stuffed with money to then president Ricardo Martinelli,
The allegation is that the company paid bribes to government officials in exchange for the contract.
In some cases the company received a commission for payments made by government entities, including Tocumen International Airport, essentially being paid by the government for collecting money from itself.
http://www.newsroompanama.com/news/panama/delay-corruption-case-criticized
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Panama: Mandatory Accounting for Offshore Companies
The Cabinet Council has approved sending a bill that creates the obligation to maintain accounting records for legal entities that do not have operations in Panama.
Monday, September 12, 2016
The bill submitted days ago by the Executive establishes penalties ranging from suspension of corporate rights to the dissolution of the company in cases where there is failure to comply with the payment of taxes and presentation of accounting information. The project also obliges companies to keep accounting records for registered companies, even if they do not have operations in the country.
Companies registered in Panama that have foreign operations and that do not keep accounting records of their operations may be sanctioned with fines of up to $5,000, and $500 for each day that goes by without remedying the shortcoming.
Under the proposal, "... the Public Registry will suspend the corporate rights of companies that do not pay the single rate for a period of three years. The same fate will befall a company which is in arrears in the payment of an imposed fine or penalty. Once a suspension has been registered in the Public Registry, the company may not initiate legal proceedings, conduct business or dispose of its assets.
Prensa.com reports that "...When a suspension is ordered, a two year period of dissolution starts. During that time, representatives of the company can apply for its reactivation, for which they must pay a fine of $5,000 and remedy the cause of the suspension. If the end of the two-year period is reached without the company having been revived, the Public Registry will proceed with the definitive cancellation and its absolute dissolution."Source: Prensa.com
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The banking superintendent warns…
September 12, 2016
Beware: this video promotes a scam / Cuidado: este video promueve una estafa
The banking superintendent warns
and we should read more into itby Eric Jackson
On September 9 Panama’s Superintendency of Banks issued a warning about an apparent Ponzi scheme with several names, perhaps the most common Flor de la Abundancia. but also El Telar de Mujeres and other names. The terse one-page announcement noted complaints in other countries and advised that this operation has no permit from the superintendency to collect money in Panama. There were no details about who is or was running this outfit here or any physical address or contact data — let alone whether there was any link to a corporate entity and if so any data on that or the lawyers who organized such a corporation. Nor were potential victims warned of places where the scheme is promoted online. In keeping with norms not only of the banking superintendency and the securities markets superintendency here, but also their counterparts across the region, there was also nothing about anybody having been arrested or being sought by police.
The custom in Panama has been for police, prosecutors and regulatory agencies to look at frauds committed against foreigners — by persons or entities within or outside of Panama, against persons inside or outside of Panama — as laughing matters rather than criminal cases. Here the warning has gone out because Panamanians, particularly Panamanian women, are the targets.
This particular pyramid scheme is different from most in that it’s a cyclical operation designed to spin off new organizations, which are apt to take on different names and have different people — or apparently different people — at their center. That form of organization has given the scheme more longevity than the usual pyramid, in which ever more new people are drawn in to put in money that pays earlier “investors” and especially the original promoters, until the day come when their is a deficit of suckers and the scheme collapses of its own weight with the promoter long gone. This particular scheme was first identified in Barcelona a decade ago, has swept across and up and down Latin America and has been late arriving in Panama, or at least its search for victims has come here late.
(Russian mob families, members of the Spanish royal family, shady real estate developers and other denizens of the financial crimes underworld have long made the Barcelona area one of their preferred habitats. Some of these have been known to launder money in Panama or to use international money laundering shell games designed by Panamanian law firms. Until recent years it seems that the Russians would launder money here but would not directly participate in the Panamanian rackets. Now, however, they are players in the local prostitution and human smuggling scenes.)
In any case, in its sweeps around Latin America this particular scheme prompted public disturbances in Colombia in 2008. There in the southern town of Buesaco a personero believed to be in league with swindlers he was supposed to be investigating was shot and killed.
About a year ago the scheme appeared in Mexico and since then it has been exposed on a CNN website and in the magazine El Economista. The headlines have not included the arrest of any the operation’s major figures. The typical pitch is that one puts $100 into the scheme and gets $800 out of it, so it would seem to be a no-brainer for one or more law enforcement agencies to pony up a hundred bucks and try to follow that money. The apparent regional law enforcement consensus is that to be taken for a c-note makes you a pendejo rather than a citizen who ought to be protected.
The art has advanced since the days of Charles Ponzi, when there was no Internet. There are standard old themes like affinity pitches — in this case to women with a bit of money to lose but few real prospects of ever getting rich. There is the old standby of pseudo-religion, with Bible passages and yoga terminology and symbolism invoked here along with the abundant life buzz words of the Prosperity Gospel pitch. But this swindle also uses YouTube (see the video above) and Facebook, and naysayers are apt to face various sorts of online bullying.
Beware, of course. But maybe there should also be some concern about roles that range from apathetic to enabling on the parts of some powerful public and private institutions.
http://www.thepanamanews.com/2016/09/the-banking-superintendent-warns/
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My $0.02 worth: A bit more clarity as to what is being proposed. It appears that empty, delinquent "shell" companies may be fined and/or dissolved after three years.
QuotePay up or shut up for offshore companies
Posted on September 12, 2016 in Panama, Panama
The Cabinet CouncilPost Views: 146COMPANIES registered in Panama, but without operations in the country, will be more closely monitored and face fines, and even dissolution if they are delinquent with the payment of fees.
A proposed change in the company’s law would also create the obligation for these companies to maintain accounting records in Panama for some of their operations.
The project was approved by the Cabinet Council and will go to the National Assembly for discussion.
According to the proposal, the Public Registry shall suspend the corporate rights of companies that do not pay registration fees for a period of three years. They will also be subject to a fine for late fees.
If a company is suspended, it cannot engage in financial transactions or other activities.
If a company doesn’t pay the required fees in two more years, it will be dissolved.
During this period, representatives of the society can apply for its revival of they agree to pay the late fees.
The initiative is aimed at raising the transparency of the financial services industry.
http://www.newsroompanama.com/news/panama/pay-shut-offshore-companies
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ENVIRONMENT: Panama ratifies climate change accord
Posted on September 12, 2016 in Environment, Panama
Post Views: 65WHILE activists are protesting the environmental damage from a development bordering the Canal, Panama ratified an agreement on climate change and announced a reforestation plan.
On Monday, September 12 President Juan Carlos Varela, Chancellor Isabel de Saint Malo de Alvarado and Minister of the Environment Mirei Endara signed an act that ratifies the Paris Accord.
Varela said that Panama is the 28th country to ratify the agreement.
“We are sharing the goal of protecting the planet,” he said.
The president also stressed that Panama has already put in place an initiative it proposed in December 2015 at a climate change conference.
The Paris agreement was passed to replace the Kyoto Protocol.
During the activity, Endara said that Panama has a 20-year reforestation plan.
http://www.newsroompanama.com/environment/environment-panama-ratifies-climate-change-accord
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Suspect no show at money laundering investigation
Posted on September 12, 2016 in Off The Cuff, Panama
Anna BelfonPost Views: 105MAYER MIZRACHI, the gallivanting corruption suspect who sought political asylum in Colombia, continues to thumb his nose at the justice system.
Currently under investigation for crimes against public administration, he failed to show for a hearing on Monday September 12 related to a money laundering investigation involving his technology company Criptext.
Mizrachi, who likes to flaunt his brushes with the law on his Twitter account was represented at the hearing by his lawyer, Ana Belfon, a controversial former attorney general under the government of Ricardo Martinelli (2009-2014)
The hearing was rescheduled for Sept. 19.
Mizrachi is free on $100,000 bail. \He was deported last week from Bogota to Panama after being held in jail for months and then evading immigration authorities while he claimed political asylum.
He is accused of selling encryption technology to the government that failed to meet specifications.
He has denied any wrongdoing.
Mizrachi is prohibited from leaving the country. His father, Aaron, bother in law of Martinelli, is the subject of an Interpol Red Alert.
He fled the country on Martinelli’s private jet.
http://www.newsroompanama.com/columns/the-cuff/suspect-no-show-money-laundering-investigation
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Ambassador confirms Abdul Waked has sued the United States
Redacción de La Prensa 12 sep 2016 - 20:21h
Temas: Abdul Waked Estados Unidos Lista Clinton John Feeley
Businessman Abdul Waked, who was included in May by the United States on the so-called Clinton list for activities related to money laundering and drug trafficking, has filed a lawsuit against the Office of Foreign Asset Control (OFAC) of the U.S. Department of the Treasury.
The suit was confirmed Monday by U.S. Ambassador to Panama John Feeley, who said that the suit was presented by Waked's lawyers in Washington.
"There is a judicial process where they are taking their case," the diplomat said. "It is in the hands of a judge."
Feeley made the comments when asked about it after a meeting with the members of the Foreign Relations Committee of the National Assembly.
Abdul Waked, as well as his son Hamudi and his nephew Nidal Waked, were included on the Clinton list along with 68 Panamanian corporations. Nidal was arrested in Bogota, Colombia, where he is now awaiting extradition to the United States.
Entities from the United States can not have any relationship with people or companies on the list.
On several occasions, Abdul Waked has claimed that the U.S. government has not shown any evidence against him.
http://www.prensa.com/in_english/Abdul-Waked-interpone-recurso-Unidos_21_4574002563.html
Present Varela's Recent Executive Decrees
in Miscellaneous Topics re Panama
Posted
http://www.newsroompanama.com/news/panama/varela-surprise-announcements-questioned