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Panama Papers Trial Continues
Posted 18/04/2024
The Panamanian prosecutor’s office asked on Wednesday for 12 years in prison, the maximum penalty for money laundering, for Jürgen Mossack and Ramón Fonseca, founders of the now-defunct law firm at the epicenter of the international “Panama Papers” scandal. Prosecutor Isis Soto asked the court for a “maximum” sentence against the heads of the Mossack Fonseca law firm as perpetrators of the crime of money laundering, during the eighth day of the trial taking place for the “Panama Papers”. Mossack and Fonseca are also accused of “concealing, covering up and providing false information to banking entities for the opening of accounts and concealing the ownership of assets”, said the prosecutor. “Messrs. Jürgen Mossack and Ramón Fonseca received and transferred funds from illicit activities that occurred in Germany and Argentina,” added Soto.
The prosecutor also asked to convict 24 other defendants, mainly former employees of the firm, and requested the acquittal of three accused. Previously, the judiciary reported 27 defendants in this money laundering case. “We have requested the conviction in accordance with the criminal quality or participation of each one as perpetrators, as primary accomplices and as secondary accomplices,” said the prosecutor. Due to the scandal, the Mossack Fonseca law firm had to close, while Panama’s international image, accused of being a tax haven, was seriously affected. According to the prosecution, Mossack, 76, and Fonseca, 71, are responsible for facilitating through the firm the creation of opaque companies in which executives of the German multinational Siemens deposited millions of euros outside the company’s real accounting. This “slush fund” would have been used to hide money from the payment of commissions.
The Panamanian firm, according to the prosecution, was also used to store money from a massive scam in Argentina. The trial began eight years after the International Consortium of Investigative Journalists (ICIJ) published the “Panama Papers” on April 3, 2016. This investigation, based on the leak of 11.5 million documents from the Mossack Fonseca firm, showed how heads of state and government, political leaders, personalities from finance, sports and the arts hid properties, companies, assets and profits to evade taxes or launder money. To do this, they created opaque companies, through the Panamanian firm, in order to open bank accounts and create front foundations with the aim of hiding money, in some cases from illicit activities, according to the investigation. Russian President Vladimir Putin and former leaders of Iceland, Sigmundur David Gunnlaugsson; Pakistan, Nawaz Sharif; Britain, David Cameron; and Argentina, Mauricio Macri; as well as Argentine soccer star Lionel Messi were some of the names mentioned then.
“I am not responsible” for these crimes, Mossack declared before Judge Baloísa Marquínez at the beginning of the trial on April 8. “The truth is that after more than 500 volumes of files we find that we only have the Siemens case in Germany and a case in Argentina, out of the thousands and thousands of people who were supposedly involved,” said lawyer Daika Indira Levy, Fonseca’s defender, on the second day of the trial. After the “Panama Papers”, the Central American country made some legal reforms, which allowed it to leave the “gray list” of the Financial Action Task Force (FATF) in 2023. However, Panama remains on the list of territories considered “tax havens” by the European Union. The trial was supposed to be held in 2021 but was delayed for various reasons.
https://www.newsroompanama.com/news/panama-papers-trial-continues
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Man Arrested by Interpol at Tocumen Airport Panama
Posted 18/04/2024
Through police units of the National Central Office of Interpol Panama, the arrest of a Jamaican citizen requested by the United States of America was accomplished. Interpol captured a 52-year old Jamaican man at the Tocumen airport Wednesday April 17 2024 after he arrived in transit through Panama, from Medellín Colombia with his final destination being Jamaica. The citizen is wanted by the Superior Prosecutor's Office for International Affairs at the request of the US Courts for the crime of drug trafficking.
https://www.newsroompanama.com/news/man-arrested-by-interpol-at-tocumen-airport-panama
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A Gringo Body Was Found Buried
Posted 18/04/2024
Thursday April 18, 2024: A Panamanian and a Nicaraguan have been arrested for burying a gringo at home. A 39-year-old Panamanian named Félix and a 35-year-old Nicaraguan woman, known as Nancy, have been arrested by the Police, linked to the discovery of a decomposed and buried body that they found two days ago in a house in sector 3 in La Cabima, in Alcalde Díaz. It is being investigated whether the body corresponds to that of the American Fermín Valle Zamora, 73 years old, who arrived in Panama on December 16, 2023 and disappeared on the 27th of that month. According to a statement from the National Police, the remains could be that of this man with dual citizenship, American and Nicaraguan, who entered Panama through Paso Canoas, by land from Nicaragua and was reported missing since January of this year. The woman was captured in Calidonia and the man in La Cabima. Both were brought before the competent authorities for proper investigation.
https://www.newsroompanama.com/news/a-gringo-body-was-found-buried
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Panama Qualifies for the World Cup by Defeating the USA 2-1
Posted 18/04/2024
Panama defeated the United States futbol team and now qualifies for the World Cup. Panama qualified for the Uzbekistan 2024 World Cup by defeating the United States 2-1 in the quarterfinals of the Concacaf Futsal Championship. La Roja sealed their classification in the first period with goals by Óscar Hinks at 13 minutes, and two minutes later Rumán Milord scored what turned out to be the winning goal. The Americans turned on the attack, but found themselves against Panama’s defensive wall that would only allow one ball to pass Jaime Peñaloza's goal line. The Panamanian soccer players took hold of the reins of the game and wouldn’t look back. An American goal would come from De Andrade at 19 minutes. With this victory, Panama advances to the semifinal of the competition and secures a place for the World Cup in Uzbekistan. This will be the fourth time that La Roja advances to a World Cup event, after competing in Thailand 2012, Colombia 2016 and Lithuania 2021.
https://www.newsroompanama.com/news/panama-qualifies-for-the-world-cup-by-defeating-the-usa-2-1
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Fire at the Social Security Hospital
Posted 18/04/2024
About 250 people, including patients, nurses, doctors and assistants, were evacuated from two floors of the Social Security Hospital Complex, located on the Transistmica highway, due to a fire outbreak. Ángel Delgado, from the Panama Fire Department, reported that the fire occurred in the machine room of the building, but the fire has been extinguished. He reported that the people who were on the ground floor, and floors 1 and 2 were evacuated due to the large amount of smoke. Agents from the Calidonia and Carrasquilla fire stations responded to the emergency call. The fire outbreak originated on the second floor and it was preliminarily reported that an electrical fault was the problem. Delgado said that no injuries were reported and announced that they will remain on site to carry out all the necessary evaluations, in order to guarantee that the building can be re-entered and operations can continue safely.
https://www.newsroompanama.com/news/fire-at-the-social-security-hospital
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Gasoline Prices Rise on Friday
Posted 18/04/2024
Fuel price increases will happen Friday April 19 at 6am. 95 octane gasoline will rise two cents per liter, 91 octane gasoline will also increase its price by one cent, and Low sulfur diesel will increase its price by one cent. It was reported that these prices will remain in effect until 5:59am next Friday, May 3 by The National Secretariat of Energy.
https://www.newsroompanama.com/news/gasoline-prices-rise-on-friday
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April 17 Presidential Debate
Posted 18/04/2024
The cycle of presidential debates organized by law by the Electoral Court before the elections on May 5 closed on Wednesday, April 17, with the clash of proposals between six of the eight presidential candidates: Martín Torrijos, Ricardo Lombana, Rómulo Roux, Melitón Arrocha, Zulay Rodríguez and Maribel Gordón. The government candidate, José Gabriel Carrizo, who had participated in the debates on February 26 at the University of Panama and on March 13 at the Panamanian Debate Association, was absent from the debate coordinated by the Chamber of Commerce, Industries and Agriculture of Panama. Mulino who leads the Presidential campaign by a wide margin according to polls and surveys, also did not attend. José Raúl Mulino Quintero (born 13 June 1959) is a Panamanian lawyer, diplomat and politician, running for president in the 2024 Panamanian election, as a substitute to former president Ricardo Martinelli.
At the actual speaking event, the 6 candidates argued a number of points. Lombana challenged his political opponents with the agenda of ‘breaking’ monopolies. Rómulo Roux discussed the creation of 500 thousand new jobs, and having confidence in Panama even though the mine is leaving. New water treatment plants were discussed, and reducing the number of deputies, and combatting tax evasion, three topics discussed by Gordon, Rodríguez and Arrocha. José Gabriel Carrizo tried to victimize the beneficiaries of the controversial economic aid program. Torrijos proposed employment for young people, buying Bayano and eliminating surgical delay situations for patients. As we get closer to the end of the month, the candidates are planning their final big finishes with huge parties, music, and drumming, and plenty of excitement.
https://www.newsroompanama.com/news/april-17-presidential-debate
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Boquete Nocturnal Noise Problem
Posted 17/04/2024
Boquete, a beautiful mountain village, is being shaken by a persistent nocturnal noise problem, triggered mainly by businesses in the central area of the district. Local residents have expressed their anguish over this growing problem affecting their rest and health. The noise, coming from bars, restaurants, vehicles with horns and trucks without silencers, has become a constant nuisance for the inhabitants of Boquete. During the Coffee and Flower Festival for about 10 days in January, the disco noise levels are extreme.
This nocturnal thunder not only disrupts residents' sleep, but also negatively impacts those who wake up early for work, children who have to attend school, and older and sick adults who require rest. The No More Noise Committee in Boquete has emerged as a voice for those affected by this situation. This group expresses concern over the lack of attention and effective action by local authorities responsible for ensuring peace and public health. I remember years ago when a group of wealthy expats pooled their resources and wanted to purchase the fairgrounds and turn it into a seniors center area for health and well being, but the mayors office found out about the plan and put a stop to it. It would have meant that the Fairgrounds area, which is used often during the year for noisy disco events, would have to be built out of town, which in fact would be a great idea, taking the noise away from the downtown core.
Mayor Joswar Alvarado has responded to community concerns, highlighting legal challenges facing the municipality to address the noise problem. Although the city hall cannot revoke the permits granted by MICI for activities involving noise, Alvarado has pointed out the possibility of imposing fines as a deterrent measure. For her part, the Regional Health Director, Gladys Novoa, has affirmed that Minsa is working to address the problem of noise in Boquete. Some business owners feel they are being harassed by a minority group of residents. There is a controversy between residents and traders over noise pollution in Boquete.
https://www.newsroompanama.com/news/boquete-nocturnal-noise-problem
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Possible Shut Down of Panama Services Thursday
Posted 17/04/2024
I have also seen the indigenous videos where they are planning to shut down the country again as the Government promises to them have not been fulfilled. With an election coming May 5, the current Government appears to be somewhat lame and fading into the sunset early, so not much help with current issues. This specific note is from a concerned Panama resident: "Friends. I don’t want to disrupt anyone’s tranquility, but the Panamanians are preparing for a potential shutdown of the highways on Thursday. I was at the chino market in Puerto Rios Abajo tonight and the cars were double stacked and everyone was taking propane tanks out. There were only about eight gas thanks left. I went to the gas station Delta at the Y and she said she has been very busy filling gas cans and tanks all day. So the Panamanians are clearly gearing up for a potential strike and shut down of the inter-Americana highway on Thursday. It might be better to be prepared, than sorry on Friday that you didn’t."
https://www.newsroompanama.com/news/possible-shut-down-of-panama-services-thursday
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The Consumer Price Index Jumped Dramatically in March
Posted 16/04/2024
We don’t have to tell you, the shopper, that most things cost more these days. The Consumer Price Index jumped dramatically in March compared to the same month last year, up 1.7%. Health, food, transportation and restaurants showed increases. Transportation prices were recorded up 5.5%; miscellaneous goods and services 3.1%; restaurants and hotels 2.8%; housing, water, electricity and gas 2.3% and health 1.3%, food and non-alcoholic beverages 0.9%. Education costs were up 0.7% and alcoholic beverages and tobacco were higher by 0.5%.
The groups that registered decreases were: Clothing and footwear by 2.0%; Recreation and culture with 0.8%; Furniture, household items and for ordinary home maintenance at 0.4%; and Communications at just 0.3%. Only in March compared to February of this year the urban CPI was 0.3%. Increases in transportation groups of 1.9% were recorded in this period; miscellaneous goods and services 0.4%; alcoholic beverages and tobacco 0.3%; housing, water, electricity and gas; furniture, household items and for ordinary home maintenance; and restaurants and hotels, all 0.1%.
The transportation group reflected an increase in three of its seven classes. The greatest variations occurred in the classes: passenger transportation by air, which registered a variation of 2.8%, due to the increase in the price of plane tickets; and an increase was also reported in the segment of fuels and lubricants for personal transportation equipment by 4.7%, due to the increase in the price of automobile fuel. The increase reflected in the miscellaneous goods and services group was due to growth in 4 of its 10 classes. The greatest variation occurred in the health-related insurance segment, which rose by 6.4%. While the increase registered in the alcoholic beverages and tobacco group was due to the increase in one of its four classes. The main variation was in the distilled beverages class, which rose by 6.9%. The CPI in the districts of Panama and San Miguelito, from March 2024-23, reflected an interannual variation of 2.2%. The CPI for the rest of the urban population, for March 2024-23, registered an interannual variation of 1.6%.
https://www.newsroompanama.com/news/the-consumer-price-index-jumped-dramatically-in-march
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Current Government to Cut Tourism Dollars by 50%
A 50% Government cut in tourist promotional funds will affect the number of tourists who come to Panama. This was stated by the Panamanian Hotel Association (Apatel) through a statement released this year. The Panamanian economy would stop attracting $1.1 billion due to the cut in funds to promote Panama as a tourist destination. The industry demands answers from the authorities. Panama's economy will be deprived of a $1.1 billion injection due to a $10 million reduction in funds allocated to tourism promotion. The organization specified that instead of allocating $20 million in tourism promotion, the State only allocated half of that this year. Law 9 of 2017, which created the Tourism Promotion Fund (Promtur), establishes that it must have an annual budget of 20 million dollars to execute the country's international strategy as a tourist destination.
By assigning only half – says the hoteliers' statement – marketing strategies, international advertising and strategic alliances in convention tourism will be compromised. “The lack of dialogue and action by the economic and legislative authorities further aggravates the uncertainty in the sector.” Tourism plays a vital role in the Panamanian economy, generating direct and indirect employment and contributing significantly to the inflow of foreign currency and tax collection. According to the Panama Tourism Authority (ATP), estimated tourism income between January and November 2023 amounted to $4,992.7 million. The May 5 elections are coming for a new party in power, and there are politicians who are big on tourism and tourism dollars so I am sure that we will see some upgrades to these Promtur funds this year 2024. We definitely need more tourism and tourist attractions.
Mulino: 'We will make a tourism revolution, with 1 million more visitors from the first year'
“We will promote tourism at the national level through incentives in order to promote Panama as an international destination,” stated the presidential candidate.
https://www.newsroompanama.com/news/current-government-to-cut-tourism-dollars-by-50
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A $10 Billion Copper Mine Sits Idle in the Jungle
Posted 16/04/2024
When the group of mining executives arrived at Panama’s regal Palacio de las Garzas, they were ushered past the ornate, wood-paneled ceremonial rooms and straight to the private office of the president. The team from First Quantum Minerals Limited was greeted as old friends. After all, they were building the country’s most important project since the Panama Canal had been opened a century earlier. The Cobre Panama mine was set to be the centerpiece of Panama’s economy, generating between four and five percent of its gross domestic product. First Quantum Minerals bet big on a copper mine in Panama.
This was December 2016, well before the upswell of anti-mining protests that would one day, throw the country into chaos. It all fell apart in October/November of 2023. A $10 billion copper mine is now sitting idle in the jungle. Will the elections of May 5 2024 turn things around? That is to be seen how the new Government will begin earning money for the country. Maybe you as a reader have some ideas on how to create new prosperity for an old country. Bring back mining but in such a way that will appeal to the people of Panama? This is your newspaper so send me your thoughts and I will review and print the most relevant ones. PanamaNewsroom@gmail.com
https://www.newsroompanama.com/news/a-10-billion-copper-mine-sits-idle-in-the-jungle
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The Panama Presidential Candidates for 2024
Posted 15/04/2024
The candidates want to close out their campaigns with a big bang: with artists, speeches, bold proposals and the presence of their supporters, all in the same place.
Moving from left to right…………To date, the deputy and candidate for the Free Nomination, Zulay Rodríguez, has not yet confirmed to the Electoral Court whether she will close out her campaign. Rodríguez was one of the candidates who did not organize a campaign opening event.
José Gabriel Carrizo, standard bearer of the Democratic Revolutionary Party and the Liberal Republican Movement, will close his campaign on May 1, on Via España.
José Raúl Mulino, candidate of the Alianza and Realando Metas parties, will also attend Vía España for his supporters on April 28.
Ricardo Lombana, candidate of the Otro Camino Movement, will wind up his campaign on April 30, in Plaza 5 de Mayo.
Rómulo Roux, presidential candidate of the Democratic Change-Panameñista Party alliance, will gather all his supporters on April 26 on Vía España.
April 27, Martín Torrijos, candidate of the Popular Party, will also be gathering with supporters on Vía España.
The closing of the campaign culminates with Maribel Gordón, candidate for the Free Nomination, on May 2.
Last but not least on your far right is Melitón Arrocha, candidate for the Free Nomination and supported by the PAIS party. He plans to close his campaign on April 29, still without a defined place, although according to sources, he may celebrate in a hotel in town.
https://www.newsroompanama.com/news/the-panama-presidential-candidates-for-2024
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Panama Papers Trial Enters Final Phase Tuesday
Posted 15/04/2024
The case of the Panama Papers trial enters its final phase Tuesday April 16, with the closing evidence by the prosecution and defense lawyers. The next phase is the pleadings. 32 experts and witnesses were called to trial during the first week. The specialized prosecutor against Organized Crime, Isis Soto, estimated that she needs 10 hours to present her allegations and maintains that she has shown sufficient evidence to support that the 29 defendants committed the crime of money laundering through a network of offshore companies created by the defunct forensic firm Mossack Fonseca. The round of allegations will be opened by prosecutor Soto; then the lawyers of the accused follow. The second liquidating judge of criminal cases, Baloisa Marquínez, announced the order in which the defenders will present their arguments.
On Monday, April 15, the sixth day of the trial began with the statement of the forensic expert Luis Enrique Rivera Calle, in charge of downloading the digital information contained in the Mossack Fonseca servers. Rivera Calle reported that he carried out the download of the information with the collaboration of officials from the Public Ministry, given that there were several servers that contained a large amount of data, which is why the procedure lasted several days. Rivera Calle recalled that the raid on Mossack Fonseca servers was ordered by the then prosecutor against organized crime Javier Caraballo (now Attorney General of the Nation), and had the collaboration of officials from the Public Ministry.
The expert, questioned by prosecutor Marcos Mosquera, assured that during the procedure the chain of custody was complied with for the preservation of the computer data obtained during the raid. However, the defense attorneys severely questioned him, questioning him about his ability and preparation to carry out the download of the information from the servers. Diego González, who acts - along with Guillermina McDonald - as Jurgen Mossack's lawyer, questioned the expert about whether the rest of the Public Ministry officials who participated in the review of Mossack Fonseca's servers were computer experts, to which he responded - No.
González also asked Rivera Calle if the compact discs used to download the digital information were kept in compliance with the chain of custody, to which he responded yes. In the afternoon, Zuleyka Miter, wife of the accused Zacgary Lundgren, appeared as a witness, who is accused of having handled and received funds from Argentina, used for the purchase of several apartments in Panama City. Miter assured that her husband is innocent of the charges against him and that the transactions carried out were legitimate. Then, expert Miguel A. Martínez took the stand, and carried out an analysis of the Mossack Fonseca servers and determined that there were no alterations in the data contained in those computers. Fifteen witnesses requested by defense attorneys did not appear at the hearing. Jurgen Mossack, pictured below, arrives at the court house.
https://www.newsroompanama.com/news/panama-papers-trial-enters-final-phase-tuesday
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Panama Canal Will Increase Transits to 32 in June
Posted 15/04/2024
The Panama Canal will increase transits to 32 daily starting June 1 of this year, based on rain projections that suggest that the level of Gatun Lake, the largest of the two reservoirs managed by the Panama Canal, will recover. The announcement was made by the Panama Canal Authority (ACP) in a statement sent to Newsroom Panama this afternoon, April 15 2024. The plan is to increase transits to 36 daily by 2025. Maersk OC1 service will be sailing through the channel once again now that life is better on the canal, making about 8 monthly transits. If you happen to know any canal workers looking for a job, the Panama Canal needs about 2000 workers over the next five years. Talk with our friend Ricaurte Vásquez at the Panama Canal for details on the jobs available.
https://www.newsroompanama.com/news/panama-canal-will-increase-transits-to-32-in-june
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Panamanian Authorities Have Not Agreed to Meet With Human Right Watch
Posted 14/04/2024
During an interview on Panama TV, Juan Pappier, deputy director for the Americas division of Human Right Watch, gave more details about the report that the organization published a few weeks ago on the cases of sexual abuse and robberies that occur towards migrants who cross the jungle of the Darien. Data from the National Immigration Service indicate that from January to date, more than 114,000 migrants have passed through the Darién jungle, 20% of whom are minors. Human Right Watch has let it be known that Panamanian authorities have not agreed to meet with the organization.
According to Pappier, the turning point was the year 2021, when 130 thousand migrants crossed the Darién Gap, then 250 thousand in 2022, half a million migrants in 2023 and this year, between January and March more than 110 thousand migrants and asylum seekers, which represents an increase of 25% compared to the same months in 2023. This report was the result of two years of investigation, different trips to the borders, both on the Panamanian side and the Colombian side, and interviews with local officials, doctors in the area and humanitarian organizations. Pappier pointed out that the report seeks to show the shortcomings of Panama and Colombia regarding migration and provide solutions at the same time. Especially the cases of women who have been sexually abused during their journey through the Darién.
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Huge Gusts of Wind Throughout Panama
Posted 14/04/2024
Several homes have been affected with the strong winds of late, some gusting up to 65mph and higher, causing at least 10 or more large trees to go down. The Director of the National Civil Protection System, Armando Palacios, reported about the falling trees and homes affected with roofing issues, caused by the many huge wind gusts throughout the country. Palacios pointed out that Sinaproc maintains permanent communication with both the Institute of Meteorology and Hydrology of Panama and with the Fire Department and the different security departments that make up the Joint Task Force to monitor the climate conditions of the country and thus alert the population in a timely manner in order to reduce risks and structural affects.
Due to these conditions, Sinaproc issued a Strong Wind Gust Warning that will be extended until this Monday. Winds are expected to reach maximum speeds of up to 75 km/h in some parts of Chiriqui province. Palacios requested artisanal fishermen to take extreme safety measures because with the current windy conditions the tides also increase and can cause dangerous situations on the high seas. He assured that these verification actions in mountainous areas and prone to strong windy activities are also maintained, to alert these citizens who, he asserted, must increase their security measures, avoid being under dangerous trees and support the roofs of their homes, if they believe they are in poor conditions.
https://www.newsroompanama.com/news/huge-gusts-of-wind-throughout-panama
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Plenty of Stories Circulating about Possible Road Closures
Posted 13/04/2024
We have been hearing reports, and I have seen some indigenous videos, that major roads in Panama will again be blocked by the indigenous starting as early as April 17. I have heard a few different dates. This is as a result of the indigenous not getting their promised money, doctors and nurses haven't been paid, nor have the roads been fixed to the schools. So they are unhappy and when they are unhappy, they shut down roads. It is always a good idea to fill up your gas tanks, get lots of propane, and stock up on food items. The Government may come through and live up to their promises but the elections are May 5 and the Government of Panama does appear to be slowing to a crawl with any services. I heard this story today. The Government has yet to pay the student stipend for attending public school ($50 each student). It was due at the start of the school year and has yet to be paid. And they didn’t pay for the final 3 months of last school year until right before March (beginning of new school year). As we generally see in Panama, as a Government changes the guard, they either get run out of office in disgrace, or threatened with jail time, or both. Let’s hope for the best, but prepare for the worst.
https://www.newsroompanama.com/news/plenty-of-stories-circulating-about-possible-road-closures
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Panama Banks are Extremely Happy
Posted 13/04/2024
Banks in Panama are pleased with their performances. According to data provided to us from the Panama banking system, the mortgage portfolio is maintaining sustained growth year after year, ranking in the first place within the total credit balances with an amount of US$20,626,474,788 as of February 2024, distributed in 333,563 commitments. 96% of people pay their mortgages on time, and at the end of February 2024, only 4.3% of people have arrears of more than 61 days, which indicates that it is a very healthy portfolio.
Personal loans occupy the second place with an amount of US$7,982,411, divided into 610,841 bonds as of February 2024 with an average balance of 13,068, reflecting an increase of 5% compared to the same period in 2023, with a balance of US$7,599,900,033, with a default of 3.8% at more than 61 days. Car loans in banking institutions in February 2024, totaled a balance of US$1,923,216,354, reflecting an increase of 5.9% compared to the same period of the previous year, when it had a balance of US$1,815,095,523.
The Banks in Panama are happy. The largest bank is Banco General and they are so happy that they are Yappy!!! Number 2 in Panama is Banistmo with their mothership in Colombia where they are the number one bank in that country, and the bank is called Bancolombia. Who brings the most money into Panama and has always done so? Colombians of course. I do remember many years ago when we would see Colombian's bringing in suitcases of cash into Banco Nacional. It certainly doesn't happen like that any more, at least in public sight. It is actually very difficult to bring large amounts of cash into Panama these days without major scrutiny as to the origin of these funds.
https://www.newsroompanama.com/news/panama-banks-are-extremely-happy
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Bocas del Toro Fire Update
Posted 13/04/2024
Tragedy unfolds on Isla Colon as a fire rages through the south end of main street Calle 3a, engulfing multiple buildings in flames. The fire is believed to have started at 4:30am and people on the scene believe the original source to be the kitchen of the Red Snapper restaurant. Bocas TV mentioned in their live broadcast that everyone was able to evacuate and there have been no reported injuries so far. Unfortunately, we have received word that there may have been dogs or other pets that were unable to escape the flames.
Buildings affected by the fire are Om Cafe, Reggaeland, Red Snapper, Annie’s Place/Hostal del Mar, a boat repair shop (Rukel), Ocean Sky Bocas Hotel (formerly Azul Paradise) and Buena Vista. As of 9am fire trucks were working to extinguish the fire at the Ocean Sky Bocas Hotel, as to not keep spreading to the Buena Vista restaurant and other wooden structures nearby. The trucks were also still spraying Reggaeland and Om Cafe to control the fire on the south end.
Newsroom Panama would like to take this opportunity to share known telephone numbers to call in the event of an emergency:
757-9217 police station Isla Colon
Isla Colon police WhatsApp for anonymous tips and emergencies: +507 6527-3318
103 - Bomberos/fire station for fire emergency
There were new fire station numbers, published during a Bocas TV broadcast earlier this year: 750-0807, 750-0808, 750-0909
https://www.newsroompanama.com/news/bocas-del-toro-fire-update
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Massive Fire on Isla Colon Bocas del Toro
Posted 13/04/2024
A voracious fire on Isla Colón, the main island in Bocas del Toro started this morning around 4:30am. Apparently several commercial premises located on Avenue B on are involved including a multi story hotel and restaurant. The Fire Department and the emergency services are on site attending to the situation. Residents are recommended to avoid the fire area, but I know that you want to go and see it. However, do not hinder the work of emergency teams; be attentive to the instructions of the authorities. You know the drill.
The magnitude of the fire has not yet been determined, but considerable material damage is reported. More information about the incident is expected to be provided in the coming hours. The fire is now under control. According to preliminary reports from the Fire Brigade, they put out the flames, which, early this morning, also damaged a restaurant and several buildings next to the lodging center.
The rescuers said that the fire began in a commercial establishment and then spread to the nearby hotel, so the rescue teams were looking for people trapped. Colón Island or better known as Isla Colón is the largest territory of the Bocas del Toro archipelago and stands out as one of the most popular tourist destinations in the Canal country, due to its beaches, crystal clear waters, water activities, rainforest, and lively nightlife.
https://www.newsroompanama.com/news/massive-fire-on-isla-colon-bocas-del-toro
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Mulino Still Leads the Polls for May 5 Presidential Election
Posted 12/04/2024
The former president’s proxy candidate, José Raúl Mulino, leads the polls ahead of the May 5 vote but Martinelli’s shadow still dominates the Panama election. In recent weeks, Nicaragua’s tiny embassy in Panama City has been inundated with lawyers, politicians, family members, and a troop of workmen carrying out renovations for its most famous guest. In February, Ricardo Martinelli, a billionaire businessman and former president, sought asylum there after local courts ratified his 10-year+ prison sentence for money laundering and declared his bid for president illegal. Ever since that time, through his social media and that of his dog Bruno, Martinelli has been campaigning heavily, behind the scenes, ahead of Panama’s general election on May 5.
Martinelli is backing the candidacy of José Raúl Mulino, who was his running mate before he was banned from the race and had served as public security minister during Martinelli’s administration (2009-14). Before he was banned, Martinelli held a comfortable lead in the polls, and now Mulino regularly polls 13-25 percentage points ahead of his three closest rivals: Ricardo Lombana, former President Martín Torrijos, and Rómulo Roux. Panamanian elections have no second round; meaning Mulino is likely to win the race for the Palacio de las Garzas, the presidential palace that overlooks the bay of Panama. Less than a month before the election, the Constitutional Court is weighing whether to revoke Mulino’s candidacy as well, on what amounts to a technicality: he wasn’t chosen through his party’s primaries (as Martinelli was before his ban).
In recent weeks, his rivals have concentrated their attacks on Mulino, but he has not participated in televised debates and has largely avoided interviews. I happened to bump into him at the David airport last week on one of his country tours but we didn’t have time for an interview. Just pleasantries and we moved on. José Raúl Mulino is very much a statesman and a gentleman, and will make a great President. Voters have heard little about his specific policy proposals for a country facing urgent challenges. The closure of the Cobre Panamá mine is projected to inflict a 4% loss of GDP, the social security system faces an existential liquidity crisis, and external debt has risen 78% to $47 billion under the term of outgoing president Nito Cortizo. On April 1 Fitch Ratings downgraded Panama’s sovereign debt from investment grade. Meanwhile, delays to shipping due to water shortages at the Panama Canal, and record waves of migration passing through the Darién Gap have made international headlines.
Instead of policy, Mulino is leaning on Martinelli’s reputation, promising to put more chen chén—the local slang for cash—in people’s pockets. Many voters remember the economic boom of Martinelli’s presidency when GDP growth regularly topped 6% and the completion of metro lines in Panama City provided jobs and made the amenities of the city center more accessible to the urban poor. The roads were greatly improved from Boquete, all the way to Panama City. Martinelli did some great things for Panama’s infrastructure and is being remembered for it. Similarly, Mulino promises 7% growth, greater youth employment, the highest minimum wage in Latin America, and major infrastructure projects such as a train from Panama City to David. He has also vowed to help Martinelli in any way that he can to reduce or fix his prison sentence.
However, the growth under Martinelli had little to do with his skill as an economic manager and will be impossible to replicate under a Mulino government, according to Dulcidio de La Guardia, who served as vice minister of finance under Martinelli. “Panama was riding the wave of the expansion of the Panama Canal and the investments it brought into the country, which gave the Martinelli administration the ability to spend and invest money that they could not have done otherwise. The second pillar of Martinelli’s popularity is his cultivated persona as a political outsider and a dedicated antagonist of the rabiblancos, Panama’s political and economic elite. In 2022 and 2023, Panama was rocked by two unprecedented protest movements. The first was sparked by the rising cost of living, deficient social services, and Panama’s reputation as one of the region’s most unequal countries, and the second erupted in opposition to the government’s rushed and opaque renegotiation of the massive Cobre Panamá mine contract.
Both movements revealed broad public mistrust of the ruling Partido Revolucionario Democrático (PRD) and the wider political-economic elite for their involvement in a slew of corruption scandals and for failing to meet the needs of the public. A 2023 survey found that over two-thirds of Panamanians wanted radical change, with corruption identified as the country’s biggest problem. The prospect of the Constitutional Court revoking Mulino’s candidacy only adds to the impression, held by many, that the rabiblancos are unfairly singling Martinelli out. His defiant social media posts, often recorded from the Nicaraguan embassy’s home gym, pander to his image as a victim of political persecution.
“The Panamanian voter identifies with the underdog,” Miguel Antonio Bernal, a lawyer and political commentator said. “There are many voters who say, “I’m going to vote for Mulino to screw with the political classes, because I’m tired of all this.” Martinelli may be corrupt, but the current attempts to ban Mulino’s candidacy are an example of the Electoral Tribunal bypassing due process and bowing to the demands of the elites, according to Bernal. It represents a far wider decay of the country’s institutions, where the Congress, in particular, has been infected by money originating from drug gangs. Recently, the Electoral Tribunal expressed concern about the level of drug money in campaign financing, and last year, the National Assembly twice rejected a law giving the state greater power to seize assets from the illicit businesses. “We’re becoming less of a society every day,” Bernal said. “After the U.S. invasion of 1989 we were put in a zoo. Now the current government arrived and we have returned to the jungle.”
https://www.newsroompanama.com/news/mulino-still-leads-the-polls-for-may-5-presidential-election
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Within 5 Years, 2000 Panama Canal Workers Retire
Posted 12/04/2024
The Canal will need 2,000 workers in five years, but as the saying goes, ‘It is easier to buy steel than to find talent’. The Panama Canal is torn between two challenges that will determine its relevance along the way: finding and training the talent they need, in addition to managing water efficiently. Both things are intertwined. The administrator of the Panama Canal, Ricaurte Vásquez, has stated that in the next five years, approximately, 2,000 workers from the Panama Canal Authority (ACP) will retire, so within the Canal the labor panorama is presented as an urgent challenge, which demands a strategic response. Unlike the typical positions that the Canal demands, where they can always locate machinery operators, welders and structural workers, Vásquez mentioned that they will need data analysts and scientists, along with biologists and physicists. The Canal needs these qualified people to resolve the water crisis and guarantee the sustainability of the basin.
Vásquez's statements were recently made in a conversation with journalists and university students from the provinces of Chiriquí and Bocas del Toro, where he reported on the actions that the Panama Canal has implemented from an operational, economic and socio-environmental point of view to confront the challenges caused by the impact of the El Niño phenomenon and variations in climate. “There are some important opportunities and they are different opportunities. We need to deal with that issue because in the next five years approximately 2,000 people will retire in the Panama Canal, out of a workforce of 8,500″, he stated. Although it is a significant number of workers, the official also recognizes that with these positions the Canal does not solve the country's employment problem; however, it is an interesting opportunity for personal development. “I urge you to see the opportunities, from the Canal apprentice school, the scholarships and the programs we have with the National Secretariat of Science, Technology and Innovation (Senacyt).
Research programs, internships, all of that is being done. Where do we get a thousand, two thousand people to work?” asked Vásquez, who responded that the Canal will have to go back to creating the “apprentice school, working with students and universities to do specialties that are totally different.” to those that have been handled until now. Getting concrete and steel to make structures is easier than finding talent. You buy that, you put out a tender and they build what needs to be built. Finding talent is relational. It takes time to find it. Referring to what they have done recently to determine how many ships transit the road daily, Vásquez said “everything was analytical,” including rates and the value of water. To contextualize the challenge they face in the face of the precariousness of the labor system and the needs of the educational environment, the administrator mentioned that Panama has approximately 900,000 students at the school level, but only 750 mathematics teachers.
https://www.newsroompanama.com/news/within-5-years-2000-panama-canal-workers-retire
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Mexico Wants to Compete with the Panama Canal Using Trains
Posted 12/04/2024
With drought at the Panama Canal and conflicts in the Red Sea and other global shipping lanes disrupting trade, officials in Mexico believe that they have a golden opportunity for the country’s $2.8 billion Isthmus of Tehuantepec’s Interoceanic Corridor (CIIT) project. The initiative is converting the isthmus in southern Mexico, which represents the shortest distance between the Gulf of Mexico and the Pacific Ocean in the country, into a 188-mile rail corridor that could handle up to 1.4 million twenty-foot equivalent units annually by 2033. The project could transform the Isthmus of Tehuantepec into a hub for global trade.
The Isthmus of Tehuantepec dry corridor offers a promising alternative to traditional routes like the Panama and Suez Canals. By leveraging its geographic advantage, Mexico has the potential to become a major logistics hub, serving not only North America but the global economy. Investments in technology will be key to the CIIT project’s viability. The success of the project critically depends on the implementation of cutting-edge technology at the ports of Coatzacoalcos and Salina Cruz, as well as on the railways. This technology must be capable of handling and transporting an immense volume of containers efficiently, ensuring seamless movement between the ports. Achieving this goal requires collaboration between the government and the private sector.
While Mexican authorities are bullish on the CIIT’s prospects, global logistics operators said they are skeptical it could ever replace or even compete with the Panama Canal, which handles about 14,000 vessels and 8 million TEUs annually. The challenge really is that the Panama Canal is about 50 miles long, and the railroad to get from the Pacific to the Gulf is around 200 miles, so it’s a much longer track. Another challenge — how many containers can the railroad move? It’s also about the ports on either end, whether they’re able to unload those containers; do they have the appropriate infrastructure?
The CIIT project could offer another option when global disruptions or droughts interrupt trade flows. At the least it provides an alternative and I think a lot of companies are looking for that. The Canadian Pacific Kansas City Southern railroad is looking to start to invest some money on the Panama side to build more infrastructures and provide an alternative. For the CIIT project to become a viable complement to the Panama Canal, Mexico, the U.S. and other countries need to cooperate and invest in technology, infrastructure and planning in the region.
There has to be coordination, not just with the Panama Canal authorities or the Mexican railroad authorities. There should also be cooperation between the origin and destination ports and the ocean liners. It’s important for countries like China and the U.S. to make sure that trade routes continue to operate and it’s profitable to the companies on either side of the nations. More cooperation between shippers and global port facilities could benefit shipping and transportation lanes around the world.
If I can take 10%, 15% or 20% of the traffic that is going through the Panama Canal headed to Houston and actually move it intermodal using rail, by docking the ship in Long Beach and moving it over rail car, then all of a sudden, the viability of the Port of Houston starts changing. There’s a lot of cooperation and coordination that is needed. There is a strong belief that if all the stakeholders come together, they will come up with a much better solution and a much more efficient, faster, effective and more profitable solution for everyone.
CIIT (Corredor Interoceánico Istmo de Tehuantepec)
https://www.newsroompanama.com/news/mexico-wants-to-compete-with-the-panama-canal-using-trains-1
Panama's Economy, Trade, Investment Incentives, GDP, and Future Economic Growth Outlook
in Miscellaneous Topics re Panama
Posted
https://www.newsroompanama.com/news/panama-pledges-to-meet-the-fiscal-goals-of-the-country