Hydro Caisán requested permission for its second corporate bond issue which it aims to use to restructure liabilities.
After having completely placed a $130 million bond issue in 2012, the company Hydro Caisán, SA has asked the Superintendency of Securities (VPS) for approval for a new issue of up to $90 million, with the aim of paying off in advance the existing bonds of Generadora Pedregalito, S.A. and Generadora Alto Valle, S.A
The Altara El Tucano project has stopped paying its investors and is to execute the Guarantee Trust.
After the deadline of 30 working days provided to the settlor Altara The Tucano to provide the resources to pay obligations owed to the trust, the administrator, Scotiabank announced the execution of the guaranty for non payment.
The Spanish company Sacyr had already counted as actual income amounts the cost overruns that the Panama Canal Authority has refused to pay.
An article in Elpais.com reports that "Sacyr has counted its chickens before they've hatched. The consortium led by Spanish construction group has been recording in their accounts the additional costs incurred in the execution of the works to expand the Panama Canal as income, even though such items are not recognized by the Authority of the Panama Canal (ACP). Sacyr has confirmed the use of this accounting method, validated by the auditor, in response to a request from the National Securities Market Commission (CNMV) regarding their accounts. Although the construction group submitted its response to the supervisor last week, it conveyed an image of normalcy that gave no indication that they were about to suspend the most important work that is currently being executed."
Direct access to trading platforms and the rise from 5% to 8% of the tax on mutual funds are some of the changes proposed by the bill.
The draft of the new bill, proposed by the National Council for Market Development, will be subject to public consultation with the stock market and financial sector from now until January 31, 2014.
The regulation currently being processed aims to regulate the sale prices of goods and services between related companies.
"... the Executive power has introduced a bill, which is being processed by the legislation, called the Law on Control of Fiscal Evasion, which includes a chapter on this subject, which is virtually a decree, with the addition of specific sanctions for breaches of duties set out in the bill," says Ana Elena Carazo in Elfinancierocr.com.
During the first six months of 2013 companies issued $637 million in corporate debt, a slower pace than 2012, as $3.07 billion was issued in the entirety of last year.
However it is expected that in the second half of 2013 emissions will increase to $1.694 billion, which would still represent a decline of 45% compared to 2012. "The current amount of issued debt is expected to increase with $500 million by Global Bank Corporation plus $150 million in corporate bonds by Credicorp Bank and $100 million in mortgage bonds by the Banco Panameño de la Vivienda S.A." reports Prensa.com.
An alternative solution to the perennial conflict of interest is paying for audits through a third party.
"Auditors are paid by the companies they audit, in the same way that rating agencies are paid by the companies they rate. That gives auditors an economic incentive to lie on behalf of their clients, even if it threatens their reputation.
With a generating capacity of 300 MW, Enel Fortuna is one of the leading providers of electricity in Panama, with average annual earnings of $58 million in the last five years.
The recent financial statements submitted to the Panama Stock Exchange (BVP), for 2012, reveal that the company has achieved total revenues of $187.8 million, while last year the figure was $185 million.
Together the 11 clusters listed in the PanamaStock Exchange posted profits of $254 million during the last quarter of 2012, 16% more than in the same period in 2011.
During the last quarter of 2011, profits made by these conglomerates amounted to $218.8 million.
The total amount of stock transactions increased by 33.6% in 2012 compared to the previous year.
Elperiodico.com.gt reports that "According to Paulo de León, consultant at the Central American Business Intelligence (CABI), the volume of transactions is reaching a significant amount, and is evidence of a recovery after several very difficult years. '
Pentágono is the leading Factoring company in El Salvador, with 20 years of succesful background.
Eficient, fast, reliable and personalized service.
Organization that operates in Costa Rica, El Salvador, Guatemala, Nicaragua and Panama
Phone: (503) 2264 3363
KC Public Accounting is a full service public accounting firm. We are a member firm of RSM International which expands our reach and capacity to help you with your specific business needs.
Organization that operates in El Salvador
Phone: (503) 25349944
O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...
español
3585