españolPanama-Israel FTA in ForceMonday, November 11, 2019 On November 1, 2019, the Free Trade Agreement between the two countries entered into force, which promises to boost exports from the Panamanian agricultural sector. With this agreement, which was signed in May 2018, the country will have immediate access to the Israeli market for agricultural products such as: frozen beef and hamburger, palm oil, cassava, rum and vinegar. Seafood such as sole fish, albacore, codfish, fresh tilapia, and lobster, among others. As well as industrial products such as soap powder and paste, cement and aluminum profiles.
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Air Conditioning Equipment: Regional Market up to June 2019Thursday, November 14, 2019 Between January and June 2019, the region spent $92 million to import these products, and purchases from Mexican companies grew 23% over the same period in 2018. Figures from the Trade Intelligence Unit of CentralAmericaData: [GRAFICA caption="Click to interact with the graphic"] Registration of Public Limited Companies grows to 3%Thursday, November 14, 2019 During the first nine months of 2019, 10,476 corporations were registered in Panama, 3% more than those reported in the same period of 2018. The latest report of the General Comptroller of the Republic details that between January and September of last year and the same period of 2019, the number of corporations registered in the country went from 10,146 to 10,476. Tourism Agreement between Panama and JamaicaThursday, November 14, 2019 The agreement to be signed in 2020, aims to make a strategic alliance and promote both countries in the multi-destination format. The governments of Panama and Jamaica, represented by Tourism Ministers Ivan Eskildsen and Hon Edmund Bartlett, respectively, agreed to sign a multi-destination agreement next year to strengthen tourism relations and increase tourist arrivals, according to the Panama Tourism Authority (ATP). Which Economy Will Grow Most This Year?Thursday, November 14, 2019 In its latest update of economic growth projections for 2019, ECLAC estimates that the Dominican Republic will close the year with a 5% increase, followed by Panama, which would reach a growth rate of 3.7%. According to economic growth projections for Latin America, which were estimated by the Economic Commission for Latin America (ECLAC) and updated in November, the Dominican Republic will be the country in the region that will increase its production the most this year. International Energy Sector EventWednesday, November 13, 2019 From November 20 to 22, the second edition of the Gas and Energy Summit of the Americas will be held in Panama City, where topics related to the financing of energy projects will be discussed. The second edition of the Gas and Energy Summit of the Americas will combine conferences on strategic topics with high-level government presentations, thematic debates on innovative content, as well as discussion panels for the collective construction of solutions, led by prominent figures from the regional and global energy sector, informed the Ministry of Commerce and Industries (MICI). Panama: Penalization for Illegal RemittancesWednesday, November 13, 2019 Sanctioning anyone who transfers money through systems not authorized by the competent authority with an 8 to 15-year prison term is part of the bill that will be presented to the Assembly. On November 12, the Cabinet Council approved the bill adding article 253-A to the Criminal Code, which will be presented to the National Assembly for discussion and subsequent approval.
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Pharmaceuticals: Regional Purchases Grow 8%Wednesday, November 13, 2019 In the first six months of the year, imports of pharmaceutical products in Central America totaled $1.717 million, 8% more than in the same period in 2018. Figures from the Trade Intelligence Unit of CentralAmericaData: [GRAFICA caption="Click to interact with the graphic"] Guatemala Prepares to Export Livestock to MexicoThursday, November 14, 2019 The protocol allowing Guatemalan companies to sell live cattle in the neighboring country will come into effect on December 15, 2019. After the negotiation process between Mexican and Guatemalan authorities has concluded and the sanitary regulations for the entry of animals have been approved, the Central American country has the green light to start selling live cattle. AllBank Intervention ConcernsFriday, November 8, 2019 In Panama, a group of businessmen from the Colon Free Zone have expressed concern about the bank's intervention, because although it was under investigation, it was allowed to engage with several companies. As of September 9, local authorities took over the operational and administrative control of AllBank, Corp, arguing that the group of "shareholders did not respond in a timely manner to the requirements of the corrective actions" that were instructed. In October the Superintendence informed that the institution will continue to be taken, in this case until November 8. Beer: Production Falls 13%Tuesday, November 12, 2019 During September 2019, the production of alcoholic beverages in Panama was 24 million liters, and beer production fell 13% compared to the same month in 2018. According to figures from the General Comptroller of the Republic, the accumulated production of alcoholic beverages in general reported a decline, reducing from 227.3 million liters from January to September 2018, to 218.3 million liters in the same period of 2019. Panama: Cruise Terminal Tender CanceledTuesday, November 12, 2019 The Maritime Authority canceled the tender to operate and maintain the terminal in Isla Perico, arguing that in an "analysis of the current statement of charges, inconsistencies were found for the operation and maintenance of the terminal." In April 2019, the terms of the public tender were published, to award the contract for "Operation and maintenance of the cruise terminal of Panama, in Perico Island", but the authorities decided to cancel the tender.
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Fruit Juices: Purchases from Mexico Grow 5%Tuesday, November 12, 2019 In the first half of 2019, Central American companies imported fruit and vegetable juices for $63 million, and purchases from companies in Mexico increased 5% over the same period in 2018. Figures from the Trade Intelligence Unit of CentralAmericaData: [GRAFICA caption="Click to interact with the graphic"] Laminated Products: Import ControversyTuesday, November 12, 2019 At the request of Ternium, the Guatemalan Ministry of Economy conducts an import investigation to determine whether or not a safeguard can be applied, a measure opposed by the commercial sector. In February 2018, the company Ternium submitted to the authorities a request for the Directorate of Foreign Trade Administration (DACE) to carry out an economic study of the import of rolled products into the country, which has as its main objective, to establish whether a safeguard measure is appropriate. Multibank Panama Changes OwnershipFriday, November 1, 2019 After Grupo Aval S.A. of Colombia signed an agreement to acquire Multibank Financial Group of Panama, the transaction process is expected to be completed in the second quarter of 2020. For Grupo Aval de Colombia S.A., owner of BAC Credomátic, this transaction represents an important step in the development of its regionalization strategy, since up to June 2019 Multibank Financial Group (MFG), holding company of Multibank Panama, had assets of approximately $5 billion and a book equity of $560 million, the Colombian group informed on October 31st. |
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Sunday, November 17, 2019 - last update: 4:11 pm
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