News
Generali will provide visitor insurance
The insurance company Generali won the contract for providing tourist insurance for all visitors to Panama who arrive through the Tocumen International Airport. This was announced recently by the Administrator of the Panama Tourism Authority (ATP), Salomon Shamah. The policy is a landmark decision, one that the current administration made to incentivate tourism in the country.
Generali submitted its proposal along with American Life Insurance (Alico), HSBC Insurance, Aseguradora Mundia and Pan American Life. According to the ATP their proposal was also the most complete and one of the other bidders had even failed to submit information related to their service providers, for example qualifications of risk ratings. The policy will cost the government $1.95 per visitor.
According to the contract, tourists will be insured for up to $7,000 in case of hospitalization and $40,000 if they have to be moved to a medical facility abroad for further attention regarding an injury here in Panama.
New Panamanian bank
Uni Bank & Trust opening in 2010
By Jacob Ehrler
It was “the constant growth of Panama´s economy” that inspired Panamanian banker Joseph Salterio to open a new bank. He brought together 14 shareholders to create Uni Bank & Trust, a new Panamanian bank that has surpassed initial capital funds of any bank established in the Panamanian banking system.
Scheduled to open fourth quarter of 2010, the bank will have two branches, one on Balboa Avenue in the large street-front locale of Grand Bay Tower and the other in the Colón Free Zone. The declared capital is the highest of any national bank upon opening, $100 million, $50 million of which is already posted in Panama.
Record-breaking capital investment
Beating out the record for initial capital invested in an emerging bank is an indicator, but the board at Uni Bank has made significant technological infrastructure investments, ones that Salterio says will pay off in the long run for clients.
Swift processing
The back-office internal system uses state-of-the-art technology that will give the bank a cutting-edge upper hand over other less agile institutions. The benefits for the customer include faster processing times and even being able to open accounts for foreigners in less time than it traditionally takes today, says Salterio.
The bank will focus on small, medium and large businesses as well as individual clients. High wealth individuals and corporations have been waiting in the wings for the Uni Bank’s opening since word spread that Salterio would open his own bank. High profile clients are not the only focus. Car loans and individual savings for the everyday client in Panama City and commercial transactions for international buyers and sellers in the Colón Free Zone are also targetted.
| Former CEO of HSBC Joseph Salterio heads up new financial institution |
About Joseph Salterio
Joseph Salterio is no novice in the banking business. In 1973 he started Marine Midland Bank. It operated successfully for 30 years before it was converted to the HSBC Bank Panama, where Salterio was the CEO until May 2008.
Joseph Salterio himself recently made the announcement that the Banking Superintendency had issued relevant licenses for Uni Bank in July. “It took longer than I had originally wanted it to,” said Salterio, “but still, by opening up before the end of this year, we will be way ahead of the game as far as turnaround time is concerned.”
Salterio, who will function as the president of the new bank, is often sought out for financial and banking advice. An advocate as much as a creator of Panama’s solid and robust financial system, he also authors pieces on the subject of banking and economy in the region.
His medium-term goals include an initial public offering of Uni Bank shares in five years time.
New ‘group shopping’ website based in Panama City will soon launch in Bogota
Graciela Colmenares (Sales and Marketing), Kathy Croston (Sales and Marketing),
Leanne Moss (Business Development), Daniel Saxe (Founder/Owner),
Daniel Smetana (Founder/Owner), Vicky Colorado (CEO).
The founders of Relic Bar and Luna’s Castle in Casco Viejo and Hostel Heike in Bocas del Toro have brought in new partners from around the world to launch OfertaSimple.com. One of the additional founders is a Stanford MBA with extensive experience in startup companies. Vicky Colorado, the company CEO, brings with her wide spread knowledge and experience of Latin American markets. The marketing and sales team is a group of very talented movers with extensive small business experience.
As a locally positioned group buying website, OfertaSimple introduces customers to shops, restaurants, activities and services that are popular in their home cities. Using the power of collective buying, OfertaSimple negotiates special volume discounts with top restaurants, spas, salons, fitness studios, event operators and more to offer an exciting special. Consumers are encouraged to share the deal with friends via email and social networking tools such as Facebook and Twitter.
Vicky Colorado, CEO of OfertaSimple says: “As a Panamanian, I’m ecstatic by the organic growth we’re already achieved on the ground here in Panama City. OfertaSimple’s Argentine and Colombian country managers, on site in their respective cities, report similar enthusiasm. We’re finding that our ultra-localized approach to interacting with merchants and consumers, in their own neighborhoods, has yielded phenomenal results.”
There are two OfertaSimple main offices. One in Casco Viejo, Panama and the other in San Francisco, California. OfertaSimple’s launch in Panama City, Bogota, and Buenos Aires will be followed closely by launches in additional Latin American cities.
For more information go to www.ofertasimple.com.
New company offers space-saving Murphy beds they look great too
New Panama business: Murphy “hideaway” beds that are perfect for saving space while still accommodating guests.
Businesses big and small are opening in Panama. As the country grows by leaps and bounds, new needs must be filled. One of them is that of space for an extra bed for when out-of-town guests visit. A second office is often much more practical a use for those moving to Panama lately, and a new company offers a solution to have it perfectly convertible into a bedroom, without taking up space while no one is in town.
Murphy CamaMerica S.A. is a company in Coronado that makes quality wall beds, also known as “Murphy beds”. The beds are disguised in a wall unit that also serves to store or display anything, from books to photo frames. A wide variety of styles and designs go with contemporary or classic interiors and can be customized to fit individual needs and dimensions.
The beds and wall units are made with high durable materials by craftsmen who assure this product’s quality, durability and safety For more information visit the showroom in Coronado on PanAmerican highway or contact Murphy CamaMerica S.A. at 6231-9867 or visit www.MurphyCamamerica.com.
Daily Canal tours all ‘verano’ long
The best way to see the Canal.
High tourism season is during the dry season of 2011, Panama’s ‘verano’ or summer. To give tourists a chance to experience a transit through the Panama Canal, Canal & Bay Tours, is offering daily transits aboard one of its three ships, the Isla Morada (100 passengers), the Fantasía del Mar or Turia II (400 passengers).
Canal & Bay Tours manager Juan Carlos Novey announced that the daily transits will begin on January 24 and last through April 18. The trip includes bilingual guides, lunch and transport to or from hotels. “The best way to see the Canal is by navigating through the locks and lakes,” said Novey.
Currently Canal & Bay offers two to three transits per week. Call 209-2000 or visit www.canalandbaytours.com for more information.
Isthmian Update
Some of the news in Panama
Airport investment
In the next three years the Government will pay about $100 million for the refurbishment of the main domestic airports, excluding the construction of the northern ramp at the Tocumen International Airport for another $69 million.
New public hospital in Chitré
During the week of November 15 the new Social Security Fund (CSS) Hospital, called El Vigía, will be opening. This health facility is part of the government’s effort to make quality health care available in all of the provinces, according to the CSS.
National Bank loans grow
The loan portfolio of the National Bank of Panama (Banco Nacional de Panama) stood at $1,975.3 million at the end of the third quarter, a growth of 18.5% compared to the same period in 2009. A report of the entity also reveals that, to date, it has disbursed $694.3 million in loans to the private sector, which represents about 133.5% versus what was budgeted, which stood at $520.2 million.
Proposed suspension
of Halloween
Deputy Alcibiades Vásquez requested that the Minister of Education Lucy Molinar suspend the celebration of Halloween in public schools because the teachers all but obligate students to celebrate what Vásquez calls a devilish holiday. “I am a radical,” said the deputy, “it’s a national shame.”
Law 30 conclusion
The daily Panama America reported that after three months of talks and 26 meetings, the Table of Dialogue on Law 30 yesterday presented to President Ricardo Martinelli the agreement to amend the controversial “Chorizo Law” (sausage law). The consensus reached at the table was ranked by the president as “a success” to the point that he announced that this same method could be used as “a platform” to change the Constitution.
Drug op was co-operated
The Colombian Drug Enforcement Administration special prosecutor, Jairo Sanchez, told the daily Panama America that the recent military operations against camps of the Revolutionary Armed Forces of Colombia (FARC), located near the border with Panama, were conducted with the cooperation of information from authorities of Panama. He explained that there is collaboration between the two nations to fight scourges such as drug trafficking and guerrillas.
Spain is seventh
double tax signer
The signing of the seventh treaty - with Spain - to avoid double taxation and prevent income tax evasion will allow Panama to get off the so-called “grey list” in several European countries. This was confirmed by the Vice-president and Foreign Minister, Juan Carlos Varela. Recently signed also was a treaty with The Netherlands.
Darien river boat drug bust
The total is nearly 33 tons of illicit substances that have been seized so far this year. The State Border Service over the weekend seized in the marshes of Narganá, Darien, a boat with three outboard motors with approximately 1.5 tonnes of cocaine, it was confirmed by the agency’s director, Frank Abrego.
Martinelli in Asia
President Ricardo Martinelli recently went on a tour of Asia. According to the Foreign Minister, Juan Carlos Varela, the president will have met with his counterparts in Singapore, Korea and Taiwan. “These meetings are intended to promote job creation and improve living standards of the Panamanians,” he said.
Panama at forefront of
maritime development
The weekly shipping newspaper The Bulletin reported that “Panama is experiencing an important moment at the forefront of regional and global maritime development with nearly 9,000 ships registered under its flag, plus the movement of over four and a half million container TEU’s, which has allowed the ports of Manzanillo, Cristobal, Balboa and CCT to exceed for the first time in the ranking of ECLAC over the Port of Santos in Brazil,” said the Administrator of the Panama Maritime Authority (AMP), Roberto Linares. His statement was made at the official launching of the World Conference and Exhibition “Panama Maritime X” to be held from February 13 to 16, 2011. It is being organized by the Panamanian Association of Maritime Law (APADEMAR), the Panama Chamber of Shipping (CMP), the Panama Maritime Authority (AMP) and the Panama Canal Authority (ACP).
Around or under
the Old Quarter
In November a delegation will come from United Nations Educational, Scientific and Cultural Organization (Unesco) to learn about the Government’s plans to extend the coastal strip to the Amador Causeway, and decide whether it is a threat to the Old Town of San Felipe, which is a historical heritage site of humanity. The Executive discussed two options to extend the strip to Amador, where a convention center will be built, by skirting the old town or building a tunnel.
Port business meeting
A delegation from the Port Authority of the Bay of Algeciras (APBA) and the Port Community (Comport) of Spain met with the Administrator of the Panama Maritime Authority (AMP) Roberto Linares during an intensive four-day visit to analyze the possibility of business exchanges and even the creation of joint ventures.
Copa to St. Martin
Copa Airlines has announced a new flight route between Panama to the Caribbean island of St. Martin. The flight will operate twice a week beginning on December 18. The new flight will depart Panama on Tuesdays and Saturdays at 12:22 p.m., arriving in St. Martin at 4:17 p.m. The return flight will depart on the same days at 5:30 p.m., arriving in Panama at 7:44 p.m.
Modernized public
administration
The National Authority for Government Innovation (AIG) was established before the Secretaries of Innovation under Law 65 of October 30, 2009. It is the body of the Panamanian Government to plan, coordinate, and issue guidelines, monitor, collaborate, support and promote the optimal use of information technologies and communications in the government sector for modernization of public administration. It is also to recommend the adoption of policies, national strategic plans and actions relating to these matters.
Journalists protest to protect freedom of expression
Shortly following the decision of the Second Court which convicted and disqualified from practicing journalism for one year the director of TVN news, Sabrina Bacal, and reporter Justin Gonzalez, journalists from various media organizations of the country took to the streets last week to demand respect for freedom of expression. Meanwhile, Reporters Without Borders, an international organization working for freedom of the press, issued a statement which called the decision “absurd and dangerous.”
Tunneling begins on Bay cleanup job
The tunneling machine named ‘Gloria’ began work on the tunnel that will be part of the sewage sanitation project for the the city and the Bay of Panama. Just like a mole that digs the earth, ‘Gloria’ is responsible for drilling and lining a 8.1 kilometer long tunnel, from Nuevo Reparto Panama, in the suburb of Chanis, to the Coastal Strip.
To widen Arraiján – La Chorrera highway
President Ricardo Martinelli gave Transcaribe Trading Company the order to proceed to the design, rehabilitation, reconstruction and widening to six lanes of the Arraiján - La Chorrera expressway, which will cost $159.6 million. Martinelli took the opportunity to lash out at his predecessors for negligence in the repair or construction of access roads and damage to the highway, according to the daily Estrella de Panamá.
New province proposed: Western Panama
The daily La Critica reported that this week a draft law creating the province of West Panama would be presented to the National Assembly. Ruben Frias, who will support the initiative, reported that the tenth province would include the districts of Arraiján, La Chorrera, Capira, Chame and San Carlos.
Salary claim rejected
The Supreme Court rejected a claim of unlimited jurisdiction by alternate members of the Central American Parliament (Parlacen) so that they equalize their pay with that of the National Assembly deputies. The ruling states that the lawsuit should be dismissed because the Ministry of Economy and Finance (MEF) has no jurisdiction to entertain this application as there is no legal or constitutional provision that grants the power to equalize the salaries of public servants.
Updating local governments
The daily El Siglo reported that some 28 municipalities in the country were included in the program launched yesterday to modernize the computer systems of local governments, a project promoted by the Organization of American States (OAS) and the National Authority for Government Innovation. The OAS will provide $7.5 million for the first stage and the Government will contribute $500,000, said Eduardo Jaen, the Manager of Innovation.
Six helicopters purchased
For reasons of “national security”, the Ministry of Public Security has decided to purchase – directly - six model AW 139 helicopters at a cost of $60 million. The company chosen is Italy’s AgustaWestland, which confirmed the signing of a contract with the Government of Panama for that purpose. The Vice-minister of Security, Alejandro Garuz, explained that the aircraft must come to Panama in 2011 and will be used to guard the border with Colombia and provide support for air and naval bases to fight drug trafficking.
Anati, new Land Authority
Last week the full National Assembly gave third reading to the bill creating the National Authority for Land Management (Anati). Now it just needs the sanction of President Ricardo Martinelli for the Department of Land Values, the National Agrarian Reform Institute, the National Land Administration and the Tommy Guardia National Geographic Institute to be merged into this new entity, which in turn will come under the Ministry of Housing.
Amending bearer share provisions
The daily Estrella de Panamá reported that in order to comply with the requirements of the Organization for Economic Cooperation and Development, the Ministry of Economy and Finance (MEF) is promoting an amendment to current regulations on corporations to enforce with a sanction, including on resident agents, the need to keep a register of beneficiaries of shares Ministry of Housing.
Amending bearer
share provisions
The daily Estrella de Panamá reported that in order to comply with the requirements of the Organization for Economic Cooperation and Development, the Ministry of Economy and Finance (MEF) is promoting an amendment to current regulations on corporations to enforce with a sanction, including on resident agents, the need to keep a register of beneficiaries of shares.