Welcome to the Panama Weekly News Roundup! Here’s the latest.
Panama says Odebrecht agrees to pay $59 million in bribe scandal
Panama’s attorney general said on Thursday Brazilian construction company Odebrecht has made a verbal agreement to pay $59 million in reparations for bribes it paid in Panama to win business in the country between 2010 in 2014.
The sum is the amount in bribes Odebrecht admitted paying to officials and intermediaries in the Central American nation in a plea agreement disclosed last month in a U.S. court. Attorney General Kenia Porcell told reporters she had received “a formal verbal pledge” that the money would soon be delivered by Odebrecht, adding the firm said it would cooperate “meaningfully” in Panamanian investigations into the case. A spokeswoman for Porcell’s office said the payment was a reparation to Panama by Odebrecht.
Source: Reuters
Panama Canal expansion consortium reserves right to claim $2bn in cost overruns
The consortium that built the new third locks of the expanded Panama Canal should be intending to claim as much as $2 billion in cost overruns on the project, according to Spanish newspaper El Pais.
While unofficial speculation during the delayed project put the estimated cost at $5.6 billion (compared to an initial budget of $3.2bn), the new report refers to Panama Canal Authority (ACP) accounts showing that the consortium GUPC has formally reserved the right to claim $5.67bn.
It is partly a procedural necessity as the terms of the original contract require GUPC to make such claims within a certain time period of the expanded Canal beginning operations, or lose the right to do so later on. The expansion was opened on June 26, 2016.
Source: Splash 247
Photographs capture the power of the Panama Canal and its people
The Panama Canal expansion project has been a huge point of pride for the Panamanian people. Largely, it had to do with the accomplishment of the gravity of the whole thing, but also, it’s represents an important moment in history for the country and its people.
There was a mandate that 90 percent of the workers on the expansion must be Panamanian, very different from more than 100 years ago, when workers came from around the world to build the Panama Canal. What all this mean for the average consumer on the East Coast of the United States, and in Miami, in particular? Almost nothing that they would notice. However, 90 percent of goods are shipped by sea around the world.
That’s a staggering statistic. Ports up and down the East Coast, plus the Gulf of Mexico, have been modernizing in the face of globalization and the canal’s modernization. The construction of the PortMiami Tunnel, which give cargo trucks faster access to the highways, and the dredging of Government Cut to accommodate the huge Panamax ships and that has been an environmental concern.
Source: The Miami Herald
El Valle, Panama: Where nature and culture meet for adventure (Part 2)
No visit to Panama is complete without checking out El Valle de Anton. It’s one of the most sought after areas for both nature lovers, and those who appreciate small town Panamanian culture. In fact, there’s so much to do there for outdoor enthusiasts, that we had to split our latest blog post in two parts. So, to follow up on last week’s “El Valle, Panama: An oasis of outdoor adventure and fun! (Part 1)”, here’s the second part of our review on all of the great things you can do in this wonderful little Panama town.
Hike La India Dormida. This is probably Panama’s most well-known mountains, and one of the most popular hikes (on par with Volcan Baru in Chrirqui) for adventurers of all ages, from all nations. The trail is a pretty good workout, but nothing that a novice couldn’t handle if in good health. You can get a first-hand experience of multiple levels of Panamanian flora and fauna, as you ascend to around 3,000 ft (700 meters). The temps can get a bit chilly as you go up, and prepare for some sort of rainfall, even in the dry season. There are many tourism companies that have guided hikes, and some will even bring you directly from the city. Once at the top, you can see coast to coast, so bring a good camera!
Source: International Relocation Firm Blog
