Welcome to the Panama Weekly News Roundup! Here’s the latest.
Coal exports eye expanded trade flows from Panama Canal
Energy distribution continues to be big business here in Latin America (and the world at large), and from the looks of it, will be growing thanks to the newly expanded Panama Canal.
The new neo-Panamax locks were officially opened at the end of last month and the expanded canal can now handle vessels up to 366 meters in length, 49 meter beam and a draft of 15.24 meters. This should allow “Baby-Cape” dry bulk vessels up to 130,000 dwt to pass through the canal, increasing the attractiveness of shipping a range of thermal and metallurgical coals crossing between the Atlantic and Pacific for destinations in Europe, the Far East, India and Brazil. Previously the largest dry bulk cargo that could be taken through was 65,000 mt on Kamsarmax size vessels up to 80,000-85,000 dwt.
Source: Hellenic Shipping News
Panama launches investigation into 1989 US invasion
After almost 27 years after the US invasion of Panama, Panama wants to launch an official commission to investigate civilian deaths from the conflict. This (according to some) is critical in gaining closure for the affected families of victims, and will be the first time an official body count has been made by the sovereign nation.
Officially 514 Panamanian soldiers and civilians were killed but some local groups say the real number is closer to 1,000. Twenty-three US military personnel died. “Panama is seeking to heal its wounds,” said the country’s vice president and foreign minister, Isabel de Saint Malo. “There can be no reconciliation if the truth is not known,” she added. The 83-year-old Manuel Noriega is now in prison in Panama, for ordering the disappearance of dissidents during his 1983-1989 rule.
Source: BBC News
Panama to ink multilateral tax cooperation convention
In an effort to clean up their reputation, largely placed on them by 2016’s Panama Papers, and to promote more transparency, Panama has decided to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC). This is a huge step forward, and one that Panama hopes will mend international relationships, as well as promote new investment for the future.
The commitment to automatic exchange remains only with those countries with which Panama decides to do so bilaterally, according to Panama Government. Reacting to this development, Pascal Saint-Amans, Director of the OECD’s Centre for Tax Policy and Administration said: “We very much welcome Panama’s request to join the Convention. Signing and ratifying the Convention will be a very significant step forward in implementing its commitment to tax transparency and effective exchange of information”.
Source: The Hindu Business Line
6 Can’t-Miss Places to Eat and Drink in Panama City, Panama
Panama City is growing its reputation as a foodie hot spot, and you’ll see why immediately after arriving here. There are tons of food and drink options for practically any budget, and certainly any taste. Here’s a sample of what we think are “can’t miss.”
Barrio Pizza
Who doesn’t love pizza? No, seriously. Think about that for a minute. Barrio Pizza is Panama’s answer to old-world, neopolitan syle, brick oven pizza; and it’s got a modern Panamanian twist to boot. Barrio’s charm is in its simplicity. It serves one size of pizza (about 10”), as well as some delicious small plate apps like meatballs, olives, salads, and antipasti. It’s located in Casco Viejo, at Edificio Neuman Local #1, Av Central Calle 8, Panamá, Panama.
Continue reading about places to eat in Panama City Panama
