Welcome to the Panama Weekly News Roundup! Panama is “hot” for travel in 2015. One of Casco’s oldest cathedrals is set for renovation. Walmart is coming. And the Canal workers end strike with an agreement. Here’s the latest.
Panama listed as another “Hot Travel Destination” for 2015.
Panama continues to get praise from international press as a hot tourist destination and a “must see” in 2015. In a recent report from Canadian broadcasting network CTV, they listed Panama, as well as Nicaragua, as two of the “Hot Travel Destinations” of 2015. They are the only Latin American countries represented on the list this year, and Panama is highlighted for its infrastructure, economy, and major attractions such as the Canal.
A recent rise in tourism to nearby Costa Rica seems to be spreading to these two Central American nations as well. Both are in the process of developing their tourism infrastructure, namely through several hotel construction projects. In 2014, Panama celebrated the centenary of its famous canal — its star attraction — while Nicaragua has just begun construction on its own canal linking the two oceans. Untouched beaches, volcanic mountains and colonial-era towns are also among the attractions shared by the two countries.
Source: CTV News
Panama Canal contractors awarded $233mn in dispute
More delays have hampered construction on the new Panama Canal Expansion this past month, but as we head into 2015, it looks like it’s been resolved. Over the past few weeks, Canal workers went on strike for the second time in a year, in a labor dispute with the Panama Canal Authority. Last week, the contractors’ association was rewarded $233 million in missed compensation, prompting a deal to go back to work to be put in place.
The consortium, which is made up of Spanish construction company Sacyr, Italy’s Salini Impregilo and Belgium’s Jan De Nul, had taken their case to the DAB following a dispute which began early last year after it downed tools when payment stopped on the $5.2bn project, which will see a third set of locks added and the canal widened in order for bigger ships to be able to pass through it.
The Panama Canal Authority, a government-led body responsible for delivering the project, had blamed the consortium for delays and cost overruns of up to $1.6bn.
Source: Construction Weekly Online
Metropolitan Cathedral To Be Restored
One of Panama City’s biggest tourist draws is Casco Viejo, and for good reason. Besides being the culinary and nightlife hub of Panama, it also has some of the city’s oldest and most revered architecture, including some of the city’s most famous churches. One of these churches, the Metropolitan Cathedral, is now slated to get a major renovation in the next year, a move the city hopes will help culturally enrich the area, and showcase one of the country’s most revered historic areas.
The government will hold a bidding for more than $ 11 million for the restoration of the Metropolitan Cathedral (Catedral Metropolitana) in Casco Viejo, which was granted basilica status by the Vatican. The invitation for the bidding was announced by President Juan Carlos Varela, after a Christmas concert by the National Symphony Orchestra of Panama, in the main Catholic church in the country. This church, home of the Archdiocese of Panama, was built between 1688 and 1796, when it was consecrated.
Source: PTY Life
Walmart Seeks to Install a Distribution Center for Latin America in Panama
After much speculation for quite some time now, US chain Walmart is finally headed to Panama. But it may not be in the way you think. Walmart, which is the world’s largest retailer, is planning on opening a distribution center in Panama, in the Colon Free Trade Zone. The area would allow for mass distribution in Latin America, and reduce costs, as it has many financial benefits for imports/exports and free trade.
According to information published by the information portal Prensa.com, can get confusing the news reports that “… Through a letter signed by Panamanian President Juan Carlos Varela, a group of businessmen, headed by CEO Colon Free Zone (CFZ), Surse Pierpoint – seeks to attract the attention of executives at Walmart US to install a distribution center for Latin America in Panama”, indicating the Colon Free Zone (CFZ) as ‘the most appropriate place’”.
Employers in the Colon Free Zone, through its strategy, could point to bolster their arguments in pressure being exerted on the government for the FTA is accorded the same tax privileges to other zones of the country. Beyond this, it is clear that it will be on the negotiating table for Walmart opening the market in the retail sector in supermarkets, so for now he is denied.
Source: GoGetIt Panama
