Welcome to the Panama Weekly News Roundup! Here’s the latest.
Panama advances to international championship game of LLWS
The team representing Panama in the Little League World Series made history again this week by advancing to the championship round of the tournament in the international category. This was a big win, and a big source of pride for Panamanians and their young athletes.
Esmith Pineda smashed a go-ahead three-run homer in the fifth inning and Panama beat South Korea 3-2 on Wednesday night for a spot in the international championship game of the Little League World Series. Tomas Sarmiento and Carlos Gonzalez both reached on walks to set the table for Pineda’s shot to deep center field to give the team from Aguadulce a 3-2 lead.
Source: The Washington Times
US LNG for China Arrives via Panama Canal
The first shipment of liquefied natural gas from the lower 48 U.S. states to China arrived this week, thanks to the newly expanded Panama Canal. This marks a big economic shift for the shipping industry, and also for Panama.
The shipment was chartered by Royal Dutch Shell PLC, the company confirmed to The Wall Street Journal. The cargo, from the Sabine Pass export facility in the U.S. Gulf of Mexico, was delivered to the Yantian Port on Monday in southern China and was purchased by China National Offshore Oil Corp. as part of a long-term contract, according to S&P Global Platts, an energy and commodities information provider.
Source: The Wall St. Journal
Panama Ambassador to U.S.: Our Transparency Commitment Remains Strong
In a thorough attempt to clean up its reputation after the Panama Papers scandal, the Panamanian government is doubling down on its promise to the US on complete financial transparency.
Four months since the so-called “Panama Papers” made global headlines, Panama continues a path of reform aimed at improving financial transparency and closing loopholes exploited by foreign tax cheats. Among our steps, we established an independent committee to examine Panama’s laws and regulations and make recommendations for strengthening them. While we are disappointed that two members of the Committee—Joseph Stiglitz and Mark Pieth—chose to resign, the work of the group must continue unabated and undaunted by charges made by the pair in this publication and elsewhere.
Source: Time
Panama’s banking system grows by more than $4bn in first half of 2016
According to recent data, Panama’s economic sector is doing great; specifically in the banking sector. What does it mean? That Panama’s banks are investing wisely, and helping the overall economy to grow at a sustainable pace. And that’s great news for investors.
Total assets held within the National Banking System reached $99.6bn by the end of the first half of the year, up 4.6 per cent compared with the same period in 2015. In particular, loan portfolios grew by 7.2 per cent and the securities market increased by 6.3 per cent. Raul Moreira, director of economic and social analysis of the Ministry of Economy and Finance of Panama, also reported total deposits of almost $73.4bn for the period, an increase of 5.3 per cent.
Source: City AM
