Welcome to the Panama Weekly News Roundup! Here’s the latest.
Panama’s Independent Filmmakers are Making a Splash in Cannes
Panama’s independent film scene is still relatively unknown outside of the country, but that may soon change, if you believe the buzz in Cannes. These four films, in particular, will be getting your attention sooner than later; and for good reason. Here’s why:
“Invasion,” “Panama Canal Stories,” along with “Breaking the Wave” (“Rompiendo la ola”) and “Reinas,” were the four local productions that made a mark commercially at the Panamanian box office in 2014. Thirteen features have been produced in Panama since 2012, compared with just three local productions completed between 2007 and 2012 and two between 2001 and 2007. Panama is growing in productivity as nations rush to invest their capital in the country in anticipation of the enlarged canal which will permit the Chinese cargo ships passage to Latin American and U.S. ports.
Source: IndieWire
Scotiabank to Acquire Citigroup’s Panama, Costa Rica Units, Tripling its Customers in Those Countries
Citigroup’s dominance in Central America will make a shift as Scotiabank makes a huge acquisition plan for their Panama and Costa Rica interests. Scotiabank already has a good reputation and strong presence in Panama, and this deal will make it one of the most powerful banks in the region.
Financial terms of the deal, which will make Scotia the second-largest player in credit cards in both markets with market share in the mid-to-high teens, were not disclosed. But Peter Routledge, an analyst at National Bank Financial, estimates a price-to-book-value ratio of 1.7 times.
The estimated price tag is “not cheap but not a ridiculous over-payment either,” the analyst said in a note sent to clients. He estimated Scotia would add $2.2 billion in assets with the acquisition of the retail and commercial banking businesses.
“This acquisition will nearly triple Scotiabank’s customer base in these two countries from approximately 137,000 to 387,000, providing significant opportunities to leverage leading regional loyalty programs and key strategic alliances,” the bank said in a statement.”
Source: Financial Post
Marcos A. Gelabert Airport’s Big Move
Panama City’s secondary airport, and the hub for domestic travel with Air Panama, may move its operations in the next five years. The reason why? The construction of the fourth bridge over the canal, and the better logistical access at Panama Pacifico (formerly Howard Airforce Base).
The idea behind the fourth bridge over the Canal is to link vehicular traffic to the area in Albrook that connects to the Corredor Norte toll road in order to alleviate traffic congestion on the Bridge of the Americas all the way to Avenida de los Martires. According to experts, the flight facilities of Panama Pacifico are more spacious and in better condition than their counterpart in Albrook, a location that does not permit the construction of new hangars due to a lack of room.
This concerns Air Panama, the domestic airline whose operations are based out of Albrook, as well as a host of privately owned light aircraft and jets that make use of the terminal and its hangars. While a definite date has not been set, reports indicate that the airport’s move from Albrook to Panama Pacifico will take place before 2019. Some of the vacated area in Albrook is already destined for a new “logistics enclave” servicing the ports and railroad of the Panama Canal.
Source: The Bulletin Panama
How to Retire in Panama on Social Security or Pension
Many people who choose to relocate to Panama are doing so because of the cost of living in relation to their pension, social security, or retirement funds. Living on a fixed budget takes a lot of research, patience, and diligent planning ahead. In our blog, we discuss some of these factors, and how you can live off your social security or pension, and still maintain the lifestyle that you want.
When you decide you want to move to Panama to live off your social security or pension, you need to ask yourself three important questions:
- Can I maintain my current lifestyle on my pension budget?
- Will I be able to culturally adjust to living in Panama?
- Will Panama give me a better quality of life than my current location?”
To make sure you find the answers to these questions, you first have to look at the basics: how much money will your pension provide you, and for how long?
Continue reading the article How to Retire in Panama on Social Security
