Welcome to the Panama Weekly News Roundup! Varela asks congress for more spending. Copa is the world’s most profitable airline. Miami is betting big on the new Canal. And we show you the best options for chartering private transportation here in Panama. Here’s the latest.
Panama’s President Asks Congress for Wider Limits to Deficit Spending in the Federal Budget.
Panama is committed to finishing what the previous president, Ricardo Martinelli, started. And that, in this case, will require a lot of spending. After only a few months in office, new President Juan Carlos Varela is formally requesting a larger budget deficit limit, in hopes that he can continue to fund major public works projects throughout Panama.
Varela, who took office July 1, said he’d send a proposal to Congress within a month to increase the budget deficit limit to 3.7 percent of gross domestic product from 2.7 percent. The announcement by Varela comes a week after the Central American nation sold $1.25 billion in 10-year bonds.
“We’re going to finish the public investment projects we have committed to, while also managing the debts they are leaving behind,” Varela said in an interview with El Financiero-Bloomberg Television in New York yesterday. He described the change to the fiscal responsibility law as part of a “transition” that needs to be implemented this year.
Source: Bloomberg
Panama’s Copa Airlines Ranked as the World’s Most Profitable, According to a New Study.
Copa continues to soar as one of the world’s fastest growing airlines, and has a new recognition to be proud of. In a study published earlier this month, Copa ranked the highest globally, on a scale of profitability in the airline business. It was followed closely by budget US carrier Spirit, which also serves a number of non-stop destinations from Panama.
Copa kept about $0.22 of every dollar of revenue for the year ending June 2014, according to the ranking. Spirit kept about $0.18 while Allegiant kept about $0.16 – both more than triple United Airline’s margin of about $0.05, which stuck the carrier in 34th place. Delta ranked 11th, Southwest came in at 14th and American – the world’s largest airline by passenger traffic – ranked 15th.
To be sure, the legacy carriers trumped their low-cost rivals in actual income earned. Delta’s operating income last quarter was about $1.6 billion whereas Spirit’s was almost 15 times less, at about $105 million.
Source: Reuters
Miami is Betting Big That Expansion of Panama Canal Will Bring in Megaships.
Much has been speculated about how the Canal expansion project will affect other global ports, and Miami is no exception. The Port of Miami, with a strategic location just north of the Caribbean, is expecting an increase in traffic. More importantly, their hoping that the traffic will come from post-Panamax ships, which will be heading through the Canal upon its completion.
Some 1,160 miles from Panama City by air, a parallel construction project is underway at PortMiami, which is betting big that it will be a first port of call for post-Panamax ships once the expansion is complete. Port Everglades and Jacksonville also want deep water to handle big ships.
“What the canal expansion has done is focus the United States on the need for investment in port infrastructure,” said Steven M. Cernak, director of Port Everglades.
Source: Miami Herald
Panama Transportation Charter Services: How to travel private in Panama
Panama is an international travel hub. There’s no surprise that there are many ways to get around, for many budgets. Some of the most efficient, although costly ways of traveling are charter services. There are plenty of options, and plenty of prices. So it’s good to know what you’re getting into beforehand. Check out our latest blog post for more.
Due to the nature of luxury, private transportation, most services offer guided tours, along with practical transportation services. It’s not uncommon to have a driver, captain, or pilot take you for a guided tour in English of the surrounding area of your destination. For ground travel to places near or in the city, the typical rate is about $20-$25 an hour. For boats, it’s about the same, however tours tend to be longer. For air tours, prices are typically customized depending on the client’s needs. However, don’t expect to pay any less than $400-$500 an hour, on a good day.
Island excursions, whether by boat or air, as well as Canal tours, make up the lion’s share of charter tours. Popular sea destinations are the San Blas Islands, the Pearl Islands, Bocas del Toro, and Coiba. Canal tours usually comprise of the Miraflores Lockes, Balboa, Lake Gatun, and Colon, where the Caribbean mouth of the Canal lies.
Read more about private transportation in Panama
