Chinese court business relationship with Panama, in Panama. – Weekly News Roundup, December 5th.

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Welcome to the Panama Weekly News Roundup! Here’s the latest.

Chinese business delegation courts Taiwan ally Panama

A large Chinese business delegation has arrived in the Central American country of Panama, a diplomatic ally of self-ruled Taiwan, and is keen to invest in energy and port projects, state news agency Xinhua said last Friday.

Panama is one of just 22 countries to maintain formal diplomatic ties with Taiwan. China claims Taiwan as a wayward province and says it has no right to diplomatic relations with anyone. The 35 Chinese entrepreneurs, lead by Zhang Wei, vice president of the China Council for the Promotion of International Trade, arrived in Panama this week, Xinhua said. The delegates mainly come from the telecommunications, banking and construction sectors and “expressed a particular interest in investing in the energy and port sectors”, it added.

“During a meeting with the Chinese business delegation, Nestor Gonzales, Panama’s vice minister of foreign trade, said that his government is seeking to get closer to China,” it said. China views Panama as a potential base for manufacturing plants, said Wang Weihua, permanent representative of China’s Office of Commercial Development in Panama, Beijing’s de facto embassy there.

Source: Reuters

Top Places In Panama For Expats To Live

Panama is one of the top destinations that expats choose to retire due to the warm weather, high quality healthcare, and many retiree benefits. From cosmopolitan city living to small town local living, here are the top places in Panama for expats to retire to.

1. Panama City is full of breathtaking skyscrapers, modern office buildings, world-class shopping malls, 5-star hotels, and beautiful apartments. Most of them with spectacular city and ocean views. In the center of Panama City you will find the banking sector, companies, and all types of international commerce going on.

The nightlife in Panama consists of eating at the latest trendy restaurants, rooftop bars, theatre, live music, and more. This is a town that likes to party!

Panama City is not as cheap as it used to be but you still get a bigger bang for your buck compared to cities like New York, Miami, and Los Angeles.

Source: PTY Life


Panama Canal widening brings new headaches for Panamax owners

Container ships less than a decade old are potentially on the block for scrap value as a widening of the Panama Canal earlier this year plays havoc with a market already under strain from a crash in freight rates.

Finding new uses for the classic Panamax ships has been difficult, including the ships actually being too big to ply container feeder routes, said VesselsValue associate director, Claudia Norrgren. The development has sent the value of container ships down on-year, she said, with news rocking the industry of a 7-year-old container ship under negotiation for sale that was valued just above scrap value at $5.87 million, after its value fell 62 percent this year alone, according to VesselsValue.

Source: CNBC


Sites for World Youth Conference being evaluated

Cardinal Kevin Farrell has arrived in Panama this week in preparations for locations to be the host of the World Youth Conference, in 2019. Panama is ecstatic about being chosen as host, and excited about the thousands of young visitors who will pay homage to the Catholic church and its following during the event.

According to the Archdiocese of Panama, the visit of Cardinal Farrell and his team will evaluate possible venues for the events and meet with members of the local organizing committee. Among the items on the Cardinal’s agenda are a meeting with young people from the archdiocese, which will take place Tuesday at the Church of Our Lady of Lourdes and which will culminate with a mass at 6:30pm.

Source: La Prensa


About Manoj Chatlani

Manoj Chatlani is a Senior Partner at POLS Attorneys, a full-service law firm in Panama City, Panama. Specializing in offshore services, including asset protection, estate planning, offshore banking, and offshore corporations, as well as Panama immigration and real estate transactions, POLS Attorneys offers clients a streamlined solution to all their Panama legal needs. Manoj is a Panamanian lawyer and holds a law degree from USMA and earned a Masters in Communication Law and Panama Tax law.

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