Salini sees maximum $334 million hit from Panama arbitration award. : Weekly News Roundup, December 21st, 2018

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Salini sees maximum $334 million hit from Panama arbitration award.

Italy’s biggest construction company Salini Impregilo does not expect any impact from Wednesday’s Panama Canal arbitration award beyond a worst-case scenario of $334 million.

On Wednesday, the Panama Canal Authority said an arbitration tribunal had ordered the construction consortium behind the waterway’s expansion, which includes Salini, to pay back nearly $848 million to the canal authority.

The ruling from the Miami-based tribunal stems from a long-running dispute between the authority and a group of builders led by Salini and Spain’s Sacyr.

Source: Reuters

Panama WYD: Virtual reality will allow one to travel to Jesus’ times.

During World Youth Day Panama 2019, Omar Park will be transformed into Cristonautas Park. It is a space filled with technology, art and music for the enjoyment of young people.

The central theme of this park is “The Annunciation to Mary.” The company HTC, Fundación Ramón Pané and WYD will make it possible experience the faith in a very real way.

Source: Rome Reports

China Wants Panama To Be Its Gateway To Central America

China on Tuesday said its President Xi Jinping’s visit to Panama was a step forward to improve bilateral ties and turn the Latin American country into Beijing”s gateway to Central America.

Chinese Foreign Ministry spokesperson Geng Shuang told reporters that Xi and his Panamanian counterpart, Juan Carlos Varela, on Monday reached broad agreements and achieved positive and productive results during their meeting at Presidential Palace in Panama City.

The spokesperson said Beijing would give the Panama Canal more importance in its trade as due to its strategic location, Panama could become the gateway and point of connection between China and Central America, Efe news reported.

Source: NDTV


Five important steps to take to open a bank account in Panama

Offshore investment remains steady in Panama, and that means lots of opportunities for business and banking. One of the most functional and feasible options in this region when it comes to business, retirement, or relocation is to open a Panama bank account as soon as you can. Panama has long had a reputation for secure offshore banking, and has very favorable laws for both offshore investors, and residents.

If you want to open a bank account in Panama, however, you’ll need to do a few things ahead of time to prepare. The process is much easier than practically every country in Latin America, and with a small investment and a good lawyer, this can be done quickly, and painlessly. Here are 5 solid steps you’ll need to take before you open a bank account in Panama:

Source: POLS Blog


About POLS Attorneys Staff Writer

As one of the leading Panama Law Firms, and one of the regions most reliable offshore service providers, POLS Attorneys brings a wide range of professional knowledge to our clients needs. Our staff is made up of professional offshore consultants, Panama attorneys and immigration specialists who are experienced in offshore business, understand international investment and asset protection strategies, and are experts in providing a seamless Panama immigration process.

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