Welcome to the Panama Weekly News Roundup! Here’s the latest.
Two Ships Rub Against Each Other When Crossing the Panama Canal Without Affecting Traffic
Two ships touched on the Panama Canal as they approached a set of hundred-year-old locks, a very unusual incident in the history of the interoceanic highway that did not affect the transit of other ships.
The Panama Canal Authority (ACP), the autonomous entity that manages the water route, said Monday in a statement that an investigation had begun to determine the causes of the accident, which occurred in front of the Pedro Miguel locks, located on the side of the river. Pacific Ocean and built at the beginning of the last century.
Source: Maritime Herald
Bishops of Panama conclude plenary meeting.
The Catholic Bishops of Panama have concluded their annual Ordinary plenary meeting and have released a statement summarizing the topics they discussed.
Beginning with a reflection on the recent World Youth Day held in Panama, January 22-27, the Bishops congratulated all of Panama on the great success of the event.
“The thousands of pilgrims who visited us during World Youth Day were impressed by our fraternal embrace, our solidarity and by the ability to organize a unique event such as the World Youth Day. Thank you Panamanian people, because nothing would have been possible without the commitment each. With the simplicity that characterizes us, we show the world our roots, the joy of faith, the values of fraternity and solidarity.” The Bishops went on to renew their commitment to keeping young people engaged at all levels of the church. In particular, they promise to continue arranging for places of encounter with the young people from indigenous communities.
Source: Vatican News
Fitch Ratings: Panama Banks Make Further Capital, Regulatory Progress.
Fitch Ratings-New York/San Salvador-15 March 2019: Panama’s bank regulators have increased capital and regulatory requirements through a series of reforms over the last several years, moving banks more in compliance with Basel III standards, which Fitch Ratings views positively from a credit perspective.
Panama adopted Basel III-related liquidity rules in 2018, with the liquidity coverage ratio (LCR) to be phased in by 2022. Most Fitch-rated banks already comply with this requirement, with LCRs above 100%. LCR and high quality liquid asset requirements are especially relevant given the absence of a central bank and deposit insurance. The authorities will also be establishing a USD500 million liquidity fund, to be managed by Banco Nacional de Panama.
Source: BN Americas
Exploring Panama’s Luxury Hotel Market
In the past ten years, Panama’s luxury tourism industry has grown at an unprecedented rate. This means big business for hotels and resorts, both local and international, to jump in deep to this market. It’s no secret that Panama has been building hotels and resorts at a break-neck pace over the past few years. Many hoteliers have even been criticized for over-building and saturating the market. But the numbers for future growth are too good to not take that risk.
In true Panama style, this boom has been accompanied by an “all-or-nothing” attitude that’s pushing bigger and better hotels. Luxury and large is the trend, and there are some great new hotels/resorts that embody this to a tee. Here’s a quick review of some of Panama’s best:
Source: POLS Blog