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ENGLISH


Economy

Railroad sees traffic fall sharply

  Freight traffic on the Panama Canal Railroad will fall 37.5 percent this year as a result of the global economic crisis, authorities with the railroad said. The projection was made based on a comparison of traffic on the railroad so far this year as compared to last year. They estimate that traffic levels, after spiking in 2008, will return to 2007 levels. "The boats are empty, there are no boats moving loads and the factories in China and the United States are locked in the worst crisis in 100 years," said Thomas Kenna, president of the railroad. He added ......


Economy

Value of building permits drops 5.5 percent

The value of buildings permits contracted 5.5 percent in the first third of the year, according to the Comptroller. The value of these permits fell from $504 million in the first four months of 2008 to $477 million this year. The decline is visible in residential projects, which registered a decline of $141 million or 36.8 percent. Even more dramatic is the decline in residential projects in the province of Panama, which are down 38.8 percent. Jaime Jované, president of the ...

Economy

Ecuador cracks down on tax havens

Ecuador President Rafael Correa this weekend issued a decree that prohibits public companies that are domiciled in countries known as "tax havens" from doing business with the government. Correa cited Panama as one of the countries that falls under this description. The response from Panana was immediate and forceful. "If Ecuador does that, no Ecuadorian company will be allowed to do business in Panama," said incoming Minister of Justice and Government José ...

 

 

 


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