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☆ Panama sees limited risk from US, European bank problems
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

PANAMA CITY, March 16 (Reuters) - Panama's risk of contagion from banking woes in the United States and Europe is "very limited", an official with banking regulator SBP said on Thursday, adding that local lenders have no exposure from interbank deposits or other investments. "We can count on a very solid banking system," Amauri Castillo, an SBP superintendent, said at a conference in Panama City. Panama's international banking center (CBI) held assets totaling some $140 billion at the end of last year, up 5% from 2021. At the end of last year, Panama's national banking system reported a capital adequacy ratio of 15.34% and liquidity ratio of 57%. Reporting by Milagro Vallecillos; Writing by Sarah Morland; Editing by Anthony Esposito and David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ LatAm has 'resilient' financial system, IDB president says after SVB collapse
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

PANAMA CITY, March 15 (Reuters) - Latin America has a "very resilient and well-managed" financial system, Inter-American Development Bank President Ilan Goldfajn said on Wednesday, following the collapse of Silicon Valley Bank, which has roiled markets. "We hope that we are prepared for what is coming in the region," Goldfajn added, speaking at an IDB meeting in Panama City. Stocks and currencies in the region tumbled on Wednesday as traders showed worries over the stability of Swiss lender Credit Suisse (CSGN.S) following the crash of Silicon Valley Bank, raising international fears of financial contagion. "We're going to learn a lot in coming weeks and months about how to get through this period," Goldfajn said. He added that IDB leaders would meet to discuss the development bank's macroeconomic outlook and the impact of inflation, as well as risks to the region's financial systems.

☆ Panama gives Canada's First Quantum go-ahead to operate port terminal
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

PANAMA CITY, March 11 (Reuters) - Panama's Maritime Authority has lifted a suspension on First Quantum Minerals' operations at the port of Punta Rincon, which the Canadian company uses to export copper concentrate from its key Cobre Panama mine, company sources said late on Friday. Two spokespersons for Minera Panama, First Quantum's (FM.TO) Panama unit, told Reuters the suspension dated Jan. 26 had been ended, which was confirmed by a source at the Maritime Authority. The company, which spent weeks at loggerheads with Panama over Cobre Panama, had said that once the suspension ended, it would be able to resume activity at the port quickly. The Panamanian government and First Quantum said on Wednesday they had agreed on the final text for a new contract on the operations of Cobre Panama, which accounts for about 3.5% of the country's gross domestic product. About 60% of the copper concentrate exported through Punta Rincon is destined for factories in China.

☆ Falling Panama Canal traffic threatens local economy, execs warn
▼ + stars: | 2023-03-08 | by ( Milagro Vallecillos | ) www.reuters.com time to read: +2 min

[1/2] The first trial run with a Post-Panamax cargo ship in the new sets of locks on the Atlantic side of the Panama Canal, in Panama City, Panama June 9, 2016. REUTERS/Carlos JassoPANAMA CITY, March 8 (Reuters) - The amount of cargo passing through the Panama Canal is expected to shrink this fiscal year, the canal's top authority said on Wednesday, with experts warning lower volumes could hurt Panama's economy. The canal is losing out on traffic from ships that once carried fuel and gas from the U.S. to Asia, but now go to Europe and bypass the Panama Canal, Vasquez said at a conference. The number of tonnes passing through the canal reached 518 million in 2022 and 516 million in 2021, according to official data. Reporting by Milagro Vallecillos; Writing by Valentine Hilaire; Editing by Brendan O'Boyle and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

PANAMA CITY, Jan 10 (Reuters) - Panama's government on Tuesday doubled down on an order that Canada-based miner First Quantum Minerals (FM.TO) halt operations at its local copper mine, saying the miner had been operating without a contract since 2017. Earlier, First Quantum said it would submit an appeal against Panama's order by the end of the day. On Tuesday, Panama's commerce and industry ministry said First Quantum had been operating without a contract after the previous one was annulled by the Supreme Court in 2017. That court ruling was published in the government's official gazette in December 2021, but First Quantum continued operating as a new deal was negotiated. First Quantum's Chief Executive Tristan Pascall said in a call with investors on Tuesday morning that following the Supreme Court decision, the government of Panama issued public statements "reaffirming that the contract remained valid."

☆ Analysis: Panama and First Quantum harden battle lines over key copper mine
▼ + stars: | 2023-01-03 | by ( Valentine Hilaire | ) www.reuters.com time to read: +5 min

However, no agreement was forthcoming, prompting the two sides to raise the stakes to protect their interests in the mine, known as Cobre Panama. "Cobre Panama is the only metal mine operating in the country and many foreign companies started operations in Panama with its arrival. Failure to reach a deal could spook foreign investors at a time when Panama is looking to develop three other copper deposits that could bring in similar investments to Cobre Panama, said Morales. First Quantum paid $61 million in royalties to Panama's government in 2021, while the Cobre Panama mine posted sales revenues of $3.2 billion for the year, company data show. LUCRATIVE ASSETIn 2021, Cobre Panama represented more than half of First Quantum's earnings before interest, tax depreciation and amortization (EBITDA).

☆ Panama president says final contract to miner First Quantum has been presented
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +1 min

PANAMA CITY, Jan 2 (Reuters) - Panama's president, Laurentino Cortizo, said on Monday the government has presented Canadian miner First Quantum Minerals (FM.TO) a final contract to regulate operations. Cortizo, during a speech to the nation, vowed to abide by the constitution in the negotiations and to establish a "fair relationship" between the parties. The two sides are at odds over such issues as contract stability and the government's plan to increase annual royalties to $375 million, which has been at the forefront of discussions. Crispiano Adames, president of the country's National Assembly, said during a separate speech he had proposed a new mining code to avoid the needs of Panama being put behind those of multinational companies. Reporting by Milagro Vallecillos in Panama City Editing by Anthony Esposito and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Migrants arrive in record numbers in Panama in 2022, data shows
▼ + stars: | 2023-01-01 | by ( ) www.reuters.com time to read: +1 min

PANAMA CITY, Jan 1 (Reuters) - Migrants arrived at record numbers in Panama in 2022, the Central American nation said Sunday, with most of them leaving Venezuela and crossing the dangerous Darien Gap region in an attempt to reach the United States. With 248,283 migrants from different countries recorded by Panamanian authorities, the number for last year is equivalent to the total for more than a decade. The data showed 150,392 of the migrants were from Venezuela, by far the largest share, followed by 29,413 from Ecuador and 22,454 from Haiti. A stretch of dense, mountainous rainforest without roads, the Darien Gap straddling Colombia and Panama has long been considered the most dangerous migrant route in Latin America. Reporting by Milagro Vallecillos; Additional reporting by Adriana Barrera; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ Panama seizes record number of drugs for second consecutive year
▼ + stars: | 2022-12-24 | by ( ) www.reuters.com time to read: +1 min

PANAMA CITY, Dec 24 (Reuters) - Panama seized a record for drugs in 2022, its Public Security ministry said on Saturday, as the country struggles with drugs being trafficked through its territory to the United States and Europe. So far this year, the Central American country has seized 126.5 tons of drug, mostly cocaine, setting a record for the second consecutive year. "Panama is a transit country for drugs, what we do is a containment operation," Minister of Public Security Juan Manuel Pino told reporters this week. Out of the total, 23 tons were found in containers on the Atlantic coast with destination to the United States and Europe. The drugs were seized in more than 471 operations against drug trafficking, which included the arrest of 619 people comprising 415 Panamanians and 204 from other countries.

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