Italy’s Prime Minister, Silvio Berlusconi, will travel to Panama in January to discuss a double taxation treaty as Panama tries to rid itself of its “grey listed” tax haven status. President Martinelli, of Tuscan descent, made a trip to Naples in September for the first round of negotiations and to meet the Pope. He...
World’s Largest Cruise Ship Too Big for Panama Canal
At 1,180 feet long and 154 feet wide, the 17-deck Oasis of the Seas is the world’s largest cruise ship and is more than 150 feet longer and 40 feet wider than the current Panama Canal locks. Five times bigger than the Titanic, the cruise liner city houses loft suites and staterooms with balconies; a boardwalk with...
‘Tis the Season to Spend Savings
More than $200 million will be injected into economy over the holidays, reports La Estrella. Bank figures show that more than 200,000 Panamanians opened Christmas accounts in 2009 with approximately $52 million to spend. Additionally, the government will be reimbursing $26 million to its employees and the private sector estimates approximately $99 million in...
6,889 Pounds of Shark Fins Seized
Panama’s Aquatic Resources Authority seized 6,889 pounds of shark fins on the Pacific Coast Vacamonte Pier. Shark finning is the practice of cutting off the shark’s fins and throwing its finless carcass back to sea. Law 9 of March 16 2006 prohibits the practice in Panamanian territorial waters. One pound of dried shark fin,...
Dubai’s Jumeirah Group Coming to Panama
Jumeirah Group, the Dubai-based luxury hospitality company, has been appointed to manage the Los Faros hotel in Panama. The hotel is part of the Los Faros de Panama residential and commercial complex which will sport one of Latin America’s tallest towers at 1,185 feet. The Jumeirah chain manages some of the most luxurious hotels...
City’s $1 million Christmas Decorations
Although cities around the world are struggling or unable to fund decorations this holiday season, Panama City’s Mayor does not seem to be sparing any expense getting into the Christmas spirit. In October, his office submitted a budget of $636,500 and yesterday presented a revised budget of $944,072. Although the Comptroller General has accepted...
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