Author: spieper

PANAMA CITY, Panama – Caja de Ahorros, Panama’s national savings bank, is marking World Savings Day by reporting significant growth in total deposits and new account openings, underscoring a strengthened public trust in the institution. The financial entity announced that as of September 2025, its total deposits reached B/.5,588 million, representing a 2.5% increase compared to 2024 figures, alongside the opening of more than 40,000 new savings accounts this year.The bank released these figures on October 31st, a date recognized globally as World Savings Day. This day was established nearly a century ago in Milan following the Great Depression to…

PANAMA CITY, Panama – The Republic of Panama has secured a decisive victory in a high-stakes international investment arbitration case filed by the Spanish construction company Sacyr, S.A. The ruling, issued on October 31, 2025, by a tribunal operating under the United Nations Commission on International Trade Law (UNCITRAL) rules, rejected all of Sacyr’s multi-billion-dollar claims concerning the Panama Canal expansion project.The dispute originated from Sacyr’s involvement in the design and construction of the Third Set of Locks project, a cornerstone of the canal’s expansion. Sacyr was a key member of the consortium Grupo Unidos por el Canal (GUPC), which…

The Republic of Panama’s Comptroller General has ordered the seizure of assets valued at $285,845.82 from former San Miguelito Mayor Héctor Valdés Carrasquilla and three other individuals. The action follows the detection of alleged irregularities in the administration of funds at the San Miguelito municipality, specifically involving collections at the Metro Mall agency during a two-month period in 2022.The order, issued by the government’s top fiscal oversight body, imposes precautionary measures to protect public patrimony while an administrative process determines final responsibilities. The case centers on the alleged mishandling of municipal revenues, which officials state adversely affected public assets.Forensic Audit…

PANAMA CITY, Panama – The Panama Canal Authority (ACP) has formally initiated a comprehensive, year-long process to select operators for two new container terminals planned for the Atlantic and Pacific ends of the vital waterway. The move, announced on October 28, 2025, is designed to significantly boost Panama’s container capacity and solidify its role as a global logistics hub amid ongoing geopolitical tensions surrounding existing port facilities.The development of the new terminals is a central part of Panama’s strategy to increase its annual container transshipment capacity by 5 million TEUs (twenty-foot equivalent units). Canal authorities position the project as critical…

PANAMA CITY, Panama – President José Raúl Mulino has definitively rejected a series of anti-corruption legislative proposals championed by Attorney General Luis Carlos Gómez Rudy, declaring that Panama does not need new laws to fight corruption. The President’s statement, made during a press conference on Thursday, October 30, 2025, signals a significant policy rift within the government and halts the momentum of the Attorney General’s reform agenda.”In this country, corruption does not need more laws,” President Mulino stated, directly countering the Attorney General’s position. He emphasized that existing legislation is sufficient if properly enforced. “What we lack is the will…

PANAMA CITY, Panama – The Land Transit and Transport Authority (ATTT), in collaboration with Sertracen Panama, has officially launched a newly designed physical driver’s license featuring an advanced QR code for instant verification. The initiative, announced this week, marks a significant step in Panama’s efforts to modernize its identification documents and enhance road security by integrating international-standard anti-fraud technology. The updated license incorporates sophisticated security features designed to provide greater confidence for both drivers and traffic authorities. The central innovation is a scannable QR code that allows for the immediate authentication of the document, significantly reducing the potential for forgery.…

PANAMA CITY, Panama – U.S. President Donald Trump has formally congratulated Panamanian President José Raúl Mulino on the 122nd anniversary of Panama’s independence from Colombia, emphasizing the strong bilateral relationship and committing to enhanced cooperation on security, trade, and the protection of the Panama Canal. The letter, dated October 2025, was shared publicly by President Mulino via his official social media account.In the diplomatic correspondence, President Trump characterized Panama as a “firm friend and valuable ally” of the United States. He specifically acknowledged Panama’s critical role in regional security initiatives, including the fight against drug trafficking and irregular migration, which…

PANAMA CITY, Panama – The University of Panama has officially launched the SIREDES project, a comprehensive digital system designed to automate and streamline the issuance and management of academic diplomas. The initiative, presented by the Directorate of Information and Communication Technologies (DITIC), aims to significantly reduce administrative processing times and enhance service for the university community.The project involved the development and implementation of several complementary systems to guarantee its optimal operation. Officials detailed that the new platform integrates services that were previously managed separately, creating a unified and automated process for students and administrators.A Unified Digital Ecosystem for Academic DocumentsDuring…

Panama City, Panama – The Panama Metro is preparing to begin static testing with the new monorail trains for its highly anticipated Line 3, following the arrival of all 26 trainsets. Carlos Cedeño, Director of Projects for the Panama Metro, announced the project’s progress during a recent Cabinet Council session, revealing the elevated section is now 81% complete.The initial phase of Line 3, an elevated monorail stretching from Panamá Pacífico to Ciudad del Futuro, is nearing a critical milestone. The project, which currently employs approximately 3,900 direct workers, represents a major infrastructure investment for the communities of West Panama. The…

PANAMA CITY, Panama – The life and legacy of renowned Panamanian artist Julio Zachrisson, whose work resides in major international collections, is the subject of a new documentary titled “El Brujo.” The film aims to celebrate the creator who revolutionized printmaking and became a symbol of artistic resilience. Zachrisson’s work forms part of prestigious worldwide collections, including the Reina Sofía Museum in Madrid, the Museum of Modern Art (MoMA) in New York, and the Museum of Contemporary Art (MAC) in Panama. The artist was known for his insightful and often ironic perspective on art’s role in society. “Art is useless,…