By Mark Ramotar for the Guyana Chronicle - GUYANA’S historic hosting of the prestigious and high-profile Rio Group Summit, with seven heads of state attending, was described by President Bharrat Jagdeo as a “success”. The 19th Rio Group Summit, also attended by two Vice-Presidents from the 20-member grouping, ended yesterday at the Guyana International Conference Centre at Turkeyen, East Coast Demerara. Joining Brazilian President Luiz Inacio Lula da Silva and President of Chile Michelle Bachelet, who were at the summit opening Thursday night, were President of Nicaragua, Daniel Ortega; President of the Dominican Republic, Leonel Antonio Fernandez Reyna; President of Honduras, Mel Zelaya; President of Panama, Martin Torrijos Espino, and Mexico President Felipe de Jesus Calderon Hinojosa. Special invitee to the summit was Trinidad and Tobago Prime Minister Mr. Patrick Manning. “I am very pleased with the level of participation we have had as several Presidents were present here with some Vice Ministers and Foreign Ministers and therefore I think overall I will term the summit a success,” President Jagdeo told reporters at the end of the summit. (more...)

By Doug Palmer WASHINGTON (Reuters) - The United States expects to sign a free-trade agreement with Panama in May or June, a top U.S. trade official said on Thursday as a separate free-trade pact with the Dominican Republic came into force. "We will be notifying Congress sometime in March our intent to sign" the Panama pact, Deputy U.S. Trade Representative John Veroneau said during a panel discussion on trade. His remarks came as the U.S. Trade Representative's office was engaged in intense negotiations with Congress over final labor provisions of the trade pact with Panama and two other agreements with Colombia and Peru that were signed last year. Veroneau said he was hopeful those talks with the top Democrats and Republicans on the House of Representatives Ways and Means Committee would lead to a deal paving the way for Congress to approve all three pacts this year. (more...)

(LIP-jl) -- The office of the United States Trade Representative (USTR) asked U.S. state governors to support the proposed free trade agreements with Peru, Colombia, and Panama. The call was made to the U.S. governors based on the benefits created by the North American Free Trade Agreement (NAFTA) between the United States, Mexico, and Canada, over 13 years ago. "There is not one major country in the world that does not have a NAFTA member as a primary trade destination," commented Susan Schwab, Chief of the USTR, yesterday. The FTAs with Peru, Colombia, and Panama have all been passed in their respective countries and are awaiting approval and ratification by the U.S. Congress. Among the major issues for US officials are the lack of stipulations that will ensure that associate countries will comply with international employment standards, such as allowing collective bargaining and eliminating child labor. While speaking to U.S. State governors at an annual meeting held in Washington D.C., Schwab called on the governors to help her get the FTAs approved by the U.S. Democrat-controlled Congress.

I happened to be in the Sala Civil of Panama's Supreme Court this afternoon, and I ran into a public announcement in the case of HSBC vs. Peter Gordon. According to the case file (which I read) HSBC is suing Peter Gordon for $5 million dollars in a civil case, alleging damages caused by Mr. Gordon through email exchanges on Internet discussion groups, as well as letters and other means of communications. The case file that I read was an attempt by Mr. Gordon's lawyers to have a "secuestro" removed from a private foundation called "Geelong." Mr. Gordon's lawyers argue that he is only authorized to open bank accounts for the foundation, that anything he might have said as a private individual on the Internet was separate from and had nothing to do with the foundation, and that private interest foundations cannot be sequestered according to Panamanian law. This case will be a landmark decision for the Panamanian justice system because as far as I know this is the first time that a Panamanian company has sued a member of the English speaking expatriate community for things said on a Yahoo Internet chat group (in English). HSBC is alleging that Mr. Gordon's statments have done harm to their company and reputation. $5 million dollars. Holy crap, batman. Would anyone like to talk more smack? Please step up to the microphone and speak clearly. I guess this explains why we have not heard from Mr. Gordon lately.

Panama, Feb 21 (Prensa Latina) Panama got more than 2.4 billion dollars last year through foreign investment, more than twice that of 2005, Panamanian Ministry of Trade and Industry reported on Wednesday. Julio Fabrega, director of Investment Promotion in the Ministry said the gains were made by virtue of the government plan to attract investments by focusing on tourism, transportation, logistics, agriculture and sea resources. He considers that the expansion of the Panama Canal will allow great investments from several countries, mainly the US and Europe. The Panamanian economy has had high economic growth in recent years, due to construction and real estate development, the Panama Canal and the banking sector. (Editor's Comment: There's nothing better than Foriegn Direct Investment for a small economy. If you do the math 2.4 billion divided by Panama's population of 3.3 million means foreign investors poured more than $727 per person into this small Central American country. And all of that money is going around and around in the local economy several times over because the best place to invest is right here. It's taking time but the trickle-down is happening, and the flow to the poorest people in the country can only increase. More spending means more tax revenue which means more spending for roads, schools, clinics, social prograns, vocational training, etc. It's good now, and it's just going to get better.)

BY CHRONICLE STAFF for the Latin Business Chronicle - As Panamanian President Martin Torrijos concluded a trip to the US capital last week, his goal was not only to meet President George W. Bush, but also get support for the Panama-US free trade agreement reached in December. His three-day visit also included meetings with Charles Rangel, a key Democrat in the U.S. Congress and John Sweeney, president of the AFL-CIO trade union, which expressed support for the treaty, according to a statement from Torrijos' office. US lawmakers are expected to vote on the U.S. free trade agreement with Panama - as well as Colombia and Peru - before July. If approved, the FTAs will help boost the already fast-growing U.S. trade with Latin America, experts say. "The free trade agreements the United States signed with the governments of Colombia, Panama, and Peru, when approved by our Congress, will instantly multiply opportunities for American exporters," says Carla Hills, chairman and CEO of Hills & Company and a former US Trade Representative. (more)

(econotrix.com) - La Prensa writes that the financial services commission have just released the 2006 money remittance statistics. These cover the licensed money remittance industry with large players such as Wester Union and lots of smaller regional agencies as well. It does not include international bank wires though nor the extra legal money remitters. Panama introduced money remittance licenses in I think 2003 (supposedly to fight money laundering). While a bit of a pain for the electronic payment startup I was in at the time in Panama City it was a bit of a godsend as we were scared that regulators might decide we were a bank. I believe there are still several extralegal remitters. The Colombians, Arabs, Indian and Chinese communities in Panama have traditionally had these so-called Hawala systems, which I doubt just went away because a regulator said so. Total remittances were $120.9 million, which was a growth of 17.6% over 2005. 43% of this money went to Colombia. The Colombians are no doubt the largest immigrant group in Panama. In recent years they have arrived in droves and just stayed. Most of these are illegal immigrants, but probably are very good for the country as many of them start businesses. For me international remittance growth is a sign that globalisation is working and helping ordinary folks. Remittances are not sent by huge evil companies, but that vital part of the global economy the people them selves.

BDO International is pleased to announce the appointment of a BDO Member Firm in Panama, effective 15 January 2007. The new firm will be known as BDO Bustamante & Bustamante. Until recently a correspondent firm for a smaller network, BDO Bustamante & Bustamante was founded by the two brothers of the same name, Alfonso and Ruben, in 1987. A third partner, Ladia Aguilera, completes the highly qualified trio heading up a firm of more than 120 professionals and support staff. Their vision, dedication and professional commitment have positioned the firm as fourth in the Republic of Panama's national ranking, with a service emphasis on audit, as well as tax, outsourcing and other specialist advisory activities. Their current client portfolio numbers more than 400, including financial institutions and public sector entities in Panama itself, as well as a number operating in several Central & South American countries. (more)

By Gavin Daly for the Sunday Business Post Online - Digicel, the Caribbean mobile operator owned by entrepreneur Denis O’Brien, is in the running for a mobile-phone licence in Panama. If Digicel is successful in its bid, it will mark the latest phase of the firm’s expansion. It already has more than four million subscribers in 22 markets in the Caribbean. The firm is facing competition in its Panama bid from America Movil, which is based in Mexico. Digicel is currently bidding to enter five new markets, either by winning mobile licences or acquiring existing operators. The firm is expected to launch services in Guatemala this year, after it bought a company that holds a licence in that country last year. It has also been linked to expansion into Honduras and Costa Rica. The company’s rate of growth will determine its future funding strategy, including the possibility of a stock market listing in New York, which could raise more than $500 million. It is understood that Digicel has done the groundwork for a stock market listing and could move quickly if it feels the time is right to go public. While industry sources said the company could go public as early as this month, a listing in the middle of the year seems more likely. In recent interviews in Time magazine and USA Today, O’Brien said that Digicel would enter the US market this year with ‘‘an interesting proposition’’ that would rival the existing operators. A move into the highly-competitive US market would require significant funding. Industry sources said that Digicel could be valued at up to$3 billion in a stock market listing. O’Brien owns almost 90 per cent of the company. Digicel could also be a takeover target for a larger operator, such as Vodafone or America Movil. Last week, Digicel and Vodafone signed a three-year roaming partnership. America Movil is owned by Mexican telecoms billionaire Carlos Slim Helu, who is the world’s fourth-richest man. He has been aggressively expanding his telecoms interests in South America.

By Chandler - Oro Gold Resources Ltd. (“Oro Gold”) (TSX.V: OGR) has received title to six gold properties covering approximately 750km2 in the Republic of Panama. The transaction makes Oro Gold one of the largest holders of mineral exploration properties in Panama, and represents a milestone in the Company’s entry into Panama’s precious metals exploration industry. Exploration contracts for the property concessions, originally submitted in October 2005, have now been signed by the Ministry of Commerce and Oro Gold’s wholly owned subsidiary, Oro Gold de Panama. The signed contracts will be returned to the government’s treasury department for procedural approval and then published in the official government gazette. The contracts give Oro Gold 100% ownership of the mineral rights on each of the concessions. “We are excited to be one of the first few companies to have the opportunity to acquire a significant land position early-on in the reactivation of Panama’s mining industry,” stated Frank Powell, president of Oro Gold de Panama. “Receiving mineral title marks the culmination of over a year’s efforts spent conducting generative exploration programs, developing a strong exploration team, and establishing relationships with government and community officials.”