Magazine L&E September 2015 by Revista Legislación & Economía

ISSN 1726-0485 EDICIÓN SEPT. 15

POPE FRANCIS VISIT TO CUBA AND UNITED STATES

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Opera Season HD begins in Panama WE NEED PLANNING NATIONAL PLAN FOR WATER SECURITY

Consejo Editorial

Colaboradores en esta edición José Javier Rivera J.

José Javier Rivera J. Giovana del C. Miranda G.

Rafael Fernández Lara Giovana del C. Miranda G. Lisbeth Martéz Albin Rodríguez Jonathan Forget

Portada y Diagramación: Virginia Medina Fotografía: Mariela De Sedas de Sanjur

Alexander Canto Mariela de Sanjur Nadia Chang ÁREAS DE PRÁCTICA

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CONTENT 7. 10. 14. 14. 14.

15. 15. 16. 17.

22. 24. 25.

EDITORIAL WE NEED PLANNING

INVITED WRITER POPE FRANCIS VISIT TO CUBA AND UNITED STATES

NORMS OF INTEREST ARTICLES OF THE PENAL CODE ARE MODIFYIED COIBA’s MOUNTAIN CHAIN PROTECTED AREA PACORA RIVER AREA MINING RESERVE CUBANS CAN ENTER THE COUNTRY WITH STAMPED VISA TEMPORARY RESIDENCE FOR FOREIGNERS OF FULBRIGHT PROGRAM

CONSULT, DOCTRINE & JURISPRUDENCE PAYROLLS OF THE NATIONAL BANK ARE OF PUBLIC CHARACTER AND OF FREE ACCESS

POLITICS PANAMANIAN DECEASED PRESIDENTS DURING THE EXERCISE OF THEIR CHARGES

PANAMANIAN ECONOMY MONTHLY ECONOMIC ACTIVITY INDEX, JULY 2015 NATIONAL URBAN CPI AUGUST 2015 EVOLUTION OF CONSUMER PRICE INDEX: MONTHLY AND CUMULATIVE CHANGE

CONTENT 26.

28. 29. 29.

NATIONAL WATER SAFETY PLAN IT INITIATES RIVERBED FILLING OF EXTENDED CANAL STANDARD & POOR’S CONFIRMS INVESTMENT GRADE OF PANAMA PANAMA MANAGES TO EXPORT B/.18 MILLION, COVERING THE TOTAL OF SUGAR QUOTA GRANTED BY USA

WORLD ECONOMY

30. 32. 35. 37. 37.

2030 AGENDA FOR SUSTAINABLE DEVELOPMENT, A BRIDGE BETWEEN THE SHORT AND LONG TERM SHORTAGE OF LONG-TERM FINANCING WEAKEN THE PROGRESS OF DEVELOPING COUNTRIES GLOBAL FINANCIAL STABILITY REPORT MARKET LIQUIDITY IS NOT DECLINING BUT COULD EVAPORATE FAO DIRECTOR-GENERAL: CLIMATE CHANGE, POVERTY, HUNGER AND INEQUALITY ARE CONNECTED 5 COUNTRIES WITH MAJOR YOUTH UNEMPLOYMENT

EDUCATIONAL CAPSULE

40.

THE ONLY DAY EDUCATIONAL VS REALITY

42.

FATHER FERNANDO GUARDIA JAÉN 1926-2014

44. 47. 49.

ILUSTRIOUS FIGURES FASHION MENSWEAR CARE, STORAGE, CLEANING AND TRANSPORTATION

SPORTS CAPSULE CULTURAL CAPSULE

EDITORIAL WE NEED PLANNING

n recent months a number of issues have drawn public attention as outstanding care subjects. By way of reduced inventory we mean to them and warn the reader our humble opinion. The country needs to establish a policy of economic and social planning to set a roadmap for each of these topics with an implementation period that doesn’t coincide with presidential terms so that both institutional and private financial institutions and economic agents and citizens themselves have certainty of the permanence of certain decisions impact for the country that can’t be exhausted in a period of five years.

José Javier Rivera - attorney jj.rivera@rbc.com.pa

pected levels by 2025. That is, Panama Canal has increased pressure of evil use of water resources by inhabitants of provinces of Panama, Colon and Chorrera. The last measurement made by the Panama Canal Authority to levels of lakes Gatun and Alajuela on Thursday, October 1 at 7:00 am is 67.45 m PLD for Lake Alajuela and 24.90 m PLD for Gatun Lake. (*PLD - Background level of the Panama, Canal (Precise Level Datum).

Undoubtedly this level is below normal levels and we’d had in previous years. Obvious that the country must establish a reserExpansion project of the Panama voir of water for human consumption and also to Canal: ensure the use of new locks that are being built for It’s true that this project is in final stage as indicated Post Panamax ships. Until now it had not raised in media, is that given rigors of El Niño, water reserve the execution of this great engineering project that reflects Panama Canal a worrying situation as rainfall would also pass on the ability to generate electricity. of 2015 has been one of the smallest in history of the Inter oceanic Highway. As if that weren’t enough water consumption of population of cities that benefit from water that provides the Panama Canal has reached ex-

EDITORIAL

2. Planning for buildings:

The same situation affects many years developing sewage systems across the country and has been a permanent source of pollution of beaFor foreigners struck by the real estate developches, rivers and water intakes of many wells in ment that characterizes Panama City with tall builareas near beaches in the Pacific and many towns. dings that involve rational use of physical space and efficiency in water consumption, as in the case of The sewage system hasn’t been a concern in newly built properties they have reserve water tank our country and therefore not billed in reality. for emergencies and they are efficient and don’t reStaffing of IDAAN’s like the same institution, is chaquire costly for water distribution infrastructure. racterized by an average of between 30 and 35 years of service and need a renewal of technicians and However, outside the city we found a horizontal houprofessionals for the institution to commit other sing system involves a very high cost to bring water great challenges but not simply create a legal frato each of the houses and this is very inefficient. mework of a water authority but a real transforNo authority has placed a call of attention to mation in which cost of producing water that is bithese construction practices that require billed and charge users, although there are people llions to bring potable water and sewerage sercrossed for minimum income benefits is revalued. vices to these populations scattered areas east and west of the province of Panama investments. Just one example: Cost of bulk water received by IDAAN of providing water purification for Chorrera and Arraiján exceeds the value that the IDAAN billed to those cities. IDAAN: Also in many places of San Miguelito district, This is a forgotten institution over past fifty years IDAAN can’t even deliver water bills by personal and is the primary responsibility of providing drin- risk having their employees to insecurity prevailing king water and sanitation throughout the country. in those places. So is the water that is lost through There has been no political courage to make a deep gaps and cracks in pipelines across the country.

reform not only of legal structure, human resources, tariffs and mechanisms to enforce water qua- In planning the water issue must be considelity against ridiculous prices that are charged to red decentralization of this service so that a mugeneral population provide water for inhabitants. nicipal administration, townships or communities to be responsible for distribution, billing Paradoxically an average family pays a water bill for a va- and collection exists in all different communities lue less than what it would cost you to buy bottled water to cities of Panama and Colon water efficiently.

for a week. Panamanians and foreigners lack a rational consideration of value for their welfare and health is Quality of public health: drinking water and therefore are simply not interested in an institution like the IDAAN, except to complain For over ten years a proposal seeking efficiencies in dewhen doesn’t get water to their homes whatever reason. livery of health services by Social Security Fund and the Ministry of Health was presented. Among other

EDITORIAL things it proposed to avoid duplication of health facilities and allow certain services could be outsourced. This proposal failed and now has returned to the table because figures show that despite investment that has been made in hospitals and other care equivalent centers, the result for people is that service quality has not improved and cases of deaths due to errors in both institutions have been recurrent.

5. Administration of justice: In this organ of state we have had ups and downs since 1990 when majority of the judges who were in office during the long period of military dictatorship and a group of professionals who had been appointed were removed much experience in court practice and prestige as university professors. From year 2000 designations had a strong political undertone and therefore few exceptions, rulers thought to secure a sphere of influence in this organ of the state and current result is that general public doesn’t have confidence in rulings emanating from the judiciary as a whole and in many cases a lack of consistency in decisions is perceived.

6. Education: In this regard we have also been a setback that is manifested in the widespread failure of students in public elementary schools in international tests in math, science, spanish and reading. Ministers have limited ability to establish education plans and often spend more time solving problems with educators on salary, instead of entering in formation of the student. Numbers of dropouts and poor performance of students in general indicate that the problem can’t be solved simply by new physical facilities but must be approached with a strong participation of teachers so that they contribute in this noble work. The gap between private and public education is evident and can produce a crisis particularly because it’s crucial to have access to technology to be inserted successfully in jobs that provide a reasonable remuneration. It’s therefore essential that the private sector forms a direct part of any improvement initiative in education. L&E

As if that were not enough, public has had direct knowledge of situations of unjustified enrichment It will dawn and see... and several judges and thus increases the distrust. Constitution itself is very brief as to requirements to be a judge and also within this designation so that there are few professionals who assume the responsibility of this level in conditions established by constitution. A constitutional amendment so that this problem is resolved reasonably be required. Meanwhile it will remain subject to vagaries of politics.

INVITED WRITER POPE FRANCIS VISIT TO CUBA AND UNITED STATES Giovana del C. Miranda G. - Abogada giovana.miranda@rbc.com.pa

Giovana del C. Miranda G. - Attorney giovana.miranda@rbc.com.pa

ecently the Pope, toured several Latin in which left his footprints and devotes certainly one of the most admired, respected and loved popes, whose personality SUMMARY OF WORDS OF THE POPE TO can be defined in words expressed by the UN Secretary HIS ARRIVAL IN HAVANA General Ban Ki-moon â&#x20AC;&#x153;every day you intend to include the excluded, is comfortable among the humble, not This visit follows resumption of diplomatic relathe official photos but in selfies with young people.â&#x20AC;? tions between Cuba and the United States, a process that has had mediation of Vatican diplomaDue to the importance of his visit, given current situation that cy, and reopening of embassies in both countries. Latin and due to resumption of trade and bilateral relations between United States and Cuba, by the way the Summit of Upon arrival in Havana Cuba, Pope Francis thanked all the Americas hosted the consolidation of bilateral agree- those who made this trip possible and sent through the ments between the two countries, we want to refer to the in- President a message of respect and consideration for his tervention of the Pope in Havana, in Congress and at the UN.

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INVITED WRITER brother Fidel Castro, historic leader of Cuban revolution. Citing the words of President Raul Castro, the Pope recalls that this year 2015 celebrates the 80th anniversary of uninterrupted diplomatic relations between the Republic of Cuba and the Holy See and referred to the figures of John Paul II and Benedict XVI. He noted that they are renewing bonds of cooperation and friendship for the church to continue to accompany and encourage the Cuban people in their hopes and their concerns freely and all means and spaces needed to bring the proclamation of the Kingdom to the existential peripheries society. He indicated that this apostolic visit also coincides with the centenary of the declaration of Our Lady of Charity as Patroness of Cuba, Benedict XV, which has since accompanied the history of the Cuban people, holding the hope that preserves dignity of people in the most difficult and championing promotion of all that dignifies human situations. Growing devotion is visible evidence of the presence of the Virgin in the soul of Cuban people. After referring to these historical elements, the Pope with the simplicity that characterizes said that for several months, we are witnessing an event that fills us with hope: the process of normalization of relations between two peoples after years distancing. Pope concluded with words of encouragement for policymakers to continue along this path and develop their full potential, as evidenced by the high service we are called to serve in favor of peace and well-being of their peoples and of all America, and as an example of reconciliation for whole world. The world needs reconciliation in this atmosphere of World War III in stages which we live.

Pope begins noting that each child of a country has a mission, a personal and social responsibility, thus being Member of Congress, is through legislative action, which is to make this country grow as a nation he told them that are the face of his people and their representatives. So they are called to defend and safeguard dignity of their fellow citizens and demanding constant search for common good, as this is the main policy vigilance. He alluded to the fact that his visit comes at a time when men and women of good will commemorate the anniversary of some famous Americans. Saving vagaries of history and human beings own ambiguities, with their many differences and boundaries, these men and women stationed, with work, dedication and even with his own blood, to forge a better future. With his life they expressed fundamental values that live forever in hearts of all the people. A town with a soul can go through many crossroads, tensions and conflicts, but always manages to find resources to go ahead and do it with dignity. These men and women bring us a hermeneutics, a way to see and analyze reality. You honor his memory, in the midst of conflict, it helps us to recover, in today of every day, our cultural reserves. He referred to the American Dream to indicate that in the last centuries, millions of people have reached this land chasing the dream of building their own future in freedom. He said members of this continent, we are not afraid of foreigners, because many of us were strangers while. I speak as a child of immigrants, as many of you who are descendants of immigrants. Tragically, rights of those who lived here long before us were not always respected.

He added that if a stranger calls us, we canâ&#x20AC;&#x2122;t commit the sins and errors of the past. We must choose now able to ADDRESS TO THE CONGRESS OF THE live in the most noble and just world is possible, as we form new generations with an education that can never UNITED STATES turn its back on the â&#x20AC;&#x153;neighborsâ&#x20AC;? to everything around Francis is the first pope to speak before Congress of the United us. Building a nation leads us to always think of ourStates of America, whose speech was based on history and le- selves in relation to others, leaving the enemy to move gacy that leaders like Abraham Lincoln, Martin Luther King, logic to the logic of mutual subsidiarity, to best of us. Dorothy Day and Thomas Merton, left the American nation. He said that our world is facing a refugee crisis unprece-

11.

INVITED WRITER dented since days of World War II. This represents great challenges and difficult decisions. To which is added, on this continent, thousands of people who are forced to travel north in search of a better life for themselves and their loved ones, in a longing for life with more opportunities. Is it not what we want for our children? We must not be intimidated by numbers rather look at people, their faces, hear their stories as we strive to assure our best response to their situation. An answer will always be humane, just and fraternal. Let us beware of a contemporary temptation to discard all that bother. Remember the Golden Rule: “Do to others as you would have them do to you” (Mt 7,12). Another fundamental aspect to deal Pope to abolish death penalty was, indicating that it is convinced that this is the best way, because every life is sacred, every human being is endowed with inalienable dignity and society can only benefit the rehabilitation of those who have committed crimes. He brought up his brother bishops in United States have renewed the call for abolition of capital punishment, which not only meets their support, but encourages and encourages those who are convinced that a just and necessary punishment should never exclude dimension of hope and goal of rehabilitation.

Another issue that could not miss, what was the resumption of relations between the United States and Cuba and said that in perspective of dialogue, recognizes the efforts that have been made in recent months and that help overcome historical differences linked to painful episodes of past. It has a duty to build bridges and help as much as possible to all men and women can do. When countries have been in conflict to resume the path of dialogue, which could have been interrupted for legitimate reasons, new horizons open to all. This has required and requires courage, boldness, which doesn’t mean lack of accountability. He shared with Congress, his concern for the family, which is threatened, perhaps as never before, from inside and from outside. The fundamental relationships are challenged, as the very foundation of marriage and family. I can only confirm not only the importance, but above all richness and beauty of family life.

To conclude his speech, he said that a nation is considered large when defending freedom, as did Abraham Lincoln; when you build a culture that allows his men “dreaming” with full rights to their brothers and sisters, as we tried to make Martin Luther King; when struggle for justice and the cause of the oppressed, as did Dorothy The Pope referred to natural resources in stating that Day in his ceaseless work; being the result of a faith diafair use of natural resources, application of techno- logue and peace is sown, contemplative style of Merton. logy solutions and guidance of entrepreneurial spirit are an indispensable part of an economy that seeks to be modern but especially supportive and sustainable. SUMMARY OF SPEECH TO THE UNITED From that standpoint, he recalled the encyclical Laudato if ‘breath brave and responsible effort to “redirect the course” (N. 61) and to prevent larger consequences arising from the environmental degradation caused by human activity. He is convinced that can make a difference and has no doubt that the United States -and this Congress-, are called to play an important role. Now is the time for bold actions and strategies to implement a “culture of caring” (ibid., 231) and a “comprehensive approach to combat poverty, to restore dignity to the excluded and simultaneously to take care of nature” (ibid ., 139).

12.

NATIONS

Pope’s speech to war and proliferation of weapons occurs within the framework of celebration of 70th General Assembly of the UN, for which His Holiness refers to the exclusion of disadvantaged, the environment, and drug trafficking. Recognizes that the UN has a history of significant common successes, in a period of unprecedented acceleration of events, being able to mention the codification and development of international law, construction of international human rights law, improvement of huma-

INVITED WRITER nitarian law, solution of many conflicts and peace opera- He added that recent agreement on nuclear issue in tions and reconciliation, and many other achievements in a sensitive region of Asia and Middle East is proof of all fields of international projection of human endeavor. the possibilities of political goodwill and the right, exercised with sincerity, patience and perseverance. The factual distribution (political, economic, defense, technology, etc.) to a plurality of subjects and creation of a legal Another kind of war many of our societies live with the system of regulation of claims and interests, specifically li- phenomenon of drug trafficking. An “assumed” and fought mitation of power. The global picture presented to us today, poorly. War Drug trafficking by its own dynamic is achowever, many false rights, and -at the same time- large companied by trafficking, money laundering, arms trasectors helpless victims rather a wrong exercise of power: fficking, child exploitation and other forms of corruption. natural environment and the vast world of women and men Corruption has penetrated all levels of social, political, miliexcluded. Two sectors closely linked together, prevailing po- tary, artistic and religious, generating, in many cases, a parallel licies and economic relations have become fragile parts of structure that jeopardizes the credibility of our institutions. reality. We must therefore strongly affirm their rights, strengthening protection of environment and ending exclusion. Finally, refers to the laudable international legal construction of the United Nations and all its achievements, to perfect as Alludes to the fact that international financial institu- any human work and, while necessary, can be pledge of a setions should ensure sustainable development of the coun- cure future and happy for future generations. It will be if the tries and not stifling submission of these to credit systems representatives of the States know next stop sector interests which, far from promoting progress, subject to populations and ideologies, and sincerely seek the common good. L&E mechanisms greater poverty, exclusion and dependence. Within this context, notes that not enough commitments solemnly, even when they constitute a necessary step for solutions that the world demands of all rulers effective, practical, steady, will immediate concrete steps and measures to preserve and improve natural environment and overcome as soon as possible the phenomenon of social and economic exclusion, with its sad consequences of human trafficking, trade in human organs and tissues, sexual exploitation of children, forced labor, including prostitution, trafficking drugs and weapons, terrorism and international organized crime. Refers to ecological crisis, together with destruction of much of biodiversity could threaten the very existence of human species. It indicates that an ethics and a right based on threat of mutual destruction and possibly of all mankind are conflicting and constitute a fraud on the whole construction of the United Nations, which would become “nations united by fear and mistrust.” We must strive for a world without nuclear weapons by fully implementing the NPT, in letter and in spirit, to a total ban on these instruments.

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NORMS OF INTEREST ARTICLES OF THE PENAL CODE ARE MODIFYIED Giovana del C. Miranda G. - Attorneygiovana.miranda@rbc.com.pa

PRESCRIPTION OF PROSECUTION With approval of Law 57 of September 22, 2015 which amended Article 116 of the Criminal Procedure Code which regulates prescription of criminal action, falling reform in paragraph 3 which states that for crimes of embezzlement, illicit enrichment and property crime against any state entity prescribes criminal action the deadline twice the maximum provided by law. Before the amendment, criminal action prescribes a term equal to the maximum provided by law for these offenses.

COIBAâ&#x20AC;&#x2122;s MOUNTAIN CHAIN PROTECTED AREA

Giovana del C. Miranda G. - Attorney giovana.miranda@rbc.com.pa

he Executive Decree No. 3 of September 22, 2015 creates protected area named Coibaâ&#x20AC;&#x2122;s Mountain chain, with the category of managing area of Resources Handled in the economic zone of the Republic of Panama in the Pacific Ocean. L&E

PACORA RIVER AREA MINING RESERVE

DOMESTIC VIOLENCE PUNISHMENT Moreover, we have to Law 59 of September 22, 2015 article 201 of the Penal Code relates to offenses against family legal and marital status was changed.

Giovana del C. Miranda G. - Attorney giovana.miranda@rbc.com.pa

he Ministry of Trade and Industry approved Resolution No. 28 of 25 August 2015 establishing mining area reserve area comprising the bed of the river Pacora full extent and a width of five hundred meters on both sides.

The amendment focuses on increasing penalty the crime of domestic violence whenever physical injuries produce an inability to thirty days and not exceeding sixty days has been increased from six (6) years to nine (9) years and before Therefore states that it is prohibited in this area all exthe amendment was three (3) to five (5) years. L&E ploitation and extraction of minerals of all kinds, that being so, that contracts, licenses, certificates and permits that overlap or existing within the area only remain valid until expiration date terms of agreement. L&E

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NORMS OF INTEREST

CUBANS CAN ENTER THE COUNTRY WITH STAMPED VISA Giovana del C. Miranda G. - Attorney giovana.miranda@rbc.com.pa

t was approved by the Executive Decree No. 509 Security Council be appointed in each consulaof 14 September 2015 by which you include the te to perform verification of immigration requireRepublic of Cuba within countries requiring ments and the safety record of each applicant. L&E Stamped Visa by the consul to enter the country.

In this context, it is established that an official of the National Immigration Service and one of the

TEMPORARY RESIDENCE FOR FOREIGNERS OF FULBRIGHT PROGRAM

y Executive Decree No. 507 of September 8, 2015 National Immigration Service creates temporary resident immigration status as foreign participant of Fulbright Educational and Cultural Exchange program, covered Jan Memorandum of Understanding between our country and the U.S. It should be noted that the permit in comment is exempt from the deposit to the National Treasury and the cost of repatriation of migrant card.

15.

Giovana del C. Miranda G. - Attorney giovana.miranda@rbc.com.pa

As it regards the duration is set to be twenty-four months corresponds to the period specified in the program and will be processed with the Department of Special Projects of the State in the National Migration Service. L&E

CONSULT, DOCTRINE & JURISPRUDENCE

PAYROLLS OF THE NATIONAL BANK ARE OF PUBLIC CHARACTER AND OF FREE ACCESS Giovana del C. Miranda G. - Attorneygiovana.miranda@rbc.com.pa

ecently, the Office of Administration issued the Consultation C-82-15 of September 25, 2015 by which issues its opinion as to question raised it relates as to whether Article 11 of Law 6 of 22 January 2002, “that dictates standards for transparency in public administration, it sets the action of Habeas Data and other provisions” applicable to banks from the public sector, particularly if the wording of the statute, the information on payrolls of people working in the National Bank of Panama, is public and freely available. On this, the Office refers to importance of social, political and economic context of a democratic state of law, is of observance of the rules governing transparency in governance and access to information; same, in order to ensure social control over management of collective interests by those who accept public office, they impose additional obligations or “loads”, which are commonly not subject individuals exercising similar functions in the industry private. On the other hand, indicated that referral of there are in game two fundamental rights, namely: transparency and access to information that assists the citizen on the one hand, and on the other, right to privacy or confidentiality public officials.

16.

From this point, estimates the Authority that people who work in the National Bank of Panama, are part of the factual situation referred to in Article 11 of Law 6 of 2002, since they have the character of “public officials “and further, that provision gives character of publicly available information to that contained in the “payroll” of state institutions, among them, identity, position and salaries of its officials. For this purpose refers to Article 299 of the Constitution that provides the concept of public servants For its part, Article 1 of Decree Law 4 of January 18, 2006, organic regime of the National Bank of Panama, said official bank gives character of autonomous state with its own assets, their own legal personality and administrative autonomy, budget and financial; subject to the supervision of the Executive Body and supervisory authorities, under terms established in this Decree Law. Concludes the Attorney indicating that taking into account the legal provisions mentioned, it is clear that officials of the National Bank of Panama, are part of factual situation referred to in Article 11 of Law 6 of 2002, which is why information on to those contained in the official form of the bank, including their identity, position and salary earned, it is public and freely available. L&E

POLITICS PANAMANIAN DECEASED PRESIDENTS DURING THE EXERCISE OF THEIR CHARGES

bout two months ago, I listened to an acquaintance of mine expressed exaggerated and misguided way to point out that power of leaders of the Republic of Panama was all-embracing, so immense that virtually nothing could affect or harm the performance of his high office.

Rafael Fernรกndez Lara Abogado independiente

rbcweb@rbc.com.pa

Military Chief, Deputy and Senator Constituent twice and the last governor of the Department of Panama until 1903. He was the son of Jose de Obaldia, who was our unique natural territory formally occupy headquarters of the Colombian State in the period 1854-1855.

It remains Panama an independent Republic, Don Jose Domingo de Obaldia held senior positions as Plenipotentiary Minister of Panama in Washington, First Appointed (Vice-President) from February 19, 1904 to October 1, 1908. It ordered the Executive temporarily, Obviously, this statefrom June 24 to December 29, 1907, after license granted ment is not true at all, because no one, including by the National Assembly incumbent President, Dr. Mathe most powerful rulers, is immune to unex- nuel Amador Guerrero, by Law No. 28 of June 19, 1907. pected and natural events in life of every human being, regardless of their social, political and eco- Don Jose Domingo de Obaldia participated in the elecnomic status and any other nature or appearance. tions of 1908, where two alliances, composed of members of both the Liberal and Conservative parties clasOur Republic, like other countries, has not hed. One of the alliances was led by Ricardo Arias of the been an isolated examples of leaders who have Constitutional Party, a group comprised of relatives of died in the exercise of his presidency period. the President, Dr. Manuel Amador Guerrero, and the other by Don Jose Domingo de Obaldia, who manaIn our country, the first case of death of the President ged to incorporate followers of the liberal and conserin the exercise of their functions is that of Don Jose vative parties under the name Republican Coalition. Domingo de Obaldia, who was our second president, member of Conservative Party and the first chiricano However, Ricardo Arias, in the absence of popuPresident. During the Colombian union of Panama, lar support and facing a state of disorder and coerObaldia was Interim President of the State, Civil and cion senseless submitted irrevocable resignation

17.

POLITICS to presidential candidacy, resulting in an atmosphere of tranquility, and July 2, 1908, on a landslide victory as the sole candidate in the popular vote, was elected Don Jose Domingo de Obaldia Constitutional President of the Republic of Panama.

He was legislator and Secretary of State for the Colombian period and an advocate of ideological pluralism, respect for minorities and democratic system. Dr. Valdes was a man of cultivated intelligence, author of works including his Geography of the Isthmus of Panama, lawyer, composer, musician, poet said. He worAmong works of his administration is the beginning ked as a journalist and wrote and dominated several of construction of the National Institute, enactment languages such as French, Italian, English and Spanish. of legislation on political and municipal regime, decrees concerning education, and finance and mana- He was Mayor of the city of Colon and Panama regement of the National Accounts was rationalized. presentative in the legislative chambers of ColomSimilarly, National Secret Police was created in 1909. bia. He achieved an outstanding participation in the independence struggle of Panama November 1903. During his government increased foreign investment following the granting of large tracts of land for agri- He served as Ambassador of Panama in the United States, culture, forestry, industry and mining, all actions Minister Resident in England, Member of Court of Arbithat caused many criticisms of his administration. tration at The Hague, Secretary of Government in 1908, during the administration of Jose Domingo de Obaldia. Don Jose Domingo de Obaldia was the First President of the Republic who died of a heart attack in During his tenure of the presidency, signed the dethe exercise of his high position, March 1, 1910 at claration of war on the Central Powers during World the age of 65. He was President of the Republic of War II, on April 7, 1917. At beginning of his admiPanama from October 1, 1908 to March 1, 1910. nistration was beset by many serious problems, es_________________________________________ pecially in its relationship with the United States. Dr. Ramón Maximiliano Valdés Arce, born in Penonomé, Cocle Province, was elected by popular vote as seventh President of the Republic of Panama at 48 years of age in the electoral contest held on June 14, 1916. This it was an intense campaign Rodolfo Chiari Robles as an opponent, who was supported by the Liberal Party. Rodolfo Chiari withdrew from the race after several serious armed clashes. Valdes was the government candidate, with the support of the Porrist Liberal Coalition, led by Dr. Belisario Porras Barahona major factor in his victory.

18.

During his government endorsed enactment of the Law on Negotiable Instruments (Act 52 of 1917). He founded National Red Cross in 1917. Also during his administration was interested in a bill to convert the cities of Panama and Colon Free Ports, a project that was submitted to public debate and ultimately the Chamber of Deputies didn’t grant the necessary support to make it law of the Republic. During his administration the opening of the first School of Medicine and National Law School and the founding of a Pan American University he was given. Although election of Dr. Ramón Maximiliano Valdés was possible in large part by the support he received from Dr. Belisario Porras Barahona, it was not a submissive ruler, so that once occupied the presiden-

POLITICS tial office, there were discrepancies between porrists and valdesists for control of government.

Domingo Diaz Arosemena, backed by members of the Popular Front, made up of Liberal Party Doctrinal, Liberal Democratic Party, Liberal Party and Socialist Renewal Party. According to the latest offiSuddenly, on June 3, 1918, Dr. cial record of votes, Domingo Diaz Arosemena lost Valdes died of a heart attack in by 1,845 votes. The third presidential candidate who the city of Panama, at the age participated in the elections of June 1936 was Dr. Beof 50, becoming the second lisario Porras Barahona, who was 79 years old and constitutional president who who, despite having declined to participate, receidied while held the presidenved 7,302 votes, mostly obtained in Los Santos Protial office. So, Dr. Ramón Maximiliano Val- vince, supported only by the United Liberal Party. dés ruled from October 1, 1916 to June 3, 1918. _________________________________________ Dr. Juan Demosthenes Arosemena was constitutional president of Panamá from October 1, 1936 During administration of President Dr. Harmodio Arias until December 16, 1939, when he died in PenoMadrid (1932-1936), several names of prominent poli- nomé of a heart attack at dawn, at 63 years of age, ticians Panamanians came to the fore as possible anoin- becoming the third president who perished in ted ruler, a condition which in the end fell to the figure the performance of presidency of the Republic. of Dr. Juan Demosthenes Arosemena Barreati, in that government who served as Secretary of Foreign Affairs. During his presidency were held in Panama Central American and Caribbean Games, for which the NaDr. Juan Demosthenes Arosemena, a lawyer, wri- tional Stadium and the Olympic pool were built. The ter, journalist, educator and researcher of natio- construction of the Normal School of Santiago connal history, was born in the city of Penonomé. He cluded, founded the Lyceum Ladies College, was the was the High Court Prosecutor’s Office, Secretary creator of the Vasco Nunez de Balboa Order, and his of the Supreme Court, Secretary of the National As- government Flower of the Holy Spirit as the natiosembly, Governor of the Province of Colon, Secre- nal flower of the Republic of Panama was declared. tary of Agriculture and Public Works, Government He built the concrete road from Panama City to La and Justice, and Ambassador of Panama in Ecuador. Chorrera, the Central Fire Station and Radiological Institute. Anton, December 22, 1935 the National Revolutio- _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ nary Party nominated Dr. Juan Demosthenes Aro- _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ semena Barreati for candidate for President of the Republic and in the presidential elections of June Don Domingo Diaz Aroseme7, 1936, won the election victory in elections pla- na was born in Panama City on gued irregularities and clashes between the two June 25, 1875, at time of Panawarring parties. A month later he received cre- ma State. It was entrepreneur dentials as 18th and new President of Panama. of the livestock industry and certainly, in our view, a political His opponent in the election campaign was Don full-time as evidenced by their

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POLITICS participation in this discipline throughout his life. Since the beginning of his political career by enrolling in the National Liberal Party, becoming elected Councillor of the Capital District and later deputy of the National Assembly and President of the same, as well as First Designate (Vice-Chairman) in 1932. Mr. Domingo Diaz Arosemena was also mayor of the capital municipality and one of the founders of the Doctrinal Liberal Party. He was always present in partisan political activity, and in 1936 ran for the Presidency of the Republic as opposition candidate. It was supported by the Popular Front, composed Doctrinal Liberal Party, Liberal Democratic Party, Renewal Liberal Party, like the Socialist Party. He lost the election against Dr. Juan Demosthenes Arosemena Berreati by small number of votes. Twelve years later, in the elections of May 9, 1948, he concurs again as a presidential candidate backed by the Liberal Democratic Party and Liberal Doctrinal in what was called the Liberal Alliance of Unification, and his opponents were Dr. Arnulfo Arias Madrid Authentic Revolutionary Party (PRA) and Don José Isaac Fabrega, who won the support of the Renewal Party and the National Revolutionary Party. Other presidential candidates were Demetrio Porras what the Socialist Party and Sergio Gonzalez Ruiz by the People’s Union, whose elections were characterized by violence in clashes between warring factions. Don Domingo Diaz Arosemena assumed Presidency of the Republic August 7, 1948 at the age of 73, for the 1948-1952 presidential term. He was the oldest constitutional president to assume office in the republican history. Immediately after taking office he showed signs of fatigue and ill health.

On July 17, 1949, the septuagenarian president was forced from power for health reasons. On the 28th of that month became President First VicePresident, Dr. Daniel Chanis. On August 23, Don Domingo Diaz Arosemena died in San Fernando Clinic, becoming fourth President Constitutional perishing in the performance of their duties. He governed just nine months and twenty-seven days from August 7, 1948 until July 28, 1949. _______________________________________ In the mid-forties and beginning of the fifties, in many respects manipulating strings of power, military and political, Colonel Jose Antonio Remon Cantera, first commander of National Police. Remon Cantera was the first graduate of the National Institute for presidency of the Republic. He made his studies at the Military Academy of Mexico, receiving the title of Officer of Cavalry. In 1931 joined the National Police and in 1947 he was appointed Head of the National Police, following the departure of Rogelio Fabrega, becoming the most powerful figure in the country. He later played a role in the resignation of the Chairman of the Executive Branch Manager, Dr. Daniel Chanis Pinzón, in 1949, after overthrowing the Dr. Arnulfo Arias Madrid in 1951. In late 1951, an orchestrated and intense propaganda promoting the political aspirations of Colonel Remon Cantera, who eventually was nominated by the Authentic Revolutionary Party (PARA) and other parties like Renewal, Liberal and People’s Union.

During his government signed the Convention of Avia- His opponent, Don Roberto Francisco Chiari, retion to develop commercial aviation in our country and presenting the opposition, was nominated as a use of newly opened Tocumen International Airport. presidential candidate backed by the National Li-

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POLITICS beral Party, the Patriotic Front, the Independent pe of the country, which is underlining the ephemeral Revolutionary Party and the Socialist Party, who- power and fantasies that surround it. This assassinase conjunction was called the Civilian Alliance. tion to date it is not known who his murderers and as elsewhere, there are still more speculation, more In the elections of May 11, 1952 now former Com- shadows than light in their documents and testimony. mander Remon Cantera won a landslide victory over his opponent. Remon won 119.571 votes and Rober- The President Remon Cantera held the presidency of to F. Chiari 68.383 votes. the Nation since October 1, 1951 until January 2, 1955. It was the 29avo. Constitutional President of the ReThe March 15, 1953 day, public and has been the fifth and last president elected President Remon becaby popular vote who died in the exercise of his office. me political organizations that supported a ---------------------------------------------single and new political community, called the This compendium of presidential history of the five National Patriotic Coapresidents who were elected democratically in our lition. Then the goverRepublic, reveals that no ruler is exempt from sunment took measures ffering impairments of health and a lot less of unfoto reform the electoral reseen circumstances, including death in the worst law, establishing a minicases, in the exercise of his presidential duties. mum fee of 50,000 adherents to the registration Facts found not only in our country if not in other of new political parties. nations, we coach them in the function of goverThus, only two (2) parning often take its toll, sometimes unfortunately ties were on the political scene of the time, the Natio- very seriously. Not a few Heads of State and Gonal Patriotic Coalition and the National Liberal Party. vernment know that power wears and many suffer from depression, anxiety, setbacks, other diseaDuring his government outlaws the Commu- ses and alcohol dependency, like death. Sometimes nist Party, adopted a pro-US policy and managed the leaders keep their conditions under wraps to a new agreement on the Panama Canal, known as avoid weakening his power and his political plan. the Remón-Eisenhower treaty that, among other things increased the rental fee. This treaty was sig- In fact, through the Panamanian republican history ned after the assassination of President Remon. five lords who die during his presidential function, three of whom died in the aftermath of a heart attack, The President Remon was killed at 46 years old on one other natural causes and the other as a result of an Sunday January 2, 1955, on the grounds of Juan Fran- assassination that has been recorded in total impunity. co Racetrack, about seven in the evening news that the country received with astonishment. President Re- No one is freed from confronting the unpredictable. mon was celebrating the triumph of his horse with a As Horace say, the Latin poet, “Pale death group of friends. This changed the political landsca- knocks on the same foot to the huts of the poor than the palaces of kings”. L&E

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PANAMANIAN ECONOMY MONTHLY ECONOMIC ACTIVITY INDEX, JULY 2015

onthly Economic Activity Index (IMAE) in the Republic for January-July 2015, measured in terms of the original series in 1996 prices, grew by 4.02 percent compared to the same period of 2014. Sectors that showed positive performance for the economy were: electricity and water, transport, storage and communications, construction, mining and quarrying, hotels and restaurants, financial intermediation, community, social and personal service activities. The rest of sectors has a positive impact, but in a slower pace, with exception of trade and manufacturing industries recorded decrease. Production of electricity and water category showed positive rates, due to higher hydro power generation and billed consumption of electricity and drinking water; on the contrary, it decreased thermal power generation. As a whole, operations of transport and communications sector showed positive results, mainly in telecommunications, air transport and movement measured in the National Port System TEU containers. Sectors of construction and mining and qua-

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Source: CGRP

rrying retained a positive performance, due in part to construction generated by private sector; however, still they influenced by lower related to the Canal expansion and completion of several large projects of state investment activities. Similarly, a lower demand for basic inputs such as concrete and cement recorded. They recorded favorable results service activities in hotels and restaurants, mainly due to strong inflow of tourists and hikers, as well as for expenses made while in the country. Providing amusement and recreation services still favored mainly by revenues from gambling halls games of chance, highlighting, type slot machines and gaming tables. Financial intermediation recorded a positive performance, both in banking and in the insurance business. Fishing activity showed positive rate due to increased catches of species targeted for export. The agricultural sector registered a slight increase, due to melon and bananas crops and offspring of pigs, cattle and poultry; conversely, declines were estimated in fruit crops such as watermelon and pineapple mainly export.

PANAMANIAN ECONOMY

Other services have performed well were: private education, demand for qualified health personnel and also provided by private sector. Manufacturing industrial production continued to show negative results, in activities such as those related to the development of non-metallic products, metal, textiles, chemicals, plastics and printing and publishing activities; however, there was more food processing and paper manufacturing. The business recorded negative rate, affected by the local wholesale trade and Colon Free Zone. L&E

PANAMANIAN ECONOMY

NATIONAL URBAN CPI AUGUST 2015

Source: CGRP

n August, five of twelve groups that make up the basket of CPI showed decreases five increases and two groups were unchanged. The groups that had negative variations and most significantly affecting CPI were 2.7 percent Transport; Clothing and footwear 0.7 percent, recreation and culture 0.6 percent. Transportation group recorded decline “Fuels and lubricants for personal transport equipment” class with 7.5 percent due to the drop in price of fuel for cars. In clothing and footwear group, significant variation in the class “clothing” with 0.8 percent highlighted by decrease in price of clothing for men. The group recreation and culture was mostly affected by decline recorded in class “tour packages” of 8.6 percent.

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Other groups that showed decreases were: Housing, water, electricity and gas, and Communications, both with 0.1 percent. Groups that showed positive changes in the CPI were: restaurant and hotels 0.5 percent; Food and non-alcoholic beverages 0.2 percent and alcoholic beverages and snuff; Health and Miscellaneous goods and services 0.1 percent. Finally, furniture, household items and routine household maintenance and education groups remained unchanged. Then graph the monthly incidence per group National Urban CPI in August 2015. L&E

Incidence: is the contribution of each group to the total variation of the National Urban Index, therefore, the amount of incidents resulting index variation.

PANAMANIAN ECONOMY

EVOLUTION OF CONSUMER PRICE INDEX: MONTHLY AND CUMULATIVE CHANGE Source: CGRP

PANAMANIAN ECONOMY

NATIONAL WATER SAFETY PLAN Giovana del C. Miranda G. - Attorney giovana.miranda@rbc.com.pa

n September 21, 2015, President Juan Carlos Varela within development framework of the Public Policy Forum Topic Water in the past, present and future in Panama introduced the country “Water: Present and Future” plan developed by the government to deal with water crisis afflicting the country.

ses them to have to close the plant, coupled with this is problem of self-sufficiency as the IDAAN can’t with high delinquency and lack of culture of paying users. On the other hand, mentions that we face challenges such as climate change and the phenomenon of El Niño; deforestation, pollution of rivers and water sources, lack of urban planning and the high conHe began pointing the President making a diag- sumption of water, with Panama that higher water nosis of the situation and developed based on consumption per person in Latin America becauthree topics such as watersheds, rainfall in Pa- se it consumes 365 liters per inhabitant up to date. nama and drinking water systems nationwide Refers to Panama has 52 watersheds and 498 rivers, largest supplier of drinking water is the Canal Basin which pro- The proposed plan by the Head of State prevides water for 55% of the population about 1.8 million. sents the following: However, as soon as said the president indicated 1. Protection of water sources. that according to data supplied by the Panama Canal Authority for past two years faced a relative 2. Urban Planning. drought, being a factor, the fact that river precipitation is below average in 22 in the last 24 months.

3. Improving management and disposal of He said the country has more than 54 water treatment solid waste.

plants and more than 2.4 million users, with 600 administered by IDAAN, 2,747 rural aqueducts under 4. Investment in infrastructure and institutiothe leadership of MINSA and other 1,500 more wells. nal strengthening. The reality is that we are facing a system that has co- 5. Education on responsible use of water. llapsed to the point that any damage to the system cau-

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PANAMANIAN ECONOMY 6.

Water treatment versus deep wells.

Improving the Canal Basin.

In cleaning up the bay approximately 1,272.9 million will be invested and when have a 93% complete. In west Panama stage I invested in 150 million that will benefit 58,000 inhabitants and in stage II Arraijan and La Chorrera investment will benefit 545 million and 350 thousand inhabitants.

President said that last September 7, 2015 a camPresident Varela said that reforestation is essen- paign of saving water consumption was launched and tial and has become a public-private partnership that has plans to incorporate Indian River Basin to the Paaims to plant one million hectares of trees in 20 years. nama Canal, which would increase existing reservoir. L&E On this point, the President noted that it has established a Five-Year Investment Plan of Land Management for Sustainable Development 2015-2019 and aims to provide the country with a national strategic plan to prevent encroachment, the disorderly development and allow bringing services to urbanized areas. This

plan

has

investment

million.

For disposal of solid waste management models sanitation program fills and landfills nationwide, which aims to adapt and close dumps, enabling controlled landfills that meet technical requirements of construction, implementation and operation is created the at country municipalities. It has been called Basic Health Plan 100/zero and which aims to provide all households in the country to safe drinking water and basic sanitation, with an investment of 5,396.207.50. As for major investment projects the President said that the expansion and construction of water treatment plants, expansion of the water ring, sanitation of Panama and East Panama sanitation. Chilibre plant and Sabanitas be extended, as well as Gatun, Santiago, Howard, Santa Maria and La Arenosa. Investment for the water ring is to date 350 million and aims to study, design, construction and commissioning of the expansion and sustainable improvement of water and sewage systems of Panama is divided into three groups of works hydraulic ring forming improve current system of water distribution.

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PANAMANIAN ECONOMY

IT INITIATES RIVERBED FILLING OF EXTENDED CANAL Source: ACP

Last September 14, the filling of the new Canal that will connect the Gaillard Cut to the third set of locks on Pacific side, as part of the fourth phase of dry excavation of the Pacific Access Canal (PAC4) begins program Panama Canal expansion project. The FCC-ICA-Meco consortium awarded the contract runs this January 7, 2010 in the amount of B/. 378.7 millions. Includes excavation of 26 million cubic meters of material and construction of a dam of dirt and rock 2.4 kilometers long. The new channel measures 6.1 kilometers long, almost four times the size of the Bridge of the Americas, 218 meters wide, and excavation bottom is 9.14 meters above sea level. There neopanamax vessels transiting the Canal expansion once operations begin. For filling 19 million cubic meters of water from Gatun Lake it will be used. It is estimated that water level of the new channel will rise between 0.5 and 1.0 meter per day during the filling operation, for which approximately 20 days will be required to complete the task. At the end of filling, channel will have the same elevation as Lake Gatun (24.5 meters) above sea level. Once this operation is completed the con-

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ditions of dam shall, before removing cap that divides the North Canal of enlarged current track. Removal of this natural cap, located south of the Centennial Bridge, will be in charge of the Division of Dredging of Panama Canal Authority. L&E

PANAMANIAN ECONOMY

PANAMA MANAGES TO EXPORT B/.18 MILLION, COVERING THE TOTAL OF CONFIRMS INVESTMENT SUGAR QUOTA GRANTED BY USA GRADE OF PANAMA

Source: MEF

ontinued economic growth, diversification of economy and a moderate level of debt were among factors that Standard & Poor’s took into account to maintain Panama investment grade at BBB with a stable outlook in its latest assessment of the country.

Giovana del C. Miranda G. - Attorney giovana.miranda@rbc.com.pa

or period from October 1, 2014 to September 30, 2015, the United States gave Panama a total of 30.538 metric tons (M/T) for export of raw sugar, free of tax.

To fully cover tuition for first time in last three years, possibility for period 2015-2016 opens the In a report published today, the rating agency highlighted rapid growth of Panamanian economy in last five years US to increase annual quota allocated to Panama, if its (on average 9% per annum), significant infrastructu- domestic market requires the input; which in turn can re investment and increase in Gross Domestic Product generate more opportunities for economic growth in ru(GDP) per capita , which it stood at $ 13,000 at the end of ral areas of sugar cane production in Panama, such as 2015, representing an increase of 80% compared to 2009. provinces of Herrera, Cocle, Veraguas and Chiriqui. The rating agency’s report also highlights diversification experienced by Panamanian economy, positive economic dynamics that have resulted from expansion of the Panama Canal (project that takes about 94% complete) and developments in the tourism sector. Standard & Poor’s estimates “Panama’s economy will continue to grow about 6% for the next three years, while government maintains a tight fiscal policy and stability in debt burden.” In addition, the agency noted that administration of President Juan Carlos Varela has maintained continuity in economic policies, strengthening of public institutions, and recognizes the efforts being made so that the nation is excluded from discriminatory lists, through a legal framework to prevent money laundering and financing of terrorist activities, and strengthening enforcement capacity of the state. L&E

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Preferential export of more than 30,000 M/T was generated, representing foreign exchange earnings by approximately B/.18 million. L&E

WORLD ECONOMY 2030 AGENDA FOR SUSTAINABLE DEVELOPMENT, A BRIDGE BETWEEN THE SHORT AND LONG TERM

Source: CEPAL

n 25 September in New York, Member States of the United Nations (UN) officially adopted the so-called Agenda 2030 for Sustainable Development, which constitutes a milestone in overall process of building more egalitarian societies capable of living in harmony with the environment. 17 Sustainable Development Goals (ODS) including this agenda will replace the eight Millennium Development Goals (MDGs) that guided the efforts of countries over the past 15 years. The difference between two agendas is relevant for Latin America and the Caribbean: new roadmap addresses several dimensions of inequality, main problem in our region. The Agenda 2030 incorporates three pillars of sustainable development is crucial for region in education, housing, food security, provision of basic services, urban development, social protection and risk management aspects of catastrophic events. It also incorporates notion of goods of common interest, such as protection of oceans, atmosphere and biodiversity.

warned by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC), which in recent years has called countries to undertake structural change in their modes of production and consumption sectors -favoring more knowledge intensive sectors and environmentally sustainable- term vision. The new global agenda raise for first time eradication of extreme poverty by 2030, and considers, as it has historically done ECLAC, that decent, quality employment is the master key to achieving more inclusive development. Employment with rights must go hand industrialization and technological innovation to improve productivity and efficiency in use of resources.

The new targets agreed by countries with participation of other actors in the democratic process unprecedented Economic autonomy, political and physical: gendemand significant changes, which have already been der relevant progress in raising three dimensions of

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WORLD ECONOMY womenâ&#x20AC;&#x2122;s autonomy necessary to achieve full equality occur. It aims to eliminate all forms of violence against women, provide equal access to economic resources and to recognize and value unpaid work. The gender perspective is also incorporated into other objectives. It is vital for the region to strengthen domestic resource mobilization to implement this agenda, considering that savings rates and tax revenues are generally low and has reduced access to traditional sources of external financing such as official development assistance. Our countries also face the challenge of effectively channeling more private financing flows, as well as devising innovative financing mechanisms.

Exploiting the potential of the technological revolution, 2030 agenda should focus on participatory and transparent processes that go from bottom up and from national to regional and from regional to global.

ECLAC is approaching its first seven decades of life dedicated, as always, to imagine ways for economic, social and environmental development in Latin America and the Caribbean. In this context, we see the ODS as a bridge between the short and the long term. Today, in the context of Agenda 2030, we have new and better tools and solid institutions to carry out a transformative process and overcome the most pronounced feature of our region: inequality. As it stands new agenSustainable development requires considerable co- da, our obligation is not to leave anyone behind. L&E llective action. An agenda like we are today agreeing decolonize requires multilateral development agreements as global governance should be universal and inclusive and reflect interests, needs and objectives of international community as a whole. This is an even greater challenge when considering challenges related to climate change and asymmetry of the international financial architecture.

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WORLD ECONOMY

LA ESCASEZ DE FINANCIAMIENTO A LARGO PLAZO DEBILITA EL PROGRESO DE LOS PAÍSES EN DESARROLLO

new World Bank report released today warns that shortage of long-term financing from 2008 crisis is slowing growth supported by business investment in developing countries and reducing chances of solvent families can borrow to cover needs of education and housing and out of poverty. At the global level, this lack of long-term financing also means that, despite calls of the Group of 20 (G-20) and other key international groups, developing countries have difficulties in mobilizing thousands million of funding required to build infrastructure that both need to grow their national and regional economies. In new report Global Financial Development Report 2015-2016: Long-term Financing is deemed to extend maturity of borrowed funds is essential for sustainable financial development .

Source: Banco Mundial

mework for capital markets and institutional investors . World Bank Group President Jim Yong Kim said that “it will be difficult achieve high and sustainable rates of economic growth if countries don’t invest in schools, roads, power generation and distribution of electricity, railways and other transport, and communications. It is also important that private sector build plants and invest in machinery and equipment. Without longterm financing, family groups face major obstacles to increasing revenue throughout his life -for example, investing in housing or education- and you may not have access to greater long-term returns of their savings.” While commercial banks are still main source of financing for companies and households worldwide, capital markets have grown rapidly, particularly in emerging markets such as China and India. Companies in developing countries multiplied by 15 saw the benefits obtained in capital markets, bonds and syndicated loans between 1991 and 2013. Although most of this funding comes from high-income countries, there are notable exceptions: more than 70% of syndicated loan market in India is locally sourced.

Ensuring long-term financing, defined as financing for investments with maturities of one year or more, it depends on same basic essentials to face current volatility in global capital markets: makers of policy should focus in institutional reforms, such as promotion of macroeconomic stability, establishment of a banking system and investment regulated and supported by the law “The long-term financing facilitates investment to protect creditors and borrowers, and creating a fra- in infrastructure, durable goods and education

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WORLD ECONOMY and training of people and, therefore, is the basis for sustained growth. However, funding requires good institutions and effective enforcement of contracts”, said Kaushik Basu, Senior Vice President and Chief Economist of the World Bank Group.

Report highlights examples and innovative approaches that some countries have applied to gain access to long-term financing:

• The lack of sufficient credit information makes lenders find it difficult to assess reliably risk, and this “Fortunately, many events are taking place which leads them to opt for shorter maturities. In Bulgaria allows us to hope. For example, capital markets and and Nicaragua average maturities after private credit bonds, which in 1980 accounted for less than half of were established loans increased markedly. the financial system, have grown to 53% in China and 65% in India in the period 2005-10. A new system of • Limited protection of rights of investors makes distribution of government securities through mobi- lenders prefer short-term contracts to discipline bole phones has expanded financial access of retail in- rrowers with the threat of cancellation. India creavestors in Kenya. The report this year put on the mat ted debt recovery tribunals to expedite cases of debt abundant information and analysis, and thus can claims and, accordingly, there was a significant movegreatly increase our understanding of this vital sector. “ ment of companies that went from debt instruments in short term to longer term instruments. The housing finance long-term is probably the most important access to property item; Still, disparity bet- • A government of weak business environment creaween countries is striking: on average, 21% of people tes a weak contractual. In a study of more than 7000 in high-income countries have an outstanding mort- companies from 22 countries it found that companies gage, compared to a meager 2.4% in lower middle with strong institutional governments tend to use less income countries and low income. India is a typical short-term debt. case because only 2.3% of population has a mortgage. • Often when people don’t have sufficient financial Also companies of developing countries face a subs- knowledge, they choose to incur debt costly in the tantial disparity. Duration of loans to firms in low- short term. Households could make better decisions income countries is on average 23.3 months, less without having access to effective financial education than half average in high-income countries, which and consumer protection rules and financial disclosuis 58.7 months. Loans to companies in Sierra Leone re. and Liberia have a particularly short duration, averaging eight months and 4.4 months, respectively. • The development of capital markets, bonds and local institutional investors can improve availability of long “The temptation to seek quick solutions is strong, term financing and also serve as “spare tire” when but only a comprehensive effort to reform institu- banking system is suffering adverse effects of crisis. tions that support financial system will solve this problem”, said Asli Demirgüç-Kunt, research director of • In South Africa, pensions have helped to ensure that the World Bank Group. “This report outlines a way families can invest more in their children by sending that countries can take to help provide long-term them to school longer and reducing working hours. sustainable and equitable growth kind of financing.”

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WORLD ECONOMY

In addition to explaining extent of long-term financing, the report warns that this funding is not optimal or even necessary in all circumstances. It indicates that companies matched maturity structure of its assets and liabilities, and usually take shorterterm debt to finance payroll and inventory, while lean toward longer-term debt for fixed assets. In the United States, for example, it was found that excessive lending to insolvent debtors was a key factor that contributed to the crisis of subprime mortgages. L&E

34.

WORLD ECONOMY

GLOBAL FINANCIAL STABILITY REPORT LA LIQUIDEZ DEL MERCADO NO ESTĂ DECLINANDO, PERO PODRĂ?A EVAPORARSE

ew Report on Global Financial Stability (GFSR, for its acronym) sheds light on factors that determine level and resilience of liquidity of the market, focusing on corporate bond market. In recent years, investors were willing to take more risk in exchange for a higher return on your investment and accommodative monetary policies (such as low interest rates and the policy of bond purchases known as quantitative easing) argued liquidity from the market.

Source: Fondo Monetario Internacional

completely freeze, as happened in global financial crisis. Explanation of market liquidity. Market liquidity depends, among other things, overall risk appetite of investors and financing constraints faced by financial intermediaries (Figure 1). Risk appetite of bank agents creators -a market or a financial intermediary who is ready to buy or sell financial assets- affects their willingness to operate. Changes in business models of banks may also affect their willingness and ability to create markets. Regardless of activities of market makers, other factors such as market search costs and characteristics of investors also affect market liquidity.

However, some structural changes, such as reduced diversity in the investor base, proliferation of small bond issues and the withdrawal of banks operations, suggest that once interest rates rise, is likely to decline liquidity. It is essential that normalization of monetary policy in advanced econo- For example, a positive change has been the emergence mies unperturbed to avoid sudden and disruptive of electronic trading platforms, which have probably changes in market liquidity, according to the IMF. gotten for buyers and sellers of financial instruments is easier and cheaper to find. Similarly, increasing transWhen markets are illiquid, asset prices become more parency of transactions in bond market liquidity has volatile and less aligned with changes in the economy improved. Purchases of large-scale asset by central and become less informative about core values of as- banks, despite having a generally positive effect on sets. When market liquidity is low, transfer of funds market liquidity, reduced availability of some titles. between savers and borrowers is less efficient. Investors may postpone investment decisions, hurting economic growth. In extreme conditions, a sharp drop in liquidity may jeopardize financial stability, as many asset markets (for example, bonds and repurchase agreements) may

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WORLD ECONOMY

Behind the market liquidity and resilience. “In recent years, some factors, such as increased risk appetite of investors and low interest rates have omitted some underlying weaknesses in market liquidity,” Gaston Gelos, Head of Analysis Division pointed IMF Global Financial Stability Report.

into other classes more frequently, and high yield bonds and emerging markets begin to show signs of deterioration in terms of market liquidity.

With increasing contagion effects between different asset classes, increases likelihood of a liquidity shock in a market spread to other markets, which could generate a shock These factors account for approximately 80% of the throughout global financial system, as happened in 2008 . behavior of corresponding liquidity to US corporate bonds with investment grade since 2010. Structu- “It is essential that we move forward with reforms of ral changes have also affected level of market liquidi- market infrastructure that improve resilience of lity. For example, drop in willingness of banks to take quidity, such as ensuring equal access to electrorisks has been an important factor. However, we need nic trading platforms or promote standardization to spend more time before we can make a proper as- of instruments” Gelos said. “At same time, it is nesessment of role of new banking regulation behind the- cessary that central banks and financial supervise changes, as countries are now beginning to imple- sors to prepare for disruptions episodes of liquidity.” ment some of these new rules, according to the IMF. Financial supervisors and central banks should develop If financial conditions worsen or if investors are becoming preventive measures to deal with financial instability that more cautious with an asset class or a specific financial mar- causes lack of market liquidity strategies. To this end, they ket, it is possible that market liquidity quickly evaporates. must recognize importance of monitoring liquidity of a wide range of assets regularly and use a range of measures In addition, it appears that fluctuations in mar- covering dimensions of quantity, time and cost of liquidity. ket liquidity in an asset class have spillover effects IMF will publish details of its Report on Global Financial Stability on 7 October. L&E

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WORLD ECONOMY

FAO DIRECTOR-GENERAL: CLIMATE CHANGE, POVERTY, HUNGER AND INEQUALITY ARE CONNECTED

Fuente: Fondo Monetario Internacional

griculture and rural development need to be enhanced substantially if we are to achieve agreed global targets on eradicating hunger and extreme poverty by 2030, a challenge that climate change still makes more complex, said today the Director General of the FAO, José Graziano da Silva.

three-quarters of the world’s poor live in rural areas, with an even greater proportion of low-income countries. In addition, certain groups appear disproportionately among poor: women, people with disabilities, children, and indigenous communities.

“This is going to require drastic changes in the way we produce and consume food,” he added. Graziano da Silva appeared in New York in the “Interactive dialogue on poverty and hunger”, an event that is part of the United Nations Summit on Sustainable Development. The decision of international community to take the 17 Sustainable Development Goals is a “historic moment,” said the Director General of FAO, noting that it is indeed possible to eradicate poverty and hunger in this generation. “We can be the generation of Zero Hunger” he said.

Emphasizing that climate change, poverty, hunger and inequality are interrelated, head of the FAO warned that these issues must be addressed jointly in order to be resolved.

Drastic changes However, for this to happen, “drastic changes in the way we produce and consume foods” are required, including obtaining food and agricultural systems more productive, more inclusive and more resilient, with lower emissions of greenhouse gases.” “We know how to do. We have to do sustainable technologies. In many cases, the challenge is making them available to family farmers and rural poor,” said Graziano da Silva. Global income inequalities are growing and poverty remains a problem largely rural: more than

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“We can create the future we want, but only if we do it together,” he said. L&E

WORLD ECONOMY

5 COUNTRIES WITH MAJOR YOUTH UNEMPLOYMENT

Source: Foro Económico Mundial

he youth unemployment rate in member coun- their parents in their lifetime wages,” he added. tries of the Organisation for Economic Co-operation and Development (OECD) was 7.5% in Here are the five countries with the highest rates of youth 2014, and throws its latest report on employment. unemployment: However, Spain, Greece, South Africa, Italy and Portugal are the countries with the largest number of young unemployed in the OECD, as their rates exceed 30%. According to the OECD, rate of youth unemployment worldwide grew by almost a third more after 2007. The agency argued that measures necessary as better education among young people, in addition to greater job creation to combat this increase are. “The long-term unemployment among young people has increased dramatically since 2007. One in five 15to 24-year-old is out of work for more than 12 months, even in countries that have escaped the worst of crisis, as Australia, New Zealand and Sweden,” said the OECD. Latest figures from the Organization show that 22 million young people are unemployed and not studying or don’t receive any training. “Two-thirds of these (young) have you stopped looking for work and are likely to experience long periods of unemployment and lower than

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Country

Unemployment rate

1. Spain 2. Greece 3. South Africa 4. Italy 5. Portugal

53.2% 52.4% 51.3% 42.7% 34.8% L&E

EDUCATIONAL CAPSULE THE ONLY DAY EDUCATIONAL VS REALITY

he only journey is a project of the Ministry of Education (MEDUCA), which is already running at some schools in the country, which has generated much controversy in education sector, teachers’ unions both as parents. Now the MEDUCA, stated in media that 19 educational institutions were offered to participate in this project and therefore September 23 first phase of awareness of institutions began, with the aim that each directors making up selected schools, are related to the project, share experiences, like that they can explain reality and condition of schools where they

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Alexander Canto - Maestro de educación

primaria/Colaborador del Dpto. de Archivo archivo2@rbc.com.pa

work and also set appropriate workload. Likewise, the Ministry of Education, emphasized that principals of schools, should attend school Colon Abel Bravo, to know in depth the operation; as it is one of first schools where double school day was implemented. Completed the sensitization phase, extended time in selected schools will begin in 2016, adhering to timetable already raised in early 2015 by education authorities. On the other hand, reactions of associations of teachers’ unions have been present, stating that disagree with the conduct of single day in educational institutions in the country, arguing that education system is still confronted with many

EDUCATIONAL CAPSULE difficulties and is not ready to start the day only. volves factors that haven’t been resolved 100%, so they need to be in parallel, economic conditions Similarly, leader of Free Teaching Unit, Hum- and educational infrastructure, therefore not solberto Montero said in media that one day will ved until completely educational needs of each have the result that authorities of Ministry of school shouldn’t implement extended day, since Education expect, because one of obstacles that these aspects influence directly in learning, whearise in schools are infrastructure problems. re student is the only one affected, limiting their full access to education, to which they are entitled. However, focusing on the reality they are confronting many campuses, in terms of infrastructure is concer- We reiterate the MEDUCA has prioritized rehabilined, as is the case of Fermín Naudeau Institute, lis- tation of all level schools across the country, and vated as one of the public schools with high academic rious teachers’ unions put aside disputes and jointly profile, now has serious infrastructure problems, with educational authorities and parents contribute reason that led teachers and students to perform to finding efficient solutions to the challenge of douwork stoppage by precarious found its facilities; bleheader to be developed effectively in our institueducation authorities requiring specific solutions. tions and instead put a stop to various deficiencies that currently taking place in our schools, which affects Moreover in October 11th School located in student population in development of learning, thus Burunga, Arraiján district also suspended clas- leaving negative impact on the education system. All ses because of a wall that collapsed, showing de- we contributed to raising quality of education. L&E terioration in the premises of school is located. Note that under these same conditions are many schools throughout the country that have been neglected by educational authorities and has not given them a specific solution, main factor affecting our education. This leads us to wonder if selected are best placed to develop efficiently double shift schools as it should be? Urges the MEDUCA seek effective solutions to all obstacles by which traverses education system, because if the goal is to raise quality of education, since lack of maintenance of schools nationwide, is one major impediment faced by initiative of implementation of doubleheader and full development. Taking as reference the above aspects, educational reality of many teachers where they work, consider implementation of single day, at this time has a negative impact on education, since it in-

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ILUSTRIOUS FIGURES FATHER FERNANDO GUARDIA JAÉN 1926-2014

Lisbeth Martez - Secretary lisbeth.martez@rbc.com.pa

ernando Guardia Jaén, born in Penonomé on July 10, 1926 of humble origin and very Christian patriotism, was the legacy that he left his parents “Fernandito” (for friends and family). At five years of age he is fatherless and at that moment that life is difficult since his mother left alone with eight children.

Father Guardia was ordained priest on June 15, 1960 in Saint Mary’s College, Kansas, USA. His pastoral service to Church led him to work at Central America College, Granada, Nicaragua; and Externado San Jose College, San Salvador, El Salvador; and his country was Rector of Javier College of 1968-1973.

Father Fernando made his comprehensive studies at Colegio La Salle thanks to a grant from the college; then a degree in Literature and Philosophy in Quito, Ecuador; Theology at St. Louis University, Missouri, USA and a graduate of Bioethics at the University of Panama.

In the years of the dictatorship, emerges the desire for a free and democratic homeland Fernando Guardia: “As we commemorate seventy-five years of independence, is not in sight, in the internal sovereignty, a real growth because there is no faith in Panama because you will want to manipulate... there is a small group (referred to Torrijos) considered lord and master, and decided to stay in power at all costs.” In the 1984 elections, father Guardia was beaten by riot police when he went to witness violent closure of local opposition to witness the abuses against election result. In the second period of militarism, under command of General Noriega he continued his fight for freedom and dignity of all Panamanians within the Civil Crusade.

Accepts the call to priesthood at age of 19 years. When entering Society of Jesus on 13 November 1945 and accepted his vocation realizes he must also give up forming their own home and fight for one of his dreams: to be president.

In Buenos Aires, during his medical studies, where prayer and meditation in solitude, he got the chance to engage in service of God in Panama, where made the decision to go to novitiate. During his tenure as Rector of Javier College, be-

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ILUSTRIOUS FIGURES

longs implement Javeriano Social Service, which has benefited both rural communities themselves, as the same students who have lived the experience of an integrated social life of faith commitment. It was without doubt closest collaborator of Monsignor Marcos Gregorio McGrath, helping in its efforts to bring the Church along paths of pastoral renewal. Pastoral Vicar, Archbishop shared with a lead for implementation of ecclesial renewal promoted by Vatican II, Medellin and Puebla role. In his walk the paths of the Lord to reach address of the Catholic station Radio Hogar, formed Friends of Radio Hogar, with lay volunteers, who were infected by their concern for education of people who for whatever why not have access to education. As a good Jesuit, who knows the journey of the order, took him to bring Radio Ecca, Catholic radio station run by the Society of Jesus in Canary Islands, Spain, “El Maestro en Casa”, today the Panamanian Institute of Education by Radio”. In 2001 with approval of the Ministry of Education, this form of education in Penonomé began since, according to national statistics, there was the highest dropout rate in province of Cocle and this system offers opportunity to initiate and continue studies through the radio, according to text provided by the institution, and then present an evaluation test of learning. This system begins with study enrolled 162 to finish fifth and sixth grade. Then it was extending until lasted from first to ninth grades. Not satisfied with reaching pre-media, Father Guardia starts and achieved in 2013 in implementing trade school specializing in small and medium enterprises. The first awards ceremony for school will be in January. With a modest financial contribution anyone has the opportunity to be educated through the Panamanian Institute for Radio Education. It currently has 250 volunteers, vast majority laymen who receive spe-

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cial training and travel to different communities in most of the country. It is present in 8 provinces with 14 stations that offer free space to transmit classes.

Father Fernando Guardia Jaén occupy several positions including: • Rector of Javier College. • President of Inter-American Confederation of Catholic Education. • Rector of St. Joseph Seminary. • Director of Department of Education of the Archdiocese of Panama. • Founder of the Education Church Ministry. • Director of Radio Hogar. • Founder of Panamanian Institute for Radio Education. L&E

FASHION

Nadia Chang - Strada Eleganza rbcweb@rbc.com.pa

Care, Storage, Cleaning and Transportation R A E SW MEN

canâ&#x20AC;&#x2122;t believe that passion for dressing well doesnâ&#x20AC;&#x2122;t result in care and attention for its conservation, it is more; Iâ&#x20AC;&#x2122;m sure that more pleasure is in elegant look, this will result in better care for our clothing. So it is not unusual for those who like to dress their best also enjoy with your order, cleaning and maintenance. Not to mention the love had to wear as time goes with us and it is definitely difficult for

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us to detach ourselves from the longest. The principal policies to achieve more and better longevity we are able to summarize and confirm;

FASHION For jackets Always hanging on wooden hangers with enough bandwidth and better adapted to the size of it for the most sensitive and complex part of it is not deformed, its pad.

To clean grease stains it is advisable dishwashing liquid and hot water, no more. Organic, chocolate, coffee, wine, etc. remove specific stains or sodium bicarbonate for fences deodorant. Vinegar, ammonia and peroxide are also used in many other cases. Some experts point 90 Alcohol or discount, though it gives me enough respect because some color may be ahead.

For pants

Seek, if our closet allows, hang in half but not fully stretched. In case of having to be bent it is always advisable to pass each leg on one side of hanger that both the same. Always climb slightly befoBrushing daily, after use, as much dirt accumulates, not re sitting down to not foronly visible, but priceless dust is deposited on fabric and ce the seams with posture, which eventually suffocate, resulting in premature aging. the areas of greatest fold. Avoid iron and in any case when this is necessary, do so at the lowest possible temperature, with greatest possible amount of steam and moisture and a protective cloth between surface of iron and fabric of suit. An intermediate solution to ironing is the old trick of filling tub with hot water and with door closed to produce a small Turkish sauna in the bathroom, with garments that take moisture after drying pressed stop this effect or like is also achieved with night dew for those areas that suffer.

Donâ&#x20AC;&#x2122;t store them with a belt or suspenders posts. Deformations

occur.

Normally pants are shorter than its suit jacket so if this is of high quality and is made to measure advise take two pairs of trousers or, in some cases that some brands have the opSufficiently to accommodate them once sto- tion to purchase separately, can take that advantage. red together space, proper ventilation flow and to new wrinkles will not occur For shirts Never leave anything inside pockets that perpetuate so that these objects can infringe on fabric pockets. Wash separated color clearer. Avoid spinning and Stains, cooler should be cleaned better. Ex- drying in dryer. This will also facilitate ironing. cept for mud to dry suit and brush first time, For as little as possible be introduced into a wasrather than introduce more in dirt inside fabric. hing net bag or a T-shirt and back rub together.

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FASHION Always wash unbuttoned and stripped of their whales. (piece of metal or plastic that comes in to keep them stiff necks). Always hang with first fastened button, prolong good condition of its facilities. Use a hanger for each, this applies also to above items.

My admired Hugo Jacomet of Parisian Gentleman, I learned a lot but one of the most interesting things is like carrying a suit instead of uncomfortable costumes cover; 2:30 minutes are worth visiting. To transport the ties you can use a travel tie rack or place it between the clothing as straight and flat as possible.

For neckties

Make a list for your trips then modify and varies each time and once reviewed and only then carried suitcase. You will not forget anything and you will improve with time. Sure to win time and avoid annoying oversights.

Always save the knot undone.

In our dressing ideally have three different sections in If possible wound on individual drawers and secon- closets hangers; one for suits and jackets, one for (casualdly if this is not possible in specific hangers or tie racks. sport) pants and last for shirts. Inevitably shirts should always be alone, they will have a better life and more lucid. Never iron side folds of it should stay with their fold naturally unfolIt always helps within each section to reorder the items ded. The best by item, ie; ties grounds; shirts into two groups: catrick is Turkish sual to casual to formal attire; suits jackets and Amebath or steam rican and dress pants with wear. Other ways... to taste. Thank you very much and I’m sure there are a thousand inor failing vapodications again, these are just some of the most relevant. L&E rize with water and let it air dry.

Ultimately keep them folded in half horizontally without piling. The knots we make must have just not too loose nor overly strong tension which will cause excessive wrinkles in the worst case is perpetuated.

In transport There garment, specific tie racks for transport but not always the best way to wear them. Try not bring toiletries, shoes and other hard objects with clothes. Since it needlessly wrinkle.

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Nadia E. Chang

Strada Eleganza

Avenida Ramón Arias, El carmen Plaza Las Veraneras , Local No. 4 Phone (507) 6678-5519 Phone (507) 263-3459 P.O. Box 0830-01607 Panama, Rep of Panama

SPORTS CAPSULE

Albin RodrĂguez albin.rodriguez@rbc.com.pa

In Search of the Rio 2016 Olympic Dream

he Panama Under-23 team travels to United States to participate in the pre-Olympic soccer tournament. The national team left to Kansas City for what will be their first two matches against Cuba and Canada. For the third match against the United States U-23 Panama will travel to Denver to play this game at Dicks Sporting Goods Park. The top two teams of the two groups advance to second round of direct elimination matches and winners qualify directly for 2016 Olympic Games in Rio way, while third place winner will play a repechage match against its similar from Colombia. Panama defender Roberto Chen lompĂŠdica Linense (Balona) group of 20 players who took

pm in gymnasium of the USMA, event will feature the participation of four other franchises, Chiriqui Bulls, Parque Lefevre Panthers, P Street Falcons and Colon Road Runners, who will contest Vicente Ramos Cup, Ba- in recognition of the Panamanian disappeared coach.

from Real completed the strategist Pipino.

Valderrama announced schedule of first round of tournament, to be played in two rounds round roIt was determined that Panama will play first game in red against bin, with a regular round between October 2 and DeCubans and in white against Canada on Saturday October 3rd. cember 15, with games between Thursday and SunThe Panama U-23 team beat its similar of Honduras 1-0 day at USMA, Colon Panama Al Brown Arena and in their last match in preparation for their participa- city of Aguadulce, Cocle and David, Chiriqui gyms. tion in Olympic Qualifying Tournament Rio 2016. Both teams met in Carlos Miranda Stadium of Comayagua.

He said that final will be played in the Arena RoberWe expect our players to perform well and to achie- to Duran on 19 December and has scheduled a All-Star ve the goal and dream of bringing under-23 Game, plus competitions three-pointers and dunks. team to their first Olympics, Rio de Janeiro 2016.

He stressed that for games held in the gyms of the capital admission prices will be four Balboas and three for the Interior LPB Professional Basketball and as part of incentives for fans will be raffled a car and will Everything is ready for start of Professional Basketball Lea- deliver MVP, who must stand for exemplary performance gue (LPB), an event that constitutes one of the main ele- on and off the court, because it is central to the philosophy of ments for Panamanian basketball resume in place it once tournament to create good values among Panamanians. L&E enjoyed, especially relationship between players and fans. Rio Abajo Eagles and Horses of Cocle teams will be responsible for jump-start on Friday October 2nd from 7

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SPORTS CAPSULE

The favorites for the Rugby World Cup 2015 Jonathan Forget jonathan.forget@rbc.com.pa

The 2015 Rugby World Cup will be played in England and Wales from 18 September to 31 October. Among favorites New Zealand is called the All Blacks, whose coach is Steve Hansen. This team was winner of World Cup 2011 in New Zealand, in their own country, against the team of France with a 8-7 final score at Eden Park Stadium in New Zealand. Also, take 2 cups won in 1987 and 2011, hence they are favorites for this new event. Another favorite is England caster, this team won the

coach Stuart 2003 World

Also Australia, his coach is ver, with 2 cups won in 1991

Bill and

LanCup. Pul1999.

South Africa is also favorite coach is Heyneke Meyer and carries 2 cups won in 1995 and 2007. Other teams that create great expectations are France coach Philippe Saint-Andre; Ireland coach Joe Schmidt is leading 21 wins in the 6 nations. From da,

America United States, CanaUruguay and Argentina participates.

There will be 20 teams formed into 4 groups:

Group A: England, Australia, Fiji, Wales and Uruguay.

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Group B: South Africa, Scotland, Japan, Samoa and United States. Group C: Argentina, Georgia, Namibia, New Zealand and Tonga. Group D: Canada, France, Ireland, Italy and Romania. L&E

CULTURAL CAPSULE

Mariela de Sanjur mariela.sanjur@rbc.com.pa

CULTURAL CAPSULE

Activities for October: Teather • Miraflores Locks Theatre: Il Trovatore October 3. • Miraflores Locks Theatre: Otello October 17. • Miraflores Locks Theatre: Tannhäuser October 31. • Circulo Theater: The Sound of Music, from 7 to 25 October. • Station Theatre: Good People from 2 to October 31. • Station Theatre: Synergy, Opera and Jazz on October 26. • Teatro La Quadra: “Mutual Disagree “, will perform from 2 to 31 October 2015. • ABA Theatre: Sex with formed criterion October 15 until November 29, 2015. • ABA Theater Dialogues Women without husbands until 11 October. • ABA Theatre: “The Villain and Minimuts”. • St. Augustine College Theatre: Ali Baba and Bongo bandits from 8 to 11 October. • Hotel Marriot Panama: “Yo si monto cacho”, 10 October. • Teatro La Huaca: Venezuelan desperation, October 30 • Latitude 47: All women 16 October. • Balboa Theatre: “Hands Of Stone, A Musical KO 5 to October 11 • Aboud Attie Theatre Institute Albert Einstein: Fiddler on the Roof, 20 and 21 October.

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Fairs and Festivals: • Patron of St. Francis of Assisi, October 4 Veraguas. • Tigre Island Fair, Guna Yala from 11 to 13. • Mountaineer Festival, Los Pozos Herrera from 12 to 19. • Prisma Contemporary Dance Festival from 12 to 19 October. • Torito Guapo Festival, from 13 to 17. • Coffee Festival in Rio Sereno on 22 October. • Carretas Pedasieñas Ladies parade October 27. • Desfile de las Carretas Damas Pedasieñas 27 de octubre.

Sports: • Mc Donald’s 5K Women We run, October 4, Coastal Strip at 7:00 am • Pink and Blue Ribbon Walk, October 24, Coastal Strip.

Museums and Exhibitions: • BioMuseo: One night at Biomuseo in October 2 “laziness”. • BioMuseo: Anniversary Week 2 to 11, with interesting lectures every day. • MAC: October 18 visit photo exhibition “Zonians” Matias Costa. • Open House of the Danilo Perez Foundation on October 17th from 9:00 am.

CULTURAL CAPSULE

Concerts and performances: Seminars, conferences, • Juan Luis Guerra: Everything has its time. October 22 lectures, courses and Expo: Figaly Convention. Center and October 20th in Chiriqui Kenny Serracín Stadium. • Hombres G and Enanitos Verdes October 1 Figaly Convention Center • My Cale, October 1, Ateneo-Ciudad del Saber. • Foam Wonderland October 2 Figali Convention Center. • Far amazement II, Ateneo de la Ciudad del Saber October 3. • Concert V: Swiss Piano Trio PianoViolin-Cheo (Switzerland) October 8 at the Ateneo of City of Knowledge. • Pride Night October 9 Figali Convention Center. • Katy Perry in Concert, October 15, Figali Square. • Acoustic Erika, 16 and October 17, ASSA Theatre. • The Committee of Friends of Casco Viejo Churches invite only presentation Choir, October 16, Iglesia San José (San Felipe) 7:30 pm • Holi Festival of Colours’ with Cedric Gervais, Michael Brun, and Burns Oct. 17 at the Figali Convention Center. • Concert VI: Camerata Bariloche Chamber Group (Argentina), October 22 at the National Theatre. • Vocalité & Warapo band, October 22, Ateneo-Ciudad del Saber. • Joan Manuel Serrat, October 30 Anayansi Theatre.

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• Digital Trends 2015, October 1, Hotel Sheraton. • Conference: Sex with 5, October 1 in LiBar. • Panama Motor Show from 2 to October 11, Atlapa. • Expo Cakes The Cake Show 2015 October 18 Hotel Riu. • International Symposium on Energy in August 21 and October 22. • Expo BizFit 20 to 22 October Atlapa. • ILDEA: We’re out of water. October 26, 6: 30 pm Sheraton Hotel Gran Baru Room. • Goodbye Challenge Conference October 28 Holiday Inn Express.

Activities and festivities: • 4 Animal Day. • 4 St. Francis of Assisi. • 8 Egg Day. • 11 International Day of the Girl Child. • 12 Columbus Day. • 21 Black Christ of Portobelo. • 27 Student Day. • 28 San Jude Tadeus. • Halloween October 31. • Campaign pink and blue ribbon. • Throughout the month dedicated to the fight against Breast Cancer and Prostate. Blue and Pink Ribbon Campaign. • Third week of October, Science Week. L&E

Alianzas alrededor del Mundo Mitrani, Caballero, Rosso Alba, Francia, Ojam & Ruiz Moreno-ARGENTINA Guevara & Gutiérrez S. C. Servicios Legales- BOLIVIA Machado Associados Advogados e Consultores- BRASIL DSN Consultants Inc- CANADÁ Lewin & Wills Abogados- COLOMBIA Rivera, Bolívar y Castañedas- PANAMÁ Espinosa & Asociados- CHILE Lawnetworker S.A. Asesores Legales- ECUADOR Peter Byrne & Associates- ESTADOS UNIDOS Machado Associados Advogados e Consultores- ESTADOS UNIDOS Ortiz, Sosa, Ysusi y Cía., S.C.- MËXICO Estudio Rubio Leguia Normand & Asociados- PERU Adsuar Muñiz Goyco Seda & Pérez-Ochoa, P.S.C.- PUERTO RICO Pellerano & Herrera- REPÚBLICA DOMINICANA Alvarado & Asociados- NICARAGUA Torres, Plaz & Araujo- VENEZUELA Facio & Cañas- COSTA RICA