President Ricardo Martinelli asked Hector Aparicio, president of the National Assembly that regarding the new insurance law being discussed in the National Assembly, legislators consider incorporating cooperatives in the insurance market.

In 2013 Panama will host the VII Competitiveness Forum of the Americas, demonstrating the country’s willingness to improve in this matter, said the Minister of Commerce, Ricardo Quijano.

With the expansion of the Panama Canal, maritime trade in the area will multiply said the Vice-minister of Commerce and Industry, José Pacheco Tejeira, during an investment forum held in Tokyo, Japan.

Chile, Peru, Mexico and Panama are the best countries for doing business in Latin America, according to a new Forbes magazine list, which topped Canada, New Zealand and Hong Kong in a worldwide list.

Banks operating in the local market with a general license reported $11 billion in new loans at the end of July, representing an increase of 17% over the same period last year.

Between 90 and 100 multinational companies are expected to begin operation in the Panama Pacific Special Zone during 2012, stated the administrator of this entity, Olmedo Alfaro.

The Colón Free Zone (CFZ) achieved a growth of 42% in the first seven months of the year, corresponding to $4.7 billion as a result of commercial activity. Transactions accumulated to $15.8 billion in July of 2011, compared with $11.1 billion in the same period of 2010, according to the Comptroller’s Office.

The Fire Department of Panama (CBP) and the Panamanian Society of Engineers and Architects (SPIA) discussed how safe buildings in Panama are when a fire occurs. At a forum on building safety, Carlos Rodriguez, head of the CBP Security Office, said the city has grown quite tall with vertical buildings. However, they are finding problems in the maintenance of alarm systems and gases.

The Budget Committee of the National Assembly approved an extraordinary credit of $15.8 million to the Ministry of Economy and Finance (MEF), to cancel the balances due to the overhead generated by electric utilities in 2010.

By 2012 the Government has set the goal of eliminating child labor to 30,000 children through support programs, said the Minister of Labor, Alma Cortez. In the report submitted in 2010, this indicator decreased as the number of children who work fell from 89,000 to 60,000, so they expect that by 2020 the figure will be zero.

Direct contributions from the Panama Canal to the State this year will total $985 million, according to the latest estimates handled by the Ministry of Economy and Finance (MEF). This figure would be $147 million above what was budgeted for 2011.

Three companies that showed interest in the best value tendering to provide the service of dismantling, crushing, compacting, transporting, storing, cleaning, fumigating and packing 313 “diablo rojo” buses from the public transport system, called by the Traffic and Land Transport Authority (ATTT) yesterday in a per ton basis were Exportaciones Metálicas, S.A., for $172.53; Panama Metal Recycling, S.A. $161.25 and Comercializadora Internacional de Metales, S.A. $116.17.

President Ricardo Martinelli appointed the businessman Franklin Oduber as administrator of the National Land Authority, replacing Alejandro Castillero, who resigned following a land titling scandal

Panama says it is ready for the trade promotion agreement (TPA) with the United States, and its entry into force would create greater competitiveness in the agricultural sector and improve the quality of education in the country.

Between October 15 and 18 the approaches of the Centennial Bridge will be reopened said Federico José Suárez, Minister of Public Works (MOP). The approach roads leading to the second bridge over the Panama Canal have been under repair for the last ten months

The Panama Canal fiscal year 2011 ended on September 30 with the transit of 322.1 million tons (Universal Tonnage of the Panama Canal), representing a 7.1% growth compared to 2010.

The daily Estrella de Panamá reportedf that Panama and a delegation of the United Nations Educational, Scientific and Cultural Organization (Unesco) met on October 12 to discuss the issue of the third phase of the Coastal Strip which the government proposes to build around the peninsula where Casco Viejo, the city’s Old Quarter, is located. Unesco has stated that this public works project could threaten Casco Viejo’s World Heritage status, which it was given in 1997 when transformation of this historic neighborhood began.