THE ECONOMIC COMMISSION FOR LATIN AMERICA AND THE CARIBBEAN (ECLAC) 
ESTIMATES THAT THE PANAMANIAN ECONOMY WILL GROW 5.9% IN 2015, EVEN IF
THE AUTHORITIES ESTIMATE 6.0%

After Panama, countries such as Bolivia, Nicaragua and the Dominican Republic, 
with growth of 5%, followed by Paraguay (4.2%), Peru (4.2%) and Guatemala (4%). 
The non-financial public sector (NFPS) is expected to post a deficit of around 
2.0% of GDP at the end of the year, significantly lower than the 4.6% deficit 
at the end of the previous year. ECLAC revised down its own projections for 
the entire continent, which will grow at the end of the year 1%, less than 
the 2.2% projected previously. The construction sector will continue to be 
one of the most dynamic, boosted by the start of mega infrastructure projects,
 such as the construction of the second metro line. A deficit of 10.2% is 
expected in the current account of the balance of payments, somewhat lower
 than the projected at the end of this year due to a certain rebound in the
 re-exports of the Colon Free Zone. "This review reflects a global environment
 characterized by less-than-expected economic dynamics at the end of 2014.
 With the exception of the United States, growth projections have been revised
 downward in the industrialized countries and emerging economies are 
continuing to slow" , The United Nations agency said in a statement. 
If ECLAC's new estimates are met, the regional economy will maintain a 
level of growth similar to that of last year (1.1%)

The governments of Panama and Colombia began negotiations to reach an agreement to exchange tax information amid tension over trade and customs disputes.
Both governments have expressed the desire to reach an agreement, after Colombia decided to classify Panama as a tax haven.
This measure was rejected by Panama, and Colombian President Juan Manuel Santos to backtrack on the condition that the two countries signed a treaty to exchange tax and financial, necessary to combat tax evasion and money laundering information.
“We get to Panama from the list of tax havens after they signed a memorandum of understanding where they undertook, with date, negotiating a double taxation treaty, and a treaty with an exchange component of financial information, which was what we wanted from the beginning, “said the president at that time.
Meanwhile, Panama issued a favorable ruling last week by the World Trade Organization (WTO) said reasons for the week rispidez between the two countries.
At the request of Panama, the WTO ruled that Colombia taxes imposed since 2012 to footwear and textiles that enter Colombia from Panama’s Colon Free Zone Isthmian affect the competitiveness of the country and are at odds with the General Agreement on Tariffs and Trade .
From this ruling, companies that free zone may re-export footwear and textiles to the Colombian market without paying additional taxes on those already established by the tax code of Colombia, whose government announced it would appeal the WTO decision.
Meanwhile, the two countries are negotiating in secret tax agreement in Panama City.

Solis, Endara DELGADO AND GUEVARA (SOLENDEG) informs his distinguished clientele that has been duly authorized by the Supreme Court of the Republic of Panama to act as local custodian of bearer shares authorized, in compliance with laid down by Law 47 of August 6, 2013, Law 18 of April 23, 2015 and Agreement 307 of 24 April 2015 adopted by the Fourth Chamber of General Affairs of the Supreme Court.

This new regime came into rigor the May 4, 2015, by which the bearer shares issued before or after the entry into force of the stated Law shall
It is guarded by a duly authorized, thus fulfilling the legal regulations agent.

We inform our customers that despite this provision must be certain that there remain issues of bearer shares since the Act also allows you immobilize their shares through custodian agents, as we are.

However some local banks do not accept Emissions Law Societies of bearer shares.

For this it is necessary for the amendment of the social pact despite the law 18, which states that all social agreements which allow the issuance of bearer shares are requested amended to 31/12/2015.