Author: OBG Admin

Daniel Asare-Kyei-CEO-Esoko; Curtis Vanderpuije-CEO-ExpressPay; and Daniel Marfo-General Manager-Zipline Ghana

Stemming the tide: Diplomatic disagreements have overshadowed the opportunities opened up by the exploration of new territory

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While hydrocarbons production in the Philippines has declined in recent decades, the exploration of new territory holds the potential to stave off dependence on foreign imports, if not reverse the trend altogether. Unfortunately, a host of obstacles will need to be overcome in order to achieve any significant improvement even in the short-to-medium term. Among the most relevant of these challenges are the profitability of marginal fields in the current energy market, adherence to strict requirements for potential exploration and development companies, and territorial disputes

Pham Hong Hai-CEO-HSBC Vietnam

Increasing transparency: Taking steps towards greater accountability

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For decades, many countries in Latin America struggled with corruption, and Panama is no exception. Corruption has become more prevalent in the country’s psyche, however, as more Panamanian officials, including former president Ricardo Martinelli, were indicted recently for a series of alleged corrupt activities. A New Leaf Though many Panamanians grew accustomed to official impunity during the decades of military rule before the transition to democracy in 1989, the Panamanian public has since actively responded to more recent events by repeatedly demanding accountability and an end to impunity of government officials. Protesters in the streets of Panama City have staged numerous demonstrations in support of

Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

Labour market conundrum: Trends are broadly positive, but more skilled workers are needed

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The overall unemployment rate in Panama increased from 4.1% in 2013 to 4.8% in 2014. This included 3.5% (or 61,616 people) who were openly unemployed and an additional 1.4% (or 24,289 people) assessed as being in the “hidden unemployed”, according to figures published by the National Statistics Agency. Nearly two-thirds of the absolute increase in the number of jobless people in 2014 was accounted for by just four sectors: hotels and restaurants, construction, manufacturing and the public service. In the first three of these, the increase in unemployment was due to a slippage in overall activity. In the case of the public service, the loss

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Canal plus: The eight-year expansion programme, the largest single investment in the country’s history, is in its final stages

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At a cost of $5.25bn, the Panama Canal expansion programme is the largest single investment in the country’s history. Approved by national referendum in October 2006, the project will see the addition of a third lane of traffic to the existing two-lane canal. Since it began in September 2007, the expansion programme has created more than 30,000 new jobs, according to the Panama Canal Authority ( Autoridad del Canal de Panamá, ACP). Almost eight years later, the overall expansion programme reached 90% completion at the

Pham Hong Hai-CEO-HSBC Vietnam

Locks and loads: In preparation for the opening of the third lane of the Panama Canal, a new toll structure is set to come into effect in 2016

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In preparation for the opening of the third lane of the Panama Canal, a new toll structure was approved in April 2015 by the Cabinet Council. This followed more than a year of informal consultations with industry stakeholders, an open call for comments and a public hearing, with interested parties given an opportunity to provide feedback. Jorge Luis Quijano, the CEO of the Panama Canal Authority (Autoridad del Canal de Panamá, ACP), told local media that the new toll structure “safeguards the competitiveness of the

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Action plan: A broad range of initiatives aim to improve sector regulation and enable it to comply with international requirements

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A number of initiatives currently under way in Panama are expected to strengthen what is already a strong banking sector. Although the World Economic Forum’s Global Competitiveness ranking indicates that Panama’s financial system is at or near the top decile globally in most respects (see overview), the sector is hampered by its continued inclusion –as of early June 2015 – on the grey list of the Financial Action Task Force (FATF). Along with countries such as Afghanistan, Angola, Indonesia, Iraq, Lao PDR, Sudan, Syria and

EGI: Diversified conglomerate

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The Company Empresa General de Inversiones (EGI) is a holding company listed on the Panama Stock Exchange (Bolsa de Valores de Panamá, BVP) under the ticker symbol EGIN. The holding company has investments in three operating companies: Empresa General de Capital (EGC), BG Financial Group and Empresa General de Petróleos (EGP), with each focusing on a different sector. EGC primarily invests in the energy and telecommunications sectors, while BG Financial Group focuses on banking and financing activities through its ownership of the largest bank in both Panama and Central America – Banco General. For its part, EGP focuses on the distribution and sale of petroleum

GB Group: Financial services

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The Company GB Group is a publicly traded holding company, listed on the Panama Stock Exchange (Bolsa de Valores de Panamá, BVP) under the ticker symbol GBGR. The company owns a 100% stake in Global Bank Corporation – which is the second-largest non-government-owned Panamanian bank in the country. Founded in 1994 as a universal model bank, Global Bank Corporation’s assets reached the billion-dollar mark in 2006 and now stand at around $5.1bn. The company currently has $4bn in loans, $2.9bn in deposits and regulatory capital of $486m. In addition, it has an international investment-grade credit rating of “BBB-” from both Fitch and Standard & Poor’s.

Grupo ASSA: Financial services

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The Company Grupo ASSA is a holding company listed on the Panama Stock Exchange (Bolsa de Valores de Panamá, BVP) under the ticker symbol ASSA. The group has operations across Central America in three main sectors: banking and financing activities, insurance and reinsurance, and other strategic investments, which account for 45.9%, 42.1% and 11.1% of the group’s revenues, respectively. The company’s subsidiaries are among the leaders in their respective industries. ASSA Compañía de Seguros (Panama), for example, is the number two insurance company in the country, and received an “A” (excellent) financial strength rating and an “a” issuer credit rating from A.M. Best, which the