The banking system in Panama makes use of the advanced modern technologies. In Panama City, there are approximately 100 internationally renowned banks. The presence of strict regulations regarding the banking sector by the government has seen the banking sector grow tremendously (Arboleda & Martín 152). For instance, the Panamanian government has come up with strict banking rules and guidelines, to scrutinize all the banking practices so that the banks can give good banking services to all people. To ensure this occurs, the government has ordered the submission of monthly auditing reports from all the banks to the National bank of Panama and to the Panama’s National Banking Commission. All the depositors in any bank need sureties of their securities, …show more content…
Investors do not have to worry about their health status as they have accessibility to some of the best hospitals in Panama, meaning they can even stay and bring over their families without having to worry about the healthcare services. Moreover, the continuity of their children’s education is assured by Panama’s world-class education systems. International schools within Panama offer globally certified curriculum modules. The transport sector is one of the key concerns for most investors; they must have the opportunity to transport their goods using the shortest time possible. The government has worked and seen to it that improvements are made not only in the transport sector but also in the storage and in the communication sectors. There are good roads like the four highways (Corredor Sur, Corredor Norte, Colon Expressway and Autopista La Chorrera) and international airports like the Tocumen International Airport which ensure that business people travel or transport their goods safely and faster. Tocumen International Airport is rated among the airports across the globe which offer quality airline services. For example, the Corredor highway which runs from the Panama City to the Tocumen International Airport makes the transportation of passengers and goods easy. With good communication systems in place, the investors may be able to monitor or follow up or further, to do their transactions with ease from their locations (Martinus et al.
Have you ever wondered why both the Panama Canal and the Great Wall of China are such iconic land marks for the countries they are in? It’s because of the magnitude of effort that took to create such massive structures. Hard work, blood, tears, sweat and certainly patience played part in the creation of such marvels. However the purpose behind each structure and the challenges builders faced during their construction is what truly sets them apart.
Panama, a small country located in Central America, is very diversified in both its people and its climate. Considered to be the isthmus connecting South America to North America, Panama has played a key role in global transportation since the creation of the Panama Canal. The canal goes through the midsection of the country connecting the Atlantic and Pacific oceans, allowing for much faster sea travel. Because of its location, Panama has been heavily influenced by several countries including Colombia which they were ruled by until 1903 and the United States which played such a large role in the realization of the canal. These foreign influences can easily be found in Panama's cuisine, music, and artwork as well as all the tribes that have settled within the country.
The History of the Panama Canal The Panama Canal is called the big ditch, the bridge between two continents, and the greatest shortcut in the world. When it was finally finished in 1914, the 51-mile waterway cut off over 7,900 miles of the distance between New York and San Francisco, and changed the face of the industrialized world ("Panama Canal"). This Canal is not the longest, the widest, the deepest, or the oldest canal in the world, but it is the only canal to connect two oceans, and still today is the greatest man-made waterway in the world ("Panama Canal Connects). Ferdinand de Lesseps, who played a large role in building the Suez Canal in 1869 (Jones), was the director of the Compagnie Universelle Du Canal Interoceanique de Panama ("Historical Overview").
Panama is the southernmost country of Central America. It sits on the isthmus connecting north and South America. Panama remains bordered by Costa Rica to the west. Colombia is to the southeast. The Caribbean is to the north and the Pacific Ocean to the south. Panama City is the capital of Panama. Explored and settled by the Spanish in the 16th century, Panama broke with Spain in 1821.Panama has the third largest economy in Central America and it is the fastest growing economy and the largest per capita consumer in Central America. In 2013, Panama ranked fourth in Latin American countries in terms of the Human Development Index, and is ranked 59th in the world. Studies in 2010 show that Panama remains as the second most competitive economy in Latin America. Panama’s jungle is home to an abundance of tropical plants, animals, and birds and some of them found nowhere else in the world.
The culture and political structures of Panama as we know it today has evolved from an incredibly diverse and interesting history. Geographically, Panama lies on an isthmus, a strip of land that essentially connects the greater landmasses of North and South America. It is believed that volcanic activity in the late Pliocene era closed the former Central American Seaway that had separated the two continents. The climatic implications of this landform are incredible, allowing for the redistribution of oceanic currents and the formation of the Gulf Stream of the Atlantic of today.
There were several men who organised and engineered the building of the Panama Canal. Ferdinand De Lesseps, a diplomat from France, had organised the building of the Suez Canal. After the Suez, De Lesseps had an inspiration for the Panama Canal. The Panama was much more complicated than the Suez; the terrain is much more mountainous so eventually the work was abandoned. When the U.S started working on the Canal in 1904 the chief engineer was a man named John Wallace, but, due to immediate struggles of bad equipment, yellow fever, and malaria, he resigned after a year. John Stevens took over as head engineer. Stevens had organised many western U.S railroads. When Stevens got down to Panama he found “about as discouraging a proposition
Panama is located in Central America. The country borders the Caribbean Sea and the North Pacific Ocean, it is located between Colombia and Costa Rica. It is a tropical isthmus whose climate is hot and humid. Panama has a rainy season that spans May to January and a dry season which is January to May. The country’s natural resources are copper, mahogany forests, shrimp and hydropower. (Central Intelligence Agency, 2015)
Binhammer, H. H. & Peter S. Sephton. Money, Banking and the Financial System. Nelson, 2001.
The Panama Canal is a vital asset to the world. Extending 50 miles across the Panama isthmus to connect the Atlantic and Pacific Oceans, it has benefited 160 countries and 1700 ports. Behind the current advantages it offers, there is a rich history and a complex process that have helped bring the canal to life. Commerce and travel was becoming increasingly important in the 1800’s. The world needed a shorter, cheaper, and more convenient way for ships to travel between the Pacific and Atlantic Oceans.
PANAMA, lots of thoughts go through my mind as I hear the name of the country that saw me grow up. This country in the middle of Latin America and the love I feel towards it have been a great part of my life. Even though Panama is small fills a huge space in my heart because it has given me, and continues to give me shelter and a place to grow and develop in, sustenance, joy, a safe home, but most importantly, it gives me LIFE. Sadly, in the past years, my valuable and so loved country started to decay when the rich and powerful people “in charge” made bad economical and political decisions, which cost Panamanians its integrity. People from different countries around the world don’t even look at my country the same anymore and me, and my community, as people who have been held in Panama’s comforting arms should not accept to be subject of mockery and pity.
The Expansion of the Panama Canal may double the canal’s capacity and allow haulers to bring their Asian goods to the Eastern and Gulf coast for less money. With large new locks the canal will be able to handle larger vessels that can carry three times as many containers. This process of moving more cargo efficiently will reduce operating expenses from transporters. As a result, the Panama Canal will accommodate Post-Panamax ships. These ships
Agriculture is big business in Panama. Not only does it account for much of the country's exports (over 50%), but subsistence farming still employs many Panamanians who only grow enough food to feed their families (nationalencyclopedia.com). The main crop in Panama is bananas by a large margin, and is also one of the countries largest exports. Besides bananas, the other main exports are sugar and coffee beans, while the largest domestic crops are corn, rice, cocoanuts, tobacco and the exotic root vegetable yucca (Bennett 78). In spite of the fact that agriculture employs a large portion of the population and uses approximately half of the land, agriculture in Panama is in trouble. Panama’s tropical maritime climate poses some restrictions to the growth of crops, but the troubling issue at hand is the erosion of soils. As Panama’s population grows rapidly and the rainforest is cleared, overuse of soils and improper agricultural methods are threatening the growth of crops and draining Panamanian soils. As much of Panama’s political history and current economy is tied to agriculture, this is an issue that will raise many questions for the future of Panama.
The bank failure in Jamaica illustrates how negative mindsets and behaviors can devastate the financial system and disrupt economic growth. The primary role of any bank is to safeguard its customer’s money, offer interest rate on deposits, lend money to creditworthy individuals, and make sound investment decisions to maximize shareholder value. Because of rapid economic growth between the late 1980s and early 1990s in Jamaica, the Central National Bank (CNB) and Worker’s Savings and Loans Bank (WSLB) loosened their monetary policies, provided preferential interest rates and extended credit beyond what was reasonable to members of its own board of directors, managing directors, and officers of the bank. These actions posed significant risks to the bank and its future.
This system helps all of these banks provide financial secrecy which is that only you and your banker would legally be allowed to know the financial activity within your account. The financial secrecy, completely different from financial privacy, includes many regulations to maintain this asset of secrecy. For example, many banks would n...
A variety of groups are concerned in bank profitability for various reasons. The bank shareholders would want to know if the value of their investments is high or low. The investors also use current and past performance to predict future price of the banks’ shares traded on the stock exchanged. The management of the bank as trustee of the shareholders is evaluated and compensated on the basis of how well their decisions and planning have contributed to growth in assets and profits of their banks. Employees of bank also are concerned with profits, since their salaries and promotions are frequently tied to the profitability performance of their banks. Depositors use bank performance and profitability as indicators of security for their deposits in the banks. Finally, business community and general public are concerned about their banks’ performance to the extent that their economic prosperity is linked to the success or failure of their banks.