Welcome to the Panama Weekly News Roundup! Here鈥檚 the latest.
Panama Canal Crack Fixed
After a long, and worrisome wait at the Cocoli locks for months, the Panama Canal Authority has finally fixed the leak that set the structure鈥檚 finish date back by a few months.
The ACP confirmed that Grupo Unidos por el Canal (GUPC), the Spanish-led consortium responsible for the design and construction of the Third Set of Locks Project, has successfully completed testing of the reinforcements in sill #3 of the Cocol铆 locks.
The crack first appeared in August in the聽concrete sill between the lower and middle chamber of the Canal鈥檚 expanded Pacific Locks.聽GUPC later determined that water seepage聽was the result of insufficient steel reinforcement in the area that was聽subject to聽extreme condition testing.
In addition to reinforcing the sill where the crack appeared, GUPC聽also聽reinforced the first and second sill in the Cocoli Locks and the first three sills in the Atlantic-facing Agua Clara Locks as a preventative measure.
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Where to go for a historical tour in Panama
While tourism booms in Panama, specifically Panama City, one of the biggest growth areas is in historical tours. Panama is full of rich history, and now, it鈥檚 easier than ever to experience it first hand.
Panama City is a captivating vacation spot in Latin America. In fact, it was tagged as the most beautiful capital city in Central America. One thing that makes this country stand out is its culture which is an interesting fusion of modern America, old Spain and marketplace atmosphere of the East.
People here enjoy ultra-modern kind of cosmopolitan living and it was also listed as one of America’s safest cities. The country is very rich in history as well so it is a perfect place to tour. The world’s renowned tour spot in Panama is probably the Canal but there are still a lot to see. To know more and get a good glimpse of Panama’s history, here some places that you must visit:
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Posco E&C bags $65 million order to build thermal power plant in Panama
Energy demand in Panama has hit a high mark, and companies everywhere are scrambling to fill it. Recently, a South Korean company made a big announcement about investing around $65 million in thermal power sources in Panama. Here鈥檚 more on what they have planned.
According to the Korean builder, it won an engineering, procurement and construction (EPC) contract to build the plant in some 60 kilometers north of Panama City, with an annual capacity of 380 megawatts (MW) that is equivalent to total power used by 150,000 households a year. It would be the largest power plant in the country, the company said. Under the deal, the builder will also construct an 180,000 per sq. meter gas terminal.
Despite tough market condition including low oil prices, Posco E&C clinched the deal following a series of orders won in the Philippines and Chile last December. The builder made its first inroad into the Latin America 10 years ago and has steadily won a series of orders to build energy plants, an official noted.
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Retiring in Panama: 5 things you need to find your perfect fit
Retiring in Panama has more benefits than ever, and continues to grow in popularity year after year. But in order to do it right, and with the best fit possible for you, you need to follow a few steps first. Here are 5 things you鈥檒l need to do to prepare for your dream retirement in Panama:
1. Plan Your Budget With Room to Spare.聽Planning a retirement in Panama involves a lot, and first and foremost should be your budget. You鈥檒l read lots about cost of living in Panama, and about great deals, however there are often many unseen costs. This is especially true if you want to maintain the same lifestyle, or similar, that you have in your home country. This is why we advise to plan your budget with a bit more than what the listed costs of living in Panama are. This gives you much more freedom to change how you live, or save a bit of money in the process. Panama is a wonderful, affordable country, and if you plan right, you can get a lot out of your retirement budget.
Continue reading about the 5 things you need to find for your perfect Panama retirement
