Latest news with #CopaAirlines
Forbes
5 days ago
- Business
- Forbes
An Essential Guide To Panama City's Casco Antiguo, A Burgeoning Hotspot Worth The Trip
A quiet corner of Panama City's Casco Antiguo. Copa Airlines As sailors come over the crest to pass through the Panama Canal towards Panama City, they're often surprised to see a skyline packed with skyscrapers, the effect of decades of the country's stability and strategic location making it the region's busiest business capital. Panama City has thrived as a destination for passing through rather than sticking around, with tourism taking a comfortable back seat in the country's GDP. However, discerning visitors have long known that the seeds of opportunity for transforming this city into a destination all its own have always been there. Nowhere is that more true than in the Casco Antiguo, the city's historic center dating back to the 1600s, where cathedral bells rings, historic churches reign and centuries-old mansions are finally being reclaimed from the passage of time. While the neighborhood languished for years and many parts lay forgotten, visitors recently started to realize there's something worth seeing here. As new hotels, restaurants, cafes and bar spring up upon hitoric foundations, the neighborhood's renaissance is igniting Panama City's tourism like never before. Now, it's easier to visit than ever to visit Panama City thanks to Copa Airlines Stopover Program, which allows travels to spend up to seven extra days in Panama when flying the airline, at no additional airline fee. Looking to beat the crowds and experience Panama City's Casco Antiguo before becomes the new talk of travel? Read on for a guide to the best of Panama City's most enigmatic neighborhood. The courtyard at Hotel La Compañía in Panama City's Casco Antiguo. Hotel La Compañía Hotel La Compañía marries centuries of history in the heart of the historic center with thoughtful luxuries that makes it part iconic place to stay, part destination all to its own. The hotel's 88 rooms are spread across three wings that each have their roots in different centuries of the history, from 17th-century Spanish colonial section and fine French architecture to Beaux-Arts American inspiration from the 1900s. Multiple dining venues, divine city views and friendly service are next level. Sofitel Legend Casco Viejo Sofitel Legend Casco Viejo got its start in an early 20th-century Club Union building designed by James C. Wright shortly after the opening of the Panama Canal, giving it an instant air of grandeur when it reopened in 2023 as one of the neighborhood's most historic properties. Now, its luxe waterfront rooms make it a coveted Casco Antiguo spot complete with spa, event spaces and fine dining. Amarla Boutique Hotel The age-old mansions of Casco Antiguo are slowly being saved, many transformed into boutique hotels that offer a personalized take on the centuries-old character of neighborhood. Amarla Boutique Hotel is the top choice among them, with handpicked decor in each of its eight rooms, a gorgeous rooftop space, and one of the best restaurants in the entire city. The Metropolitan Cathedral of Panama City. Ancon Expeditions What To Do Take a Walking Tour To take a Casco Antiguo walking tour with Ancon Expeditions it to fall in love with tours all over again, even if you haven't always been their biggest fan. Packed with history and peppered with funny anecdotes, these tours dive into the intricately-layered history of the city, and can be tailored to include a foodie focus, a coffee or chocolate tasting experience and plenty more along the way. Sip the World's Best Coffee As a travel writer and coffee addict currently based in Medellin, Colombia I have a pride towards Colombian coffee, but I have to hand it to Panama's prized geisha coffee when it comes to flavor, feel and tasting experience. Geisha tasting opportunities are a dime a dozen in Casco Antiguo, but the best place to try it is with Geisha Experiences, who have a staff of passionate, prepared guides who really know what they're talking about Visit Museo Casa Coronel A brand new museum located on the edge of the Casco Antiguo, Museo Casa Coronel del Cacao y del Chocolate makes an art of out of Panama's burgeoning chocolate industry, bringing visitors along for the ride—and the taste test. Set in a recently restored historic mansion, a visit is the perfect combination of chocolate tasting experience and historic architectural tour. The bar at Villa Ana. Villa Ana Where To Eat Villa Ana 1928 It's all about fine dining, white tablecloth service and delicious handmade fare at Villa Ana 1928, once the home of one of Panama City's most famous society ladies and now a multi-level restaurant and bar space complete with cigar bar and rooftop. Make sure to time your visit for a night of live music to be immediately transports you back to one of Panama City's most regal eras. Fonda Lo Que Hay It seemed every local I spoke with in Panama City was set on sending me to Fonda Lo Que Hay during my stay in Casco Antiguo. Named one of the best restaurants in Latin America after its debut, this casual spot with a cool bar and plenty of family-style seating ushers guests into the most authentic yet elevated Panamanian dining destinations in the neighborhood. Affordable prices and rave reviews means you might have to wait for a table. Kaandela Panamanian cuisine is going through something of a renaissance, led in no small part by passionate chefs like Jose Aparicio at Kaandela. An up and coming local chef calls his creations a mix of "Panama's culinary traditions reinterpreted with a modern edge," offers a good mix of surf and turf options with plenty of Caribbean flavor and flare. Exilio, located inside Hotel La Compañía in Panama City's Casco Antiguo. Hotel La Compañía Where To Drink Exilio Bar Nestled off the courtyard in the French wing of Hotel La Compañía, Exilio Bar oozes a grandeur and stately luxury that draws Panama City's elite into Casco Antiguo for drinks to close the day. It preserves the history of its locale without being ostentatious, and is perfectly balanced by taking a second round of drinks at the hotel's rooftop bar at sunset. Pedro Mandinga Rum Bar Pedro Mandinga is first and foremost a rum distillery and brand with a variety of thoughtfully crafted liquors, so you know its Pedro Mandinga Rum Bar in Casco Antiguo has to be good. You really can't go wrong with anything on their full menu of food (though the patacones and torrejitas are divine), but guests can't leave without a tasting of their unique rums distilled with ingredients like geisha coffee, cacao and coconut. Tántalo Casco Antiguo is all about the rooftops, and there's none better than Tántalo if you're looking to get down. Tántalo tends to have a mix of visitors and locals alike here to gawk at the incredible view of both old town streets and modern city a fun drink menu and full menu of food served until the evening, though the party goes on into the wee hours. Monsters, located on the famous Calle de los Sombreros. Monsters Where To Shop Monsters An impossibly cool design store located on Casco Antiguo's Calle de los Sombreros, Monsters is packed with colorfully designed, Panama inspired t-shirts, jewelry, stickers, home decor pieces and so much more, making it the perfect stop for a one of a kind souvenir. Here you'll want to linger: the shop shares space with a matcha cafe and tea house to fuel the rest of your Casco Antiguo adventures. Etnik A curated collection of lightweight, resort ware style-clothes, bags and accessories will draw you into Etnik, but just wait until you see the jewelry. Locally designed fine jewelry takes inspiration from pre-Columbian indigenous discoveries and long-loved textile designs for handcrafted pieces that make a statement. Victor's Panama Hats Panama hats actually originated in Ecuador, but they got their name when President Theodore Roosevelt wore one when he visited Panama City during the construction of the Panama Canal. Now, you'll find them for sale everywhere, but Victor's Panama Hats does a great job offering a wide range or hand-produced hats you'll love, and will happy walk clients through their creation process from start to finish.
Yahoo
06-08-2025
- Business
- Yahoo
Copa Holdings Reports Second-Quarter Financial Results
PANAMA CITY, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Copa Holdings1, S.A. (NYSE: CPA), today announced financial results for the second quarter of 2025 (2Q25), delivering another quarter of solid profitability and operational excellence. Key highlights include: Net profit of US$148.9 million or US$3.61 per share, which represents an earnings per share (EPS) increase of 25.2% compared to 2Q24. Net margin of 17.7% and an operating margin of 21.0%, an increase of 3.0 percentage points and 1.5 percentage points, respectively, compared to 2Q24. Revenue per available seat mile (RASM) of 10.7 cents, down 2.8% compared to 2Q24. Operating cost per available seat mile (CASM) decreased by 4.6% compared to 2Q24 to 8.5 cents, and CASM excluding fuel (Ex-fuel CASM) increased 3.2% year over year to 5.8 cents. The Company ended the quarter with approximately US$1.4 billion in cash, short-term and long-term investments, which represent 39% of the last twelve months' revenues. The Company closed 2Q25 with an Adjusted Net Debt to EBITDA ratio of 0.6 times. The Company took delivery of three Boeing 737 MAX 8 aircraft, ending the quarter with a consolidated fleet of 115 aircraft – 67 Boeing 737-800, 32 Boeing 737 MAX-9, 9 Boeing 737-700, 6 Boeing 737 MAX-8, and 1 Boeing 737-800 freighter. In June, Copa Airlines was recognized by Skytrax – for the tenth consecutive year – as the 'Best Airline in Central America and the Caribbean' and as the 'Best Airline Staff in Central America and the Caribbean.' Copa Airlines had an on-time performance for the quarter of 91.5% and a flight completion factor of 99.8%, once again positioning itself among the very best in the industry. Subsequent events On August 6, 2025, the Board of Directors of Copa Holdings ratified its second dividend payment for the year of US$1.61 per share. Dividends will be paid on September 15, 2025, to shareholders of record as of August 29, 2025. Full 2Q25 Earnings Release available for download at: Conference Call and Webcast The Company will hold its financial results conference call tomorrow at 11 am ET (10 am local). Details follow: Date: August 7, 2025 Time: 11:00 AM US ET (10:00 AM Local Time) Join by phone: Click here Webcast (listen-only): Click here About Copa Holdings Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides air service to countries in North, Central, and South America and the Caribbean. For more information, visit: Investor Cautionary statement regarding forward-looking statements This release includes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates, and expectations, and are not guarantees of future performance. They are based on management's expectations that involve several business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings' filed disclosure documents and are, therefore, subject to change without prior notice. CPA-G Copa Holdings, S. A. and Subsidiaries Consolidated Operating and Financial Statistics 2Q25 2Q24 % Change 1Q25 % Change YTD25 YTD24 % Change Revenue Passengers Carried (000s) 3,600 3,303 9.0 % 3,512 2.5 % 7,112 6,575 8.2 % Revenue Passengers OnBoard (000s) 5,366 4,970 8.0 % 5,208 3.0 % 10,574 9,760 8.3 % RPMs (millions) 6,859 6,446 6.4 % 6,743 1.7 % 13,602 12,573 8.2 % ASMs (millions) 7,856 7,424 5.8 % 7,801 0.7 % 15,657 14,545 7.7 % Load Factor 87.3 % 86.8 % 0.5 p.p 86.4 % 0.9 p.p 86.9 % 86.4 % 0.4 p.p Yield (US$ Cents) 11.6 12.1 (4.1) % 12.7 (8.8) % 12.2 13.0 (6.7) % PRASM (US$ Cents) 10.1 10.5 (3.6) % 11.0 (7.8) % 10.6 11.3 (6.2) % RASM (US$ Cents) 10.7 11.0 (2.8) % 11.5 (6.9) % 11.1 11.8 (5.5) % CASM (US$ Cents) 8.5 8.9 (4.6) % 8.8 (3.5) % 8.6 9.2 (6.1) % CASM Excl. Fuel (US$ Cents) 5.8 5.6 3.2 % 5.8 (1.0) % 5.8 5.8 (0.6) % Fuel Gallons Consumed (millions) 91.9 87.6 4.9 % 91.0 1.0 % 182.8 172.0 6.3 % Avg. Price Per Fuel Gallon (US$) 2.32 2.79 (17.0) % 2.54 (8.8) % 2.43 2.84 (14.7) % Average Length of Haul (miles) 1,905 1,952 (2.4) % 1,920 (0.7) % 1,912 1,912 — % Average Stage Length (miles) 1,231 1,253 (1.8) % 1,260 (2.3) % 1,245 1,249 (0.4) % Departures 38,985 36,313 7.4 % 37,829 3.1 % 76,814 71,533 7.4 % Block Hours 122,526 116,062 5.6 % 121,611 0.8 % 244,137 228,226 7.0 % Average Aircraft Utilization (hours) 11.9 11.9 0.6 % 12.1 (1.2) % 12.0 11.7 2.1 % Copa Holdings, S. A. and Subsidiaries Consolidated statement of profit or loss (In US$ thousands) Unaudited Unaudited % Unaudited % Unaudited Unaudited % 2Q25 2Q24 Change 1Q25 Change YTD25 YTD24 Change Operating Revenues Passenger revenue 797,266 781,497 2.0 % 859,025 (7.2 %) 1,656,291 1,640,222 1.0 % Cargo and mail revenue 28,307 25,184 12.4 % 25,694 10.2 % 54,001 47,095 14.7 % Other operating revenue 17,031 12,722 33.9 % 14,462 17.8 % 31,493 25,553 23.2 % Total Operating Revenue 842,604 819,403 2.8 % 899,181 (6.3 %) 1,741,785 1,712,870 1.7 % Operating Expenses Fuel 214,106 246,011 (13.0 %) 232,160 (7.8 %) 446,266 491,363 (9.2 %) Wages, salaries, benefits and other employees' expenses 122,289 114,878 6.5 % 117,517 4.1 % 239,807 229,193 4.6 % Passenger servicing 25,190 27,579 (8.7 %) 25,024 0.7 % 50,214 57,263 (12.3 %) Airport facilities and handling charges 64,652 62,768 3.0 % 65,657 (1.5 %) 130,309 123,115 5.8 % Sales and distribution 49,429 52,210 (5.3 %) 50,261 (1.7 %) 99,691 107,704 (7.4 %) Maintenance, materials and repairs 36,158 10,883 232.3 % 39,434 (8.3 %) 75,592 36,510 107.0 % Depreciation and amortization 88,440 79,462 11.3 % 86,284 2.5 % 174,724 162,827 7.3 % Flight operations 32,766 31,914 2.7 % 33,749 (2.9 %) 66,515 62,944 5.7 % Other operating and administrative expenses 32,954 34,190 (3.6 %) 35,274 (6.6 %) 68,227 66,461 2.7 % Total Operating Expense 665,984 659,896 0.9 % 685,360 (2.8 %) 1,351,344 1,337,378 1.0 % Operating Profit/(Loss) 176,620 159,507 10.7 % 213,822 (17.4 %) 390,442 375,492 4.0 % Operating Margin 21.0 % 19.5 % 1.5 p.p 23.8 % -2.8 p.p 22.4 % 21.9 % 0.5 p.p Non-operating Income (Expense): Finance cost (23,285 ) (20,632 ) 12.9 % (23,233 ) 0.2 % (46,518 ) (39,472 ) 17.9 % Finance income 15,377 13,537 13.6 % 15,792 (2.6 %) 31,170 27,284 14.2 % Gain (loss) on foreign currency fluctuations 910 (16,097 ) nm 1,370 (33.6 %) 2,280 (20,010 ) nm Net change in fair value of derivatives (1,688 ) 2,533 nm (2,434 ) (30.7 %) (4,122 ) 2,525 nm Other non-operating income (expense) 6,228 1,766 252.7 % 1,428 336.2 % 7,656 1,654 362.9 % Total Non-Operating Income/(Expense) (2,458 ) (18,892 ) (87.0 %) (7,077 ) (65.3 %) (9,535 ) (28,019 ) (66.0 %) Profit before taxes 174,162 140,615 23.9 % 206,744 (15.8 %) 380,906 347,472 9.6 % Income tax expense (25,253 ) (20,362 ) 24.0 % (29,978 ) (15.8 %) (55,231 ) (51,154 ) 8.0 % Net Profit/(Loss) 148,908 120,253 23.8 % 176,766 (15.8 %) 325,675 296,318 9.9 % Net Margin 17.7 % 14.7 % 3.0 p.p 19.7 % -2.0 p.p 18.7 % 17.3 % 1.4 p.p Basic Earnings Per Share (EPS) 3.61 2.88 25.3 % 4.28 (15.7) % 7.89 7.07 11.6 % Shares for calculation of Basic EPS (000s) 41,246 41,715 (1.1) % 41,292 (1.1) % 41,268 41,883 (1.5) % Copa Holdings, S. A. and Subsidiaries Consolidated statement of financial position(In US$ thousands) June 2025 December 2024 ASSETS (Unaudited) (Audited) Cash and cash equivalents 236,171 613,313 Short-term investments 764,137 585,919 Total cash, cash equivalents and short-term investments 1,000,307 1,199,232 Accounts receivable, net 183,401 166,014 Accounts receivable from related parties 2,967 2,976 Expendable parts and supplies, net 141,190 132,341 Prepaid expenses 64,295 42,926 Prepaid income tax 5,788 11,678 Other current assets 26,028 21,711 423,669 377,647 TOTAL CURRENT ASSETS 1,423,976 1,576,879 Long-term investments 368,332 248,936 Long-term accounts receivable 3,000 — Long-term prepaid expenses 3,182 8,237 Property and equipment, net 3,755,645 3,458,261 Right of use assets 308,900 309,302 Intangible, net 98,895 96,754 Net defined benefit assets 1,833 1,058 Deferred tax assets 16,772 20,749 Other Non-Current Assets 20,450 22,113 TOTAL NON-CURRENT ASSETS 4,577,008 4,165,410 TOTAL ASSETS 6,000,984 5,742,289 LIABILITIES Loans and borrowings 219,892 254,854 Current portion of lease liability 62,062 59,103 Accounts payable 187,375 229,104 Accounts payable to related parties 792 1,624 Air traffic liability 642,594 621,895 Frequent flyer deferred revenue 146,645 132,064 Taxes Payable 62,494 55,505 Accrued expenses payable 42,009 62,673 Income tax payable 9,249 9,801 Other Current Liabilities 1,680 1,272 TOTAL CURRENT LIABILITIES 1,374,795 1,427,895 Loans and borrowings long-term 1,497,592 1,415,953 Lease Liability 271,774 270,594 Deferred tax Liabilities 60,613 37,476 Other long - term liabilities 236,096 217,626 TOTAL NON-CURRENT LIABILITIES 2,066,074 1,941,649 TOTAL LIABILITIES 3,440,868 3,369,544 EQUITY Class A - 34,228,377 issued and 30,196,170 outstanding 23,287 23,244 Class B - 10,938,125 7,466 7,466 Additional Paid-In Capital 217,789 214,542 Treasury Stock (300,143 ) (291,438 ) Retained Earnings 2,301,791 1,826,565 Net profit 325,675 608,114 Other comprehensive loss (15,748 ) (15,748 ) TOTAL EQUITY 2,560,116 2,372,745 TOTAL EQUITY LIABILITIES 6,000,984 5,742,289 Copa Holdings, S. A. and Subsidiaries Consolidated statement of cash flowsFor the six months ended(In US$ thousands) 2025 2024 (Unaudited) (Unaudited) Net cash flow from operating activities 484,282 470,777 Investing activities Net Acquisition of Investments (294,697 ) (35,609 ) Net cash flow related to advance payments on aircraft purchase contracts (60,204 ) 71,516 Acquisition of property and equipment (390,502 ) (279,052 ) Proceeds from sale of property and equipment 26,448 — Acquisition of intangible assets (14,342 ) (15,551 ) Cash flow used in investing activities (733,297 ) (258,696 ) Financing activities Proceeds from new borrowings 165,000 108,000 Payments on loans and borrowings (122,890 ) (108,029 ) Payment of lease liability (28,504 ) (32,633 ) Repurchase of treasury shares (8,706 ) (50,402 ) Dividends paid (133,027 ) (134,756 ) Cash flow used in financing activities (128,127 ) (217,820 ) Net (decrease) increase in cash and cash equivalents (377,142 ) (5,739 ) Cash and cash equivalents as of January 1 613,313 206,375 Cash and cash equivalents as of June 30 $ 236,171 $ 200,636 Short-term investments 764,137 748,239 Long-term investments 368,332 258,379 Total cash and cash equivalents and investments as of June 30 $ 1,368,640 $ 1,207,254 Copa Holdings, S. A. and Subsidiaries Non-IFRS Financial Measures Reconciliation This press release includes the following non-IFRS financial measures: Operating CASM Excluding Fuel. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation and should be considered together with comparable IFRS measures, in particular operating profit and net profit. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures: Reconciliation of Operating Costs per ASM Excluding Fuel (CASM Excl. Fuel) 2Q25 2Q24 1Q25 YTD25 YTD24 Operating Costs per ASM as Reported (in US$ Cents) 8.5 8.9 8.8 8.6 9.2 Aircraft Fuel Cost per ASM (in US$ Cents) 2.7 3.3 3.0 2.9 3.4 Operating Costs per ASM excluding fuel (in US$ Cents) 5.8 5.6 5.8 5.8 5.8 1 The terms 'Copa Holdings' and the 'Company' refer to the consolidated entity. The financial information presented in this release, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the second quarter of 2024 (2Q24).Sign in to access your portfolio
Yahoo
21-07-2025
- Business
- Yahoo
Copa Holdings, S.A. (CPA) Reports 6.3% YoY Increase in Traffic for June; Citi and UBS Maintain Bullish Outlook
Trading at a low P/E multiple with potential upside for investors, Copa Holdings, S.A. (NYSE:CPA) is among the . For June 2025, Copa Holdings, S.A. (NYSE:CPA) reported experiencing strong traffic, driven by continued demand for air travel across its network. The company reported a higher passenger volume with its Revenue Passenger Miles (RPM), a critical measure of airline traffic, increasing by 6.3% on a YoY basis. Copa Holdings, S.A. (NYSE:CPA) expanded its Available Seat Miles (ASM), a measure of the passenger-carrying capacity, by 5.3% from June 2024 to cater to the growing demand. Most importantly, traffic growth surpassed capacity expansion, improving the airline's load factor – a measure of how full flights are. The load factor increased to 87.5% in June 2025 from 86.6% in the previous year. This performance of the company boosts investors' confidence in CPA's operational strength and continued post-pandemic travel recovery momentum. Analysts are bullish on the stock, with Citi and UBS setting their price targets at $159 and $180, respectively. Copa Holdings, S.A. (NYSE:CPA), a Panama-based airline holding company, owns two airlines: Panama-based Copa Airlines and Colombia-based AeroRepública. It is on the list of cheap transportation stocks. While we acknowledge the potential of CPA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: Billionaire Kerr Neilson's 10 Stock Picks with Huge Upside Potential and . Disclosure: None. Sign in to access your portfolio
Yahoo
17-07-2025
- Business
- Yahoo
Citi Affirms ‘Buy' Rating on Copa Holdings (CPA) on Strong Growth Metrics
Copa Holdings, S.A. (NYSE:CPA) is one of the best airline stocks to buy according to hedge funds. On July 15, Citi analysts reiterated a 'Buy' rating on the stock and a $159 price target. The bullish stance comes amid expectations that the company capitalized on substantial traffic in June. Copa Holdings has already confirmed that its June system-wide passenger traffic, measured in revenue passenger miles, was up 6.3% year-over-year. Likewise, capacity measured in available seat miles was up 5.3%. In return, the airline's load factor increased 0.8 points to 87.5% affirming strong demand growth. Citi has reaffirmed that Copa is its preferred carrier in the Americas, as underlying demand continues to outpace capacity increases. In June, the airlines ' RPM growth reached 6.4% with a load factor of $87.2% Copa Holdings, S.A. (NYSE:CPA), through its subsidiaries Copa Airlines and Wingo, provides airline passenger and cargo services in Latin America. It operates from its hub in Panama City, offering flights to destinations across North, Central, and South America, as well as the Caribbean. While we acknowledge the potential of CPA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: Goldman Sachs REIT Stocks: Top 12 Stock Picks and Goldman Sachs Healthcare Stocks: Top 10 Stock Picks. Disclosure: None. This article is originally published at Insider Monkey.
20-06-2025
- Politics
Panama and Venezuela to restore consular services in each other's countries
PANAMA CITY -- Panama and Venezuela will restore consular services in each other's countries in the coming days, Panama's Foreign Affairs Ministry said late Thursday, nearly a year after Panama suspended them following questionable Venezuelan elections that reelected President Nicolás Maduro. 'Due to the imperative need to attend to the consular issues of their citizens,' the two countries agreed to reactivate their consular services, the ministry said in a statement. The diplomatic break came July 29, 2024, when Panama pulled its diplomats from Caracas and announced it was suspending relations with Venezuela. It followed elections the day before in which the opposition declared fraud and offered evidence that Maduro had been roundly defeated. Panama President José Raúl Mulino gave his support to the Venezuelan opposition candidate Edmundo González Urrutia, who had visited Panama weeks earlier. Venezuela suspended flights between both countries, including those by Panamanian national carrier Copa Airlines. Flights were reestablished May 22 this year.
