Latest news with #JoseRaulMulino
Bloomberg
6 days ago
- Business
- Bloomberg
Billions in Bank Loans Buy Panama Time as Slide Into Junk Looms
Traders are questioning how much further a double-digit rally in Panama bonds can go this year, concerned that President Jose Raul Mulino's borrowing binge will backfire sooner or later. The nation's debt has returned more than 11% in 2025 as Panama refrained from selling new bonds, bucking the increase in issuance in other emerging markets. Instead, the government has authorized a $6 billion loan program to fund the budget.
Mint
27-06-2025
- Business
- Mint
First Quantum Starts Shipping Stockpiled Copper From Panama Mine
(Bloomberg) -- First Quantum Minerals Ltd. has started shipping stockpiled copper from its stalled mine in Panama, 19 months after the operation was shut down by the country's top court. A bulk carrier called Lipsi departed on June 18 from Punto Rincon, a private port owned by First Quantum that's used exclusively to ship out mined ores known as concentrate from the Cobre Panama mine, data compiled by Bloomberg showed. The vessel — which has a cargo capacity of about 35,000 deadweight tons — is carrying concentrate destined for European copper smelter Aurubis AG, according to people familiar with the matter, who asked not to be identified due to its commercially sensitive nature. The shipment comes after Panama's government last month authorized First Quantum to export about 120,000 tons of copper concentrate inventory that was left stranded in late 2023 when the mine's license was ruled to be unconstitutional, and the vast operation was ordered to shut down. Revenues from the sales will be used to fund the maintenance of the mothballed operation, while First Quantum continues to lobby for the resumption of operations. Panamanian President Jose Raul Mulino said earlier this month that the slate is now clean to start talks about a potential restart, but warned there's still a long way to go before a deal can be done. The rest of the stockpile will be shipped to offtake partners in Japan and South Korea over the coming months, the people said. First Quantum declined to comment. A spokesperson for Aurubis didn't immediately respond to a phone call and email seeking comment. The release of the Cobre Panama inventory could provide some relief to copper smelters, which have faced a growing shortage of concentrate since the mine was shut down. Processing fees — a gauge of copper ore availability — have plunged to record lows, prompting smelters in the Philippines and Namibia to shut down and others to dial back output. The unexpected closure of Cobre Panama, which accounted for 1.5% of global copper output at its peak, sent shock waves through the industry. The incident was a watershed moment during a period of worsening copper supply imbalance due to an expansion of global smelting capacity. More stories like this are available on
France 24
24-06-2025
- Politics
- France 24
Panama says has regained 'control' of restive province after months of protests
Anti-government protests began almost two months ago in the major banana-producing region of Bocas del Toro over pension reforms that critics say will force them to work longer. The unrest has left one dead, more than 300 arrested, and dozens injured, including 14 police officers, according to authorities. National Police Director General Jaime Fernandez told a press conference Monday that "there is already a consolidation of police and public forces in general in Bocas del Toro." "We somehow managed to take control of the situation" and the protests and looting "have ceased," though "the threat remains," he added. President Jose Raul Mulino last week declared a state of emergency for the province, suspending freedom of assembly and movement where protesters set up roadblocks and damaged the airport, businesses and offices. Violence peaked in the city of Changuinola, where groups looted businesses and partially set fire to a baseball stadium with police officers inside, authorities said. Local media reported clashes were winding down, and the Panamanian Security Ministry published photos and video Monday showing police clearing roads in Changuinola. "There is still significant damage," Fernandez said. Over 2,500 police officers were deployed to restore order to the province. Workers with US banana giant Chiquita in Bocas del Toro went on strike in late April over pension reforms adopted by the Panamanian Congress. Chiquita sacked thousands of workers over the strike. The banana growers' unions called off their protest earlier this month in a bid to reverse the layoffs, but other groups have remained at the barricades. "A major part of the arrests are due to vandalism and looting," Deputy Security Minister Luis Felipe Icaza said.
Yahoo
22-06-2025
- Politics
- Yahoo
Panama cuts internet, cell phones in restive province
Panamanian authorities on Saturday partially suspended internet and mobile phone service in a western province where a state of emergency was in effect after two months of anti-government unrest. Right-wing President Jose Raul Mulino declared the emergency on Friday, suspending freedom of assembly and movement in Bocas del Toro province, where protesters have set up roadblocks and damaged the airport, businesses and offices. The National Authority for Public Services said on X that based on the emergency decree, "the temporary suspension of mobile phone and residential internet service has been coordinated in the province of Bocas del Toro until June 25." Internet service would remain available for health care, businesses and government entities, the agency said. Anti-government protests began almost two months ago in the major banana-producing region of Bocas del Toro. They turned violent Thursday in the city of Changuinola when groups of hooded individuals looted businesses and partially set fire to a baseball stadium with police officers inside, authorities said. The unrest has seen one dead, more than 100 arrested, and dozens injured, including 13 police officers, according to authorities. Mulino has been facing protests on several fronts in recent months. Workers with US banana giant Chiquita in Bocas del Toro went on strike in late April over pension reforms adopted by Congress, which critics say will force them to work longer. Chiquita sacked thousands of workers over the strike. The banana growers' unions called off their protest last week in a bid to reverse the layoffs but other groups have remained at the barricades. Besides the pension reforms, Panamanians have also been in the streets over a deal Mulino struck with US President Donald Trump in April allowing US troops to deploy to Panamanian bases along the Panama Canal. The US Embassy in Panama issued a security alert Friday prohibiting American government staffers from traveling to Bocas del Toro "until further notice." cmm/mis/dg/cls/dth/acb/bjt
Time of India
22-06-2025
- Politics
- Time of India
Panama cuts internet, cell phones in restive province
Panama City: Panamanian authorities on Saturday partially suspended internet and mobile phone service in a western province where a state of emergency was in effect after two months of anti-government unrest. Right-wing President Jose Raul Mulino declared the emergency on Friday, suspending freedom of assembly and movement in Bocas del Toro province, where protesters have set up roadblocks and damaged the airport, businesses and offices. The National Authority for Public Services said on X that based on the emergency decree, "the temporary suspension of mobile phone and residential internet service has been coordinated in the province of Bocas del Toro until June 25." Internet service would remain available for health care, businesses and government entities, the agency said. Anti-government protests began almost two months ago in the major banana-producing region of Bocas del Toro. They turned violent Thursday in the city of Changuinola when groups of hooded individuals looted businesses and partially set fire to a baseball stadium with police officers inside, authorities said. The unrest has seen one dead, more than 100 arrested, and dozens injured, including 13 police officers, according to authorities. Mulino has been facing protests on several fronts in recent months. Workers with US banana giant Chiquita in Bocas del Toro went on strike in late April over pension reforms adopted by Congress, which critics say will force them to work longer. Chiquita sacked thousands of workers over the strike. The banana growers' unions called off their protest last week in a bid to reverse the layoffs but other groups have remained at the barricades. Besides the pension reforms, Panamanians have also been in the streets over a deal Mulino struck with US President Donald Trump in April allowing US troops to deploy to Panamanian bases along the Panama Canal. The US Embassy in Panama issued a security alert Friday prohibiting American government staffers from traveling to Bocas del Toro "until further notice."
