Panama

Panama Airline Copa, Grounded Due to Pandemic, Reports 98% Drop In Revenue

Thursday, August 6 2020

Panama’s Copa Airlines on Wednesday reported that it earned almost no income between April and June, with revenue falling 98% as coronavirus-related measures virtually shuttered the Panama City airport that serves as its home base, Reuters reported. Panama’s tough anti-coronavirus measures, including a travel ban that will go at least through August, has also become a radical test of Copa’s resilience. In normal times, Copa is considered Latin America’s most financially successful airline, known for steady profits, low debt and a strong cash position.

Panama

Ottawa Says It Won't Block Nortel Sale

Prime Minister Stephen Harper is showing little inclination to intervene in the sale of Nortel's prime assets to a foreign buyer, saying he is reluctant to erect protectionist barriers in Canada while preaching the benefits of freer trade in the Americas, The Globe and Mail reported. Mr. Harper rejected a call from Research In Motion Ltd. for the government to simply block the sale of Nortel Networks Corp.'s wireless assets to Ericsson for $1.13-billion, but left open the prospect of a review under the Investment Canada Act.

Canada

North America

Panama

Ecuador May Be Forced to Scrap Dollar After Default

Ecuador’s default on $3.9 billion of international bonds means it’s only a matter of time before the country drops the U.S. dollar as its currency, Goldman Sachs Group has said, Bloomberg reported. Ecuador’s use of the dollar gives President Rafael Correa no outlet for providing credit to the economy as access to foreign financing dries up and revenue from sales of oil, the nation’s biggest export, tumbles.