Panama Papers leak dents new Panama incorporationsSeptember 30, 2016 - 09:30 AMT PanARMENIAN.Net - The number of new companies incorporated in Panama is on track to drop around 20 percent this year following the massive leak of offshore financial data known as the Panama Papers, the government said on Thursday, September 29, according to Reuters. Finance Minister Dulcidio De La Guardia told an investment forum that new openings of companies in Panama had been falling by about 7.5 percent per year since 2008, before accelerating this year after the Panama Papers scandal. "If the current trend continues, the portfolio of companies incorporated in Panama is going to drop by about 20 percent this year," De La Guardia said. Details of the Panama Papers were published in early April, embarrassing a clutch of global business and political leaders and sparking criticism of Panama for its lack of transparency. De La Guardia said the decline in company openings after 2008 was due to higher transparency requirements by the isthmus nation. The data leak scandal had not affected the Panamanian economy nor its credit rating, the minister added. The scandal prompted a slew of investigations into suspected tax dodgers, putting the spotlight on global tax havens. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |