新興國家股票市場市場微結構之探討 / Emerging markets has being more attractive for investors recently. Moreover, information on these markets is limited especially in the case of Panama. In order to provide investors with information on how to trade in this market, we introduce the trading and communication system of Bolsa de Valores de Panamá. By analyzing the volatility and trading volume of stocks during a period of three months, we conclude that the continuous market might not be suitable for this stock exchange and that government and the private sector should work strategically to increase the liquidity and participants within this market.

自從一九○三年美、巴兩國締結了巴拿馬運河條約之後，七十餘年來，這條長達五十 一英里的國際性水道就一直是兩國不睦的主要來源。巴拿馬人民視美國在運河區的地 位為「帝國主義」的象徵；而美國人民則不願將經營了四分之三個世紀的運河拱手攘 人。雙方的爭執到了一九七八年才有了轉機。該年九月，美巴兩國元首在華府簽署了 巴拿馬運新河新約，結束了長久以來的運河衝突。本論文先從歷史上對運河問題作扼 要回顧，繼而對運河新的萌芽、背景、簽署、內容、批准及影響分別陳述，最後除了 探討若干爭論已久的問題外，還就個人心得提出數項結論。全篇一冊十章，除導論及 最後兩章外，另分十八節，約六萬餘字。

In terms of macroeconomic developments, the economic status in the Caribbean Region is largely driven by the global economy as well as developments in the US. Going forward, tourism is expected to remain as a key economic driver for the Caribbean region. Furthermore, the US is likely to continue to play a major influence. The bunkering industry in the Caribbean has been developing steadily for decades due to its popularity as a cruise ship destination and transshipments hub for east-west and north south cargo shipping routes. The enlargement of the Panama Canal is further expected to change competition dynamics between the region’s bunkering centers as a result of increase in shipping traffic and larger vessels. The shipping industry is the major demand driver for bunkering. It should be noted that both container liner and cruise sector as the two largest demand segments are concentrated. So in TL Blue Oceans LTD. our goals would be that our decision factors by ship operators with respect to bunkering operations and critical concerns can be summarized by 8 attributes: • 1 Bunker quality • 2 Market transparency (corruption free) • 3 Bunker price competitiveness • 4 Reliability and punctuality of bunker suppliers • 5 Bunkering facilities and services (adequacy and efficacy) • 6 Availability of all fuel grades including low-sulphur bunkers • 7 Location of port • 8 Government policies (e.g. quality control) and incentives

Crea8tive Tea LLC is a startup business Panama, Panama City. The main objective of Crea8tive Tea is to serve the freshest Bubble Tea and desserts using the finest possible ingredients in the market by providing different flavors targeted towards the Asian and non-Asian Panamanian market. We will provide products that are natural and of high quality to cater the segment of the population that seeks a gastronomical journey. The Bubble Tea beverage & dessert industry is currently booming and there is an opportunity to leverage this moment and maximize our profits. Fortunately, Bubble Tea is not that known yet, especially for the non-Asian population. Most of the Bubble Tea Shops prepare their drinks with additives and non-natural ingredients that are harmful to our health and Crea8tive wants to target this market. An initial investment of $28,000 is required to start the business and our initial capital investment is of $50,000 funded by two business partners. Based on the financial section, starting from year 2 we will start to see our Return on Investment (ROI). It is important to keep in mind that there is still a risk that Bubble Tea might not be a drink that can be quickly accepted by the non-Asian segment because it is a niche market. On the other hand, our marketing know-how and assorted flavors targeted to the non-Asian Panamanians will be a solution to this challenge and become leaders in the industry.

Money laundering (ML) involves a wide range of predicate offenses, including drug trafficking, human smuggling, arms smuggling, gambling, fraud, tax evasion, etc. Additionally, money laundering activities had been associated with drug trafficking or organized crime in the past, but the terrorist attacks on September 11th, 2001 have highlighted the link between money laundering activities and terrorist financing (TF). Due to the over-banking phenomenon in Taiwan, banks focus more on business performance than compliance, resulting in the violation incident of Mega International Commercial Bank (Mega Bank) New York Branch with a huge penalty of US$180 million fined by the New York State Department of Financial Services (NYDFS) in August, 2016. The violation incident of Mega Bank New York Branch has reinforced the importance of compliance with international Anti-money laundering/Combating the financing of terrorism (AML/CFT) standards for risk mitigation. Taiwan will undergo the third round of the Asia/Pacific Group on Money Laundering (APG) mutual evaluations in 2018, it calls for not only government legislation but also raising public awareness of ML/TF crimes and involves the public cooperation with the government in the fight against ML/TF.