Business briefs

PANAMA. Vice minister Frank De Lima is threatening to apply a 5 percent tax on bets placed at casinos in Panama. The Vice Minister says the measure seeks to obtain funds for the program “Cien a los 70” (A hundred at 70) because this sector makes an enormous profit on a state concession.

PANAMA. Gas prices are going down this week. On Wednesday the government's energy agency will announce new prices: a gallon of 91 octanes and 95 octanes gas will decrease between 9 and 6 cents respectively. Diesel prices will decrease by 11 cents. The price changes will be effective on Saturday September 12.

BRASILIA.The tender process for Brazil's $18.7bn high-speed train to link the cities of Rio de Janeiro, São Paulo and Campinas will begin in October and construction should start by 2010, São Paulo state's industry federation Fiesp reported in a release.

NEW YORK.ConocoPhillips has exercised an option to buy Venezuela's state-run oil company PDVSA's 50 percent stake in Merey Sweeny LP, part owner of the Sweeny refinery in Texas. The move is the latest in the running battle between oil companies and Venezuela, which has moved to assert control over the sector by seizing oil fields and drilling equipment over the past three years.

TOKYO. Japan's Mitsubishi Motors Corp said on Friday it has formally signed a contract for a previously announced tie-up with France's Peugeot-Citroen in electric vehicles.