Koramsa to cut payroll in Guatemala

The main textile company in the country will cut 4000 jobs in the next few months.

Tuesday, November 25, 2008

The most recent cuts began on Friday at the Korean American People, S.A. (Koramsa) factory, which was the the biggest in Central America 3 years ago; some 500 workers received payment settlements as a part of a larger cut of 4000 jobs. Sources from the sector fear that the company could shut down in January due to the US crisis, which has cause textile exports to fall by 8% so far this year.

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Carrion announces layoffs in Honduras

January 2009

Vicente Carrion, president for Central America, announced that some 500 employees will be laid off in Honduras.

The La Tribuna reports "In the exclusive interview with the LA TRIBUNA, Carrion said that his company cannot come up with the salary for the 4000 employees it has at the national level."

More unemployment for Nicaragua

December 2008

Official figures show that in the Free Zone sector alone, Nicaragua lost some 19 thousand jobs.

This is a result of the closure of some factories that have decided to leave the country due to problems related to high operational costs.

Adolfo Acevedo, economist, said that the Nicaraguan economy is generating what is called informal jobs which only allows for poor quality of work.

Honduras will lose 50,000 jobs due to crisis

November 2008

The economic crisis will cause the loss of 50,000 jobs in 2008 and the situation could be worse next year.

"Exports have been decreasing for textiles as well as for shrimps, tilapia, and the construction industry is starting to contract," added Evelyn Bautista, an economist for the Honduran Council of Private Enterprises (COHEP).

Nicaragua: 19 thousand jobs lost in 2008

November 2008

The Free Zone industry lost 19000 jobs, but there is some hope that some will be recovered as a Mexican Consortium could replace at least 9600 jobs.

The figures were estimated by Dean Garcia, a representative of the Nicaraguan Textile Manufacture Industry, Anitex.

He said that the C&C Mexican investors bought three of the companies from Nien Hsing, that are set up in the Las Mercedes free zone.

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