Campos de Pesé has indefinitely suspended the production and marketing of ethanol because the price set by the government for the biofuel does not even cover the cost of acquiring sugar cane.
The 40% decrease in the ethanolprice established by the government last August affected the cost structure of the company, which in a statement sent to the media said that the decision taken by the government "... changes the rules of the Game and violates legal certainty. "
$300 million will be required for pest control alone, and more than $1 billion to renovate the plantations that have been affected.
The figures which have been gathered unofficially indicated that in excess of 1.7 million quintals of coffee have been destroyed by the fungus known as rust in Honduras, Nicaragua and El Salvador.
The president of the Coffee Exporters Association of Honduras (Adecafeh), Omar Acosta says that the loss in Honduras could reach two million quintals, "The Ihcafé says that no damage has been done, butwe do not understand why they are lying. They should have a plan for the country because it is a serious problem, we all know that there is a strong impact from rust and we believe there is a damage of between 25% and 30% of the crop, which amounts to two million quintals. "
The effective income tax rate paid by banks (known as ISR in Spanish), could increase to somewhere between 14% and 15%.
Eduardo Lee, who represents the banking establishment in this negotiation with the State, submitted a proposal in which banks will have to distribute costs proportionally to how much they earn from their domestic and foreign operations.
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Panamá Pacífico with thousands of interested visitors to its stand in Expocomer 2010, not only offered the Key Note speech of thursday, but launched the residential phase of this great development on the banks of the Panama Canal