El Salvador, Panama and Costa Rica signed a consolidated supervision agreement for entities operating in their jurisdictions.
The agreement, signed by the banking supervisors of the three countries, foresees exchanging information, providing optimal conditions for supervision, and fostering stable, solid financial systems in the three countries.
In real terms the actual return of pension funds in El Salvador is still negative.
The nominal return in August on Salvadoran pension funds was 3.50%, but because inflation reached 6.82%, the loss of value to contributors savings was 3.32%.
The cause of this is ascribed to the inability of pension fund managers of to invest in assets other than those specified securities issued by the Salvadoran state, which supposedly are low risk, but which pay very low interest rates . "The Law of Pension Savings System (SAP) does not allow pension funds, made up with savings of contributors to the system, to be invested abroad."
The public acquisition process to hire a company to design 8 public marketplaces has been contested by one of its participants, CAU AH Domar.
This company was ruled out of the competition for not submitting banking references. They have asked the public acquisitions directorate to reconsider this decision.
“José Ramón León Ramírez, CAU AH Domar manager, assured that the disqualification should be reconsidered because the reference they included was issued by Panamanian company ‘Corporación de Finanzas del País’, which is registered as a financial entity in the Commerce Ministry”, reported Prensa.com.
The cement company has announced it will be investing $35 million over three years to increase the production capacity by 25% at the plant it operates in Costa Rica, near the border with Nicaragua.
From a statement issued by CEMEX:
MONTERREY, MEXICO - CEMEX, SAB de CV ("CEMEX") (BMV: CEMEXCPO) announced today that its subsidiary CEMEX Latam Holdings, SA ("CLH") (BVC: CLH) initiated a project to increase cementproduction capacity of its plant in Colorado, Costa Rica, by approximately 25% in order to reach an annual capacity of 1.1 million tonnes in 2017.
The president of the company Alba de Nicaragua S.A., has announced that by the end of the year contracts will be signed for the construction of the first phase of the project.
The project in Nicaragua, which has been delayed for years, will provide capacity to process about 150,000 barrels a day, said Rafael Ramírez, Minister of Energy and Petroleum of Venezuela during the Petrocaribe VII Ministerial Council held in Managua, Nicaragua.
Constructora Celaque is a leader when it comes to construction of civil projects and mining in Honduras with more than 15 years of experience.
Operates in Honduras and Honduras
Phone: (504) 2239 6794 - (504) 9905 7845