After Guatemala paid off its debt to Teco Energy, the $15.75 million embargo was lifted, resources that the country had allocated for interest payments from some Eurobond holders.
Arguing that from 2008 to 2013 the Guatemalan National Energy Commission set a maximum amount that electricity distribution companies could charge the user, Teco Energy, a company that was a shareholder of Empresa Electrica de Guatemala, sued the country internationally.
After receiving a ruling opposing the international arbitration disputed with Teco Energy, the New York State Supreme Court ordered the seizure of $15.75 million from Guatemala.
Teco Energy is a company that was a shareholder of Empresa Eléctrica de Guatemala and years ago claimed international arbitration, arguing that from 2008 to 2013 the National Energy Commission set a maximum amount that energy distribution companies could charge the user.
The G20 finance ministers gave full support to the project that would prevent corporate profits from "disappearing" or being artificially transferred to jurisdictions with low or no taxation.
From the press release issued by the G-20:
During a meeting chaired by Turkish Deputy Prime Minister Cevdet Yilmaz, the G20 finance ministers expressed strong support for the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project, which provides governments with solutions for closing the gaps in existing international rules that allow corporate profits to « disappear » or be artificially shifted to low/no tax environments, where little or no economic activity takes place.
The event which will be held from February 22nd to 24th in San José will focus on the practice of international arbitration in resolving contractual problems in construction projects.
From a statement issued by the International Chamber of Commerce in Costa Rica (ICC):
Among the topics to be discussed during this conference are arbitration in Latin America and its current status, recognition and enforcement of foreign awards in Latin America, the rules of the ICC Dispute Board: the case of the Channel Tunnel, the characteristics of disputes in the construction industry, the future of the Committees of Disputes in Latin America, the resolution of disputes in FIDIC construction contracts, among other things.
Increased prices are predicted along with less variety in drugs and agrochemicals because of the progressive protection of patent rights.
Román Macaya, director of the National Chamber of Generic Producers (Canaproge) explained that at the end of this decade the market will feel an impact on the protection of branded drugs and agrochemicals. The changes will occur due to the agreed extension of rights in the FTA between the U.S., Central America and the Dominican Republic.
The World Trade Organization has agreed to establish an arbitration panel to resolve trade disputes between the two countries.
According to Eduardo Sperisen, Guatemala's ambassador to the WTO, in the next 20 days both Guatemala and Peru will have to appoint three experts to the panel to discuss the conflict.
Prensalibre.com published: "The origin of the controversy is that although Guatemalan sugar was already entering the Peruvian market, the country implemented a hike in tariffs." This measure, according to Guatemala, caused trade of the product to be limited and producers to lose market share.
As of July 9 full legislation comes into full effect which seeks to prevent the entry of weapons or contraband into the United States.
From an article by the Costa Rican Foreign Trade Promotion Office (PROCOMER):
On November 25, 2008, the Customs and Border Protection (CBP) published the regulations for Importer Security Filing (ISF 10 +2) which requires importers and carriers to submit additional cargo information to the CBP before the goods are shipped to the U.S.
Starting January 2012 nutrition labeling of single-ingredient foods such as ground meat and poultry will be required.
On December 29, 2010, the Food, Safety and Inspection Service (FSIS) has changed regulations on meat and poultry products. The changes will come into effect on the 1st of January 2012.
The measure involves the manufacturing of food produced in the U.S. as well as imported goods.
The U.S. Corporation, a former shareholder of Empresa Eléctrica de Guatemala (EEGSA), sued the country before the ICSID in Washington.
The process is similar in its content to the one initiated by Spanish company Iberdrola (also a former shareholder of EEGSA) in December 2009, before the same institution, the International Center for Settlement of Investment Disputes (ICSID).
The lawsuit was filed by Iberdrola, main shareholder and operator of EEGSA (Empresa Eléctrica de Guatemala, 'Electric Company of Guatemala').
It is the largest in Guatemala's history, and has its root in lack of agreement regarding an energy distribution tax called 'VAD' (Valor Agregado de Distribución), which came into effect on August 2008.
Prensalibre.com reports: "The company demands $336 million, value of its stock before what they call 'indirect expropriation', and another $336 million for what it could stop receiving in 2008-2013 due to changes in VAD".
The role of GI and DO in the development of Central America regarding agriculture, rural development and biodiversity management.
The strong growth of international trade in goods and services over the past fifteen years within the context of economic globalization has led to a growing concern about the need to incorporate various intellectual property issues in multilateral, regional and bilateral trade agreements.
The economic crisis has reactivated the dialog to allow part-time work in companies, through ratifying Agreement 175 of the International Labor Organization (ILO).
The possibility that a housewife might work several hours a day outside of the home, or that a student might choose a night-shift job to pay for his or her studies, or that a company contracts work only for the hours needed for its production are some of the benefits of part-time work.
The Guatemala Office of Accreditation (OGA) could operate on an international scale with the formulas or procedures of laboratories, improving competitiveness of local products.
The OGA has been accepted as a member of the Multilateral Accord of Recognition of the Interamerican Cooperation of Accreditation.
Juan Alberto Hernñandez, director of the National Quality System, says the announcement will allow this office to accredit at an international level formulas or laboratory procedures without having to be recognized in the other country because its validity will be worldwide.
State of the situation november 2007, of the economic integration process of the Central American region, basically refers to the legal institutional framework and insertion of Central
American into international trade.
Intitutional legal scope, Central American trade with the world, Central American free trade zone, Central American customs union and the insertion of Central America into the world economy.