Because of the adjustments made by the Central Bank to interest rates in recent days, financial institutions in Costa Rica will be forced to raise interest rates on savings in local currency.
Arguing that forecasts suggest that inflation in 2019 could be above the upper limit of the target range, on November 1st the Central Bank of Costa Rica (BCCR) decided to raise the monetary policy rate from 5% to 5.25%.
Cemosa, Consorcio Amador, Consorcio Proyecto SEG and Ayesa have presented their proposals to oversee the construction of the new convention center.
Of the ten companies that were interested in the tender to project manage construction of the Convention Center of Amador, four have formalized their offers in the public tender, according to Prensa.com.
Pending the Supreme Court´s decision on the law on free parking, the private sector is asking for changes to regulations in order to increase parking spaces depending on the type of construction.
It is still not known whether the law authorizing the free use of parking lots in shopping centers will be declared unconstitutional, but the business sector is seizing the moment to insist on the need to amend the legislation to change parking types and requirements in buildings, depending on the type of property in question.
With opposition from the business sector and partially vetoed by President Varela, the Assembly has approved the law granting the right to free parking in shopping centers.
Now it will be the Supreme Court which decides whether the controversial law adopted in January and subsequently vetoed in two articles by President Varela, is not unconstitutional. The law was passed now "... after insistence, on its third reading" by the National Assembly.
Panamanian private sector representatives are defending the mode of operations of Uber, who announced the launch of its corporate transportation service in Panama City.
As in Costa Rica, the arrival of Uber has generated resistance among traditional public transport sectors, such as taxis. However, Panamanian businessmen believe, like the vast majority of companies in Costa Rica and other countries where Uber is already operating, that space should be given to Uber for the private transport service to operate without government hindrance.
From October 20 to 22nd, the Atlapa convention center will be hosting an exhibition and conference for information and telecommunication technology businesses from different countries of America.
As part of the event the first Business Roundtable will also be held, entitled "Techno-Logistics", which will be a meeting point between exhibitors and buyers of the EXPO 2015 and EXPO PANAMA BIZ FIT PANAMA 2015 fair, which will take place on 22 of October.
Entrepreneurs are asking President Varela to veto the recently passed law which makes it mandatory to provide three hours of free parking at shops.
From the Chamber of Commerce, Industry and Agriculture of Panama (CCIAP):
The Chamber of Commerce, Industries and Agriculture of Panama (CCIAP), laments the approval on its Third Debate of Bill No. 10 of 2014 concerning the use of parking in commercial buildings, hospitals, clinics and public offices.
The bill sent to Congress will mean stores must have a license in order to sell beer.
El Salvador's current law stipulates the need for an operation license only for the sale of beverages containing more than 6% alcohol by volume meaning that beer is excluded.
With the proposed reforms, companies that sell beer will have to obtain the permit, the cost of which is planned to be $210 per year.
Financiera Acobo (a financial company) is completing the steps required by Sugef to authorize the opening of the new Bank "Banco de Soluciones" (Bansol) ("Solutions Bank").
Mercedes Agüero writes in Nacion.com: “The Finance Manager, Carlos Fernández, said the bank has $12.4 million (¢7 billion) in capital available to obtain a banking license, which is more than the required amount.
With banks barely lending and interest rates up, each company should review their available financing options.
Most small and medium company are not able to use existing instruments which are out of their reach and can mainly be used by investment bankers and financial consultants.
For companies that need to borrow a lot, which may be from $2 million up, offering bonds in the stock market may be an attractive option.