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Amazon Web Services Opens Office in Bogotá

Amazon Web Services Opens Office in Bogotá

TODAY COLOMBIA – Amazon Web Services has opened its first office in Bogotá. This makes Colombia home to another Latin American office established by the online retail giant’s cloud services arm, with the first regional location established previously in São Paulo, Brazil. The Seattle-based company reportedly plans to build a local team of account executives, solution architects, […]

Costa Rica Marriott Hotels Has New Owners

Costa Rica Marriott Hotels Has New Owners

Marriott Costa Rica. Photo 5starbed.com The Grupo Cuestamoras announced the sale of three of its hotel properties in Costa Rica, the Marriott Los Suenos, in Playa Herradura, the Marriott Costa Rica, in Belen, Heredia, and the Hyatt Place San Jose, in Pinares de Curridabat. In the announcement, Cuestamoras said the Marriotts were sold to CPG […]

U.S. Companies May Be Forced To Shut Down Costa Rica Call Centers

U.S. Companies May Be Forced To Shut Down Costa Rica Call Centers

Q COSTA RICA – A bill in the U.S. Congress aims to force call centers from nations like Costa Rica to return to the United States, worrying employers and workers, according to CNN. The CNN Español report says the bill, introduced by a group of Democratic and Republican congressmen could force companies that outsource customer […]

Panama Farmers Give away Tomatoes to Protest Over Imports

Panama Farmers Give away Tomatoes to Protest Over Imports

Panamanian Farmers Give away Tomatoes to Protest Over Imports TODAY PANAMA (Prensa Latina) Growers of tomatoes in the western province of Chiriqui started an unprecedented protest and gave away their products, as a response to the policies implemented by the government. The farmers told the media that the action contrasts with the wealthy importers actions […]

Was Ray Kroc the Founder of McDonald’s or Not?

Was Ray Kroc the Founder of McDonald’s or Not?

(Rico’s Journal) Persistence. Being a great entrepreneur is not always the same thing as being the inventor of a new product or service, or even about being a great “manager” who gets a business off the ground. Often the greatest entrepreneurs are the ones who are able to see the opportunity and possibility in what’s […]

Costa Rica: Crisis of Confidence In The Commercial Sector

(QCOSTARICA) – The index measuring confidence in the commercial sector in the second quarter of the year recorded the lowest level registered since it began in 2008, during the global financial crisis From a statement issued by the Chamber of Commerce in Costa Rica: The Business Confidence Index Sector (ICSC), collated by the Chamber of […]

Program Seeks To Reduce Waiting Time For Travelers To The United States

Program Seeks To Reduce Waiting Time For Travelers To The United States

(qCOSTARICA) Travelling to the United States from Costa Rica by air, especially for business, could be streamlined if the global entry program being discussed by the U.S. and Costa Rica embassies, is adopted. Through digital devices, Costa Ricans can expedite customs formalities, saving time. Under the program, travellers would present their passport at the kiosk, […]

India Trade Mission to Costa Rica

India Trade Mission to Costa Rica

(qCOSTARICA)  Ten Indian companies will be exhibiting their products to local companies, in an event being held on August 11th and 12th. The event, that is being held in Zapote, is organized by the Costa Rican Chamber of Importers, Distributors and Representatives (Cámara Costarricense de Importadores, Distribuidores y Representantes – CRECEX). The participating companies are […]

No Changes Foreseen to Costa Rica’s “Zona Francas”

No Changes Foreseen to Costa Rica’s “Zona Francas”

(qCOSTARICA) Once again the Presidency (Casa Presidencial) has spoken out to calm investors denying the insinuations of a Deputy Minister related to opening up the discussion on “zona franacas” – free trade zone regime. According to an article in Crhoy.com, the Deputy Minister of Labour, Harold Villegas, mentioned in the framework of the International Forum […]

Costa Rica Exports Fall and Rise

Costa Rica Exports Fall and Rise

(QCOSTARICA) The exit of Intel manufacturing operations in Costa Rica caused a dramatic fall in the exports from free trade zones in the last year.  However, discounting the electronics components sector, imports actually rose 12.7% in the same time period. The total exports from free trade zones went from ¢2.8 billion colones to ¢1.8 billion […]

More Tourist Projects In The Central Pacific

More Tourist Projects In The Central Pacific

(QCOSTARICA) Punta Leona, a well established 300 hectate (750 acre) beach community in the Tarcoles tourist district of the Central Pacific, between Puntarenas and Playa Jaco, will be getting new projects that includes commercial and residential buildings and aparetment towers. Grupo Leumi and Nisa del Pacifico are the two developers behind the projects. Leumi says […]

Costa Rica Announces US$93 Million in Soft Loans

Costa Rica Announces US$93 Million in Soft Loans

(QCOSTARICA) – Six financial institutions have been authorized to provide loans under the conditions imposed by the Development Bank, with interest rates of 3% in dollars and in line with the passive base rate in colones. Welmer Ramos, chairman of the Governing Board of the Development Banking System commented that “… ‘These programs involve interest […]

How Starbucks, Juan Valdez and Britt Compete For Consumers in Costa Rica

How Starbucks, Juan Valdez and Britt Compete For Consumers in Costa Rica

(qCOSTARICA) Three well known coffee names are betting their future in Costa Rica on a consumer that is knowledgeable, dedicated and willing to pay for a specific coffee experience. The companies are so confident of the market that all three brands will be increasing their market presence this year and plans for more in 2016. […]

Canada’s Hangar Expands Its Facilities In Costa RIca And Hire 130

Canada’s Hangar Expands Its Facilities In Costa RIca And Hire 130

(QCOSTARICA) Working from Costa Rica for clients in Calgary, Toronto, Los Angeles, Chicago, Dallas, San Francisco, Nashville, New York and London, Hangar, the Canadian digital firm specializing the production of digital services, announced an expansion of its facilities located in the Zona Franca Metropolitana, in Heredia and the hiring of an additional 130 people. Jaime […]

Yanber Asks Creditors For 10 Year Suspension of Payments To Avoid Bankruptcy

Yanber Asks Creditors For 10 Year Suspension of Payments To Avoid Bankruptcy

(QCOSTARICA) The manufacturer of flexible packaging and films,  Corporación Yanber, which has a presence in several countries in the region – Costa Rica – Nicaragua – Panama – Guatemala,  and in Puerto Rico and Colombia, has filed for an agreement of suspension of payments in Costa Rica in order to avoid going bankrupt. An article in […]

Black Clouds For Costa Rica Industry

Black Clouds For Costa Rica Industry

(QCOSTARICA) While PYMEs (Pequeña y Mediana Empresa) – Small and Medium Businesses – show some optimism, large industries in Costa Rica are more realistic and more cautious with their growth expectations. From a statement issued by the Camara de Industrias de Costa Rica (CICR) –  Chamber of Industries of Costa Rica: Industrial companies are not […]

Costa Rica Sees ‘Intel Effect’ Ending as GDP Poised for Pickup

Costa Rica Sees ‘Intel Effect’ Ending as GDP Poised for Pickup

(QCOSTARICA Via Bloomberg) — Costa Rica should see accelerating economic growth in the second half after the country struggled to recover from Intel’s closing of export facilities last year, Central Bank (Banco Central) President Olivier Castro said. The US$50 billion economy is rebounding from bad weather that hit crop production and the closing of manufacturing […]

China Warns That Without A Protection Treaty Investors Will Not Come To Costa Rica

China Warns That Without A Protection Treaty Investors Will Not Come To Costa Rica

(QCOSTARICA) Chinese entrepreneurs interested in setting up businesses in the country continue to wait for the approval of the Legislative Assembly of the agreement between Costa Rica and China for the Promotion and Protection of Investments (Acuerdo entre Costa Rica y China para la Promoción y Protección de las Inversiones). The economic and commercial counselor […]

Costa Rica Telecoms Still Waiting for Frequencies

Costa Rica Telecoms Still Waiting for Frequencies

(QCOSTARICA) The new deputy Minister of Telecommunications, Emilio Arias, said they are waiting for two more studies before deciding how and when to tender the unused radio spectrum that mobile operators have waited so long for. Although the former deputy minister said that the frequencies would be tendered at the beginning of this year, his controversial […]

Another Blow To Costa Rica’s Credit Standing

Another Blow To Costa Rica’s Credit Standing

(QCOSTARICA) JP Morgan Chase, the largest bank in the United States, is advising its investors hold less Costa Rica bonds in their portfolios due to the high risk. In its report of each country, the JP Morgan EMBI Global Index downgraded Costa Rica bonds from marketweight to underweight. According to Douglas Montero, international markets analysts, […]

Juan Valdez Opens Its Doors in Costa Rica

Juan Valdez Opens Its Doors in Costa Rica

QCOSTARICA – Colombia’s Juan Valdez has opened its first coffee shop in the country. Located in the Sabana Business Center across from the National Stadium, the franchise served its first customers on Wednesday, ahead of the scheduled end of May opening. The second planned location is in City Mall, Alajuela, when the commercial centre opens […]

Stylish New Hotel In The Heart of San Jose

Stylish New Hotel In The Heart of San Jose

QCOSTARICA BUSINESS – Part of the Sabana Business Center, a 20-story mixed-use complex in the city’s vibrant business and entertainment district, the new Hilton Garden Inn San Jose Sabana hotel is perfect for all travellers, whether for business or vacation. Near lots of embassies, local businesses and multinational companies, the Hilton Garden Inn San Jose […]

New Soft Drink Bottler To Go Head On With Coca Cola, Big Cola and Florida Bebidas

New Soft Drink Bottler To Go Head On With Coca Cola, Big Cola and Florida Bebidas

QCOSTARICA – A new bottler is looking for a piece of the US$1.75 billion dollar domestic beverages market (soft drinks, juices, teas and bottled water), when it starts operations on May 14. Bebidas Mixtas de Centroamérica (Bemix), part of Grupo Mix, a multinational with interests in other consumer products, plans to “steal” customers from traditional […]

New Law Allows Use of Intangibles As Collateral

New Law Allows Use of Intangibles As Collateral

QCOSTARICA – On May 20, the Secured Transactions Act  (Ley de Garantías Mobiliarias – N.° 9.246) goes into effect, which allows individuals and companies to use intangible property as collateral of loans. The new law allows assets such as accounts receivables, personal property (except vehicles), crops, commercial patents, consumable goods, inventories and intellectual property, among […]

Italian Firm Partially Acquires Costa Rica Coffee Producer and Distributor

Italian Firm Partially Acquires Costa Rica Coffee Producer and Distributor

QCOSTARICA – Massimo Zanetti Beverage Group (MZB) announced the partial purchase of Costa Rican coffee producer Ceca, a subsidiary of the German Neumann Kaffee Gruppe, for US$4.2 million dollars. The deal gives Zanetti control of the Ceca production and distribution in Cost Rica. The newly acquired company will be integrated into Zanetti’s Distribuidora Café Montaña […]

Chili’s Costa Rica Announces Expansion and New “Fresh Mex” Menu

Chili’s Costa Rica Announces Expansion and New “Fresh Mex” Menu

QCOSTARICA – The good acceptance of its three restaurants in Costa Rica is the motivation behind Chili’s expansion in the country. CRB restaurants (owner of the Chili’s franchise in Costa Rica) announced it will invest US$2.4 million dollars in opening two new restaurants, one each in Alajuela and Heredia. Andres Gomez, CRB general manager, said […]

Costa Rica Foreign Direct Investment Falls 21%

QCOSTARICA – The slowdown in economic activity in 2014 was also reflected in the decline in foreign direct investment, which reached $2.106 billion, 21% less than in 2013. From a report issued by the Central Bank of Costa Rica (BCCR): In 2014, operations with the external sector showed an imbalance in the current account equivalent […]