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Source: Pixabay Commons Costa Rica Economy Prompts Negative Outlook for ICE Bonds

Costa Rican president, Luis Guillermo Solis tours the Reventazon hydroelectric plant while still under construction in 2014. (Casa Presidencial)Fitch Ratings has affirmed Instituto Costarricense de Electricidad y Subsidiarias' (Grupo ICE) foreign- and local-currency Issuer Default Ratings (FC/LC IDRs) at 'BB+' and its National Scale ratings at 'AAA(cri)' and 'AAA(slv)'. The Rating Outlook remains...

Source:; Getinge Group New Tech Services Center in Costa Rica Offers More than 100 Jobs

Source:; Getinge GroupSan Jose, July 21st 2016. Getinge Group announced the establishment of its new Shared Services Center (SSC) in Costa Rica. The new office, located in Avenida Escazu, employs 59 associates who provide services to partners and customers in United States and Canada. The services provided are in Finance and Accounting, with the possibility of expanding into other areas such a...

Scotiabank Scotiabank Costa Rica Receives Major Unsecured Loan

Banco Latinoamericano de Comercio Exterior, S.A. ("Bladex" or "the Bank"; NYSE: BLX) announced the recent closing of a US$125 million, dual tranche (2 years and 3 years), senior unsecured amortizing term loan facility in favor of Scotiabank de Costa Rica S.A. ("Scotiabank Costa Rica"), the second largest privately-owned bank in Costa Rica. Scotiabank Costa Rica is ultimately owned by the Bank o...

EFE/File Mystery of Costa Rica Rail Director’s Resignation Solved

A revolving door cabinet has been an unfortunate staple of the administration of President Luis Guillermo Solis, but the latest departure of a top-level official has shaken Costa Rica in a most unusual manner. For 26 months, Guillermo Santana did a less-than-stellar job as the director of the Rail Institute of Costa Rica. There were a few commuter train crashes, and there was also the dubious h...

Concentrix building in Pavas. Concentrix Adds 700 More Positions in Costa Rica

By Wendy Anders Concentrix is a high value business services company operating in 25 different countries and a subsidiary of the Fortune 500 Synnex corporation based in Fremont, California. The company, which is celebrating 10 years of operations in Costa Rica, is currently looking for recruitment specialists, account supervisors, quality and finance analysts, customer service representative...

Source: Microsoft Tigo Business Brings Microsoft Cloud OS Network to Costa Rica

Source: MicrosoftStockholm – July 13th, 2016 – Millicom’s Tigo Business brand and Microsoft today announce a Microsoft Cloud OS Network (COSN) partnership to deliver cloud computing benefits to businesses in the Latam region. The partnership will enable the delivery of innovative applications and cloud services to the business community in Colombia, Guatemala, Honduras, Nicaragua, El Salvador...

Sharemoney.com New Money Transfer and Remittance Service in Costa Rica

Sharemoney.com Sharemoney, Omnex Group's online money transfer service, is expanding services to include money transfers to Costa Rica. Sharemoney has been facilitating money transfers from the United States to countries all over the world for more than 25 years, and this expansion continues the goal of making it easier to send money worldwide.  Sharemoney's mission is to aid people who live i...

Wikimedia Commons Investors See Lower Expectations for Costa Rica Economy

Wikimedia Commons The latest Central America Country Risk Report by Business Monitor International is now available, and it paints as less than optimistic picture for Costa Rica. Central American outperformers Costa Rica and Panama are facing a more challenging road ahead in the coming years. As real GDP growth slows in Panama on the back of the end of canal construction, establishing fisca...

Kreston International Costa Rica Accounting Firm from Costa Rica Joins International Group

Kreston International, the global network of independent accounting firms, has announced that is has admitted Díaz & Zeledón, Costa Rica, to membership. Founded in 2001 and based in San José, Díaz & Zeledón offers the full range of audit and accounting services. Kreston CEO Jon Lisby, comments: "We are delighted to strengthen our resource in Latin America with the admittance of Díaz ...

Wikimedia Commons Mexican Dairy Giant Expands in Costa Rica

Wikimedia Commons Grupo LALA S.A.B. de C.V., a Mexican company focused on the healthy food industry, ("LALA") (BMV: LALA B) announces that it has signed a strategic agreement with the Costa Rican company Florida Bebidas, S.A. ("Florida"), for the production, distribution and sale of LALA® products in Costa Rica. This strategic agreement will provide LALA access to a platform to strengthen i...

BioNovelus Results Are in for Promising Coffee Fungicide in Costa Rica

BioNovelus BioNovelus, Inc.  is pleased to announce the results of its biodegradable fungicide, CR-10, after six months of Coffee Rust testing in Costa Rica. CoopeAgri R.L, one of the largest cooperative in Costa Rica, has released the CR-10 performance data. The results show that eco-friendly CR-10 has not only brought the coffee rust to a level of 0% in all the tested coffee plantations, ...

Convergys, Costa Rica U.S. Multinational Expands Operations in Heredia

Wikimedia Commons By Wendy Anders Convergys, the Cincinnati, Ohio-based customer and information management company, announced another expansion of operations in Costa Rica today in a press statement. After adding 500 jobs in February, the company has had another boost in their growth and will add 500 more positions at their Ultra Park site in Heredia. The Heredia Ultra Park II shared...

Marine fuel port, Caribbean. Photo courtesy of Recope. New Marine Fuel Dock Nears Completion

By Wendy Anders New Costa Rica Marine Fuel Dock Nears Completion The Costa Rican State Oil Refinery (Recope) announced the completion of 85 percent of the work on a new marine terminal for receiving petroleum at the Moín, Limón port on the Caribbean coast. Last week, the construction of the dock’s five arms was completed, said Recope. Engineer Reina Naranjo who is in charge of the proj...

Source: Echo CR Costa Rica Will Host Unique Business and Entrepreneurial Retreat

Source: Echo CR Lecturer, inspirational author and communicator Ismael Cala has confirmed his participation at ECHO (Costa Rica), an event that brings together business leaders, entrepreneurs, revolutionaries and social activists who wish to get out of their comfort zone and seek new horizons as a community. For 72 hours participants will explore their curiosity through workshops, talks and...

Wikimedia Commons Largest Private Bank in Costa Rica Gets $85 Million Loan

Banco Latinoamericano de Comercio Exterior, S.A. (“Bladex” or “the Bank”; NYSE: BLX) announced the recent closing of a US$85 million, three year, syndicated loan facility in favor of Banco BAC San José, S.A. (“BAC San José”), the largest privately-owned bank in Costa Rica. BAC San José is a subsidiary of BAC Credomatic Inc., a leading Central American banking group with operations in Costa Rica...

Medical devices manufacturing plant. U.S. Heart Valve Company Hiring In Cartago

Copyrights [email protected] By Wendy Anders Edwards Lifesciences Corporation (NYSE: EW), the Irvine, California-based world leader in heart valve technologies and hemodynamic monitoring, announced today they are expanding operations to set up a heart valve manufacturing plant in Cartago, Costa Rica. Located in the La Lima Free Zone in Cartago, the company is currently looking to fill abo...

Scotiabank Costa Rica Official Chose Canadian Bank to Handle State Funds

In Costa Rica, funds destined to finance projects of the Ministry of Transportation and Public Works (MOPT) are usually managed by national banks where deposits are unconditionally guaranteed by the government. For this reason, the MOPT Minister is now being questioned as to why he chose a private, international bank to handle more than $450 million. Minister Carlos Villalta has explained that ...

McKinsey Major Global Consulting Firm Expands in Costa Rica

The multinational consulting firm McKinsey & Company, dedicated to helping institutions in the private, public and social sectors achieve lasting success, today welcomed Costa Rican Minister of Foreign Trade Alexander Mora to the firm’s facility in San José, where McKinsey recently added a modern design center that will support the firm’s global operations. The firm’s Costa Rica facility ...

Excess of Restaurants in San Jose Costa Rica Restaurant Chamber Requests Injunction Against Treasury Practices

File photo By Wendy Anders The Costa Rican Chamber of Restaurants (Cacore, in Spanish) today filed with the Civil and Adminstrative Disputes Court for an injunction against the State Treasury Department (Hacienda). They request that the Treasury Department desist from what they consider to be illegal withholding practices on debit and credit card transactions at establishments with table an...

Wikimedia Commons Chinese Ship Inaugurates Panama Canal Expansion; Pays $586K Toll

Wikimedia Commons To be able to celebrate the Panama Canal expansion is, for many Panamanians, experiencing a milestone of their ancestors, who witnessed the first transit through the waterway 102 years ago, so they went out today to dance, which is how they express themselves best. The afternoon of Jun. 26, when the Chinese container ship Cosco Shipping Panama made the inaugural transit th...

Pixabay Commons Work Permits for Foreigners in Costa Rica

Pixabay Commons Of all immigration proceedings available to foreigners in Costa Rica, the process of getting a work permit for employees is one of the most Byzantine. What makes getting work permits in Costa Rica so complicated is that more than one government agency is involved in the process. The Directorate of Immigration and the Ministry of Labor must review the applications before they...

Cartoon by Clay Jones Donald Trump Praises Brexit as Global Markets Tumble

Cartoon by Clay Jones Amid high security, presumptive Republican candidate for United States presidency, Donald Trump, visited Scotland where he was due to inaugurate his luxury hotel and golf complex Friday. Arriving by helicopter, Trump said the United Kingdom's decision to leave the European Union was a "great thing" and that the British people had "taken back their country." Accordin...

Bionovelus Eco-Friendly Coffee Rust Fungicide Being Shipped to Costa Rica

Bionovelus Phoenix, June 22, 2016 (GLOBE NEWSWIRE) -- BioNovelus, Inc. (PINKSHEETS: ONOV) is pleased to announce that four thousand (4,000) bottles of its biodegradable fungicide, CR-10, the answer to killing coffee rust, has been manufactured for delivery to Costa Rica. Mr. Jean Ekobo, President/CEO of BioNovelus, Inc., says, "This CR-10 allotment is slotted for ongoing tests with our partne...

Crowne Plaza in San Jose. Source: ICT Costa Rica at the First Global Meetings Industry Day

SAN JOSE, Costa Rica – Last year, Costa Rica received over one million North American visitors who arrived in the country by air, and over 13 percent of these directly associated to business related travel. In recognition of the key role that the meetings industry has on the country, Costa Rica joined hundreds of other nations around the world to support the first ever Global Meetings Industry Day...

CooperVision Major Contact Lens Manufacturing Facility Opens in Costa Rica

SAN JOSE, Costa Rica — CooperVision has opened a new, 100,000 square-foot, high-volume manufacturing facility at Coyol Industrial Park in Alajuela, Costa Rica, the company announced earlier this week. The Costa Rica plant is the company’s second site for clariti 1-day silicone hydrogel lens manufacturing, joining an existing facility in Budapest, Hungary. CooperVision also maintains high-volume...

Flickr CC Costa Rica Liquor Market: Variety Increasing – Prices Remain Stable

Both mature and developing alcoholic drinks categories in Costa Rica experienced increased competition in 2015 - a development which, along with product innovation and changing consumer value expectations, were the main sales drivers within the area during 2015. Volume and value growth remained limited in 2015, with there being a clear trend towards modest pricing and an increase in the penetratio...

Source: Kinetos Costa Rica Big Data Software Developer Expands to Florida

Source: Kinetos COLORADO SPRINGS, Colo., June 8, 2016 /PRNewswire/ -- On May 25th, 2016 STL Marketing Group, Inc. (OTC: STLK), the "Company", has created a new 51% owned subsidiary to handle the sale and commercialization of the Hound Software product that has been developed by Kinetos, S.A., a Costa Rican privately held corporation ("Kinetos"). Kinetos owns the remaining 49% of the subsidiary...

Airxpanders Australian Medical Device Firm Will Manufacture from Costa Rica

PALO ALTO, Calif., June 8, 2016 /PRNewswire/ -- AirXpanders Inc. (ASX: AXP) (AirXpanders or Company) a medical device company focused on the design, manufacture, sale and distribution of the AeroForm® tissue expander, today announces that it has received commitments from sophisticated and professional investors to subscribe for 26,315,790 CHESS Depositary Interests (CDIs) (representing 8,771,930 s...

Wikimedia Commons First Ship Scheduled to Cross Expanded Panama Canal Gets Underway

Wikimedia Commons Panama City, Jun 11 (EFE).- The container ship Cosco Shipping Panama, which on June 26 will be the first to pass through the expanded Panama Canal, set sail Saturday from the port of Piraeus, Greece, on its way to this Central American country, official sources said. Canal administrator Jorge Luis Quijano, currently in Greece with a delegation of the Panama Canal Authority...

Bionovelus U.S. Biotech Firm Chooses Costa Rica as Central America HQ

Bionovelus PHOENIX, AZ / ACCESSWIRE / June 9, 2016 / BioNovelus, Inc.  is pleased to announce the creation of BioNovelus-CostaRica, a legal entity that will register BioNovelus products for each country in Central America. The registration for Costa Rica should be achieved by the end of the third quarter of 2016. BioNovelus President/CEO Jean Ekobo has presented biodegradable fungicide CR-1...

Wikimedia Commons Costa Rica Firm is a Global Market Leader in Aloe Vera Extracts

Wikimedia Commons VALLEY COTTAGE, New York, May 31, 2016 /PRNewswire/ -- Aloe vera extracts are gaining traction as an essential ingredient in food, cosmetics and pharmaceuticals, with global volume to surpass 60,720.4 tonnes in 2016 end, representing revenues worth US$ 1.6 Bn, and one company in Costa Rica is a market leader in this sector. Demand for aloe vera extracts for manufacturing a...

CNFL wind power Costa Rica $149 Million Secured for Wind Energy Projects in Costa Rica

Gamesa, Spanish engineering company, to bring wind energy production to Guanacaste The Alisios Wind Projects, owned and sponsored by Globeleq Mesoamerica Energy (Wind) Limited (“GME”), a subsidiary company of Globeleq Generation Limited and Mesoamerica Power Ltd., have secured USD149 million in long-term debt financing. The project debt financing and syndication was completed in April 2016 ...

panama canal Panama Canal Suffers Damage Ahead of Expansion Inauguration

(CRS Archive) Panama City, May 30 (EFE).- The Panama Canal Authority, or ACP, said Monday that the repairs to a wall in the southern section of the Miraflores lock that collapsed over the weekend is progressing at a steady pace, but will take at least five weeks to complete. "All the canal's operations are continuing in an absolutely normal way. It is estimated that the first phase of the w...

Source: Flickr Commons Beyond FATCA, Costa Rica Adopts “GATCA” Tax Reporting Measures

The unpopular Foreign Account Tax Compliance Act (FATCA) of the United States has set off a rash of similar legislation around the world, and Costa Rica has been eager to adopt these international asset reporting treaties, which many taxpayers consider overreaching and in violation of financial privacy. The Costa Rica Star has reported on FATCA numerous times, and in September 2014 we reported ...

Source: Pure Hospitality Strong Business Interest at Costa Rica Expotur 2016

Source: Pure Hospitality LAS VEGAS, NV -- (Marketwired) -- 05/23/16 -- Pure Hospitality Solutions, parent Company of the Central American-Caribbean online travel Agency (OTA) Oveedia, announced today, that the overall response from Expotur 2016 has proven to be overwhelmingly successful for the Company''s OTA, as nearly 100 hotels and tour providers have expressed interest in aligning with Oveed...

Bionovelus Executives of Promising Biotech Firm Will Visit Costa Rica

SCOTTSDALE, AZ / ACCESSWIRE / May 23, 2016 / BioNovelus executives President and CEO Jean Ekobo, and CFO, Mark Johnson, will be in Costa Rica the week of May 23, 2016 touring and evaluating five coffee farms participating in a Pilot Test that has revealed CR-10 to be an effective coffee leaf rust killer. Additionally, BioNovelus has signed a Letter of Intent with a prominent Costa Rican distrib...

BICSA in Panama. Wikimedia Commons Negative Outlook for International Bank of Costa Rica

BICSA in Panama. Wikimedia Commons Fitch Ratings-New York-20 May 2016: Fitch Ratings has affirmed Banco Internacional de Costa Rica's (BICSA) Long-Term Issuer Default Rating (IDR) at 'BB+' and its Viability Rating (VR) at 'bb' following a peer review of Panama's midsized banks. Fitch also affirmed BICSA's National Ratings in Panama. The Rating Outlook for the bank's IDR and Long-Term National ...

EFE/File IMF Deems Reduction of Dollarization “Important for Costa Rica”

The Greenback IMF Media Release - On May 16, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Costa Rica. Costa Rica bounced back quickly from the 2008–09 global crisis, but growth, despite picking up in the last two years to 3.75 percent, has stayed below trend, while macro vulnerabilities, mainly from the weak fiscal position, h...

Flickr Commons Major LinkedIn Data Breach Puts Members at Risk

Flickr Commons LinkedIn, the largest business-oriented social platform and one of the most popular social networks in the world, is warning members about a major data breach and is forcing a massive reset of passwords as a security measure. An update posted to the LinkedIn corporate blog yesterday explained the situation: In 2012, LinkedIn was the victim of an unauthorized access and discl...

U.S. Ambassador Haney Tampa Bay and Costa Rica Trade Agreement Valued at $12.1 Million

U.S. Ambassador Haney Tampa Bay, Fla. (PRWEB) May 16, 2016 - Leaders of the Tampa Bay Export Alliance (TBEA), a cooperative effort of the Tampa Hillsborough Economic Development Corporation and Pinellas County Economic Development, are sharing the outcomes of last month’s joint trade mission to San José, Costa Rica, which took place from April 12-15. “The trade mission to Costa Rica was one...

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