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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...

Laura Chinchilla Nearshore Success Explained by Former President of Costa Rica

By Matt Kendall Now in its sixth year, Nearshore Americas’ seminal conference Nexus attracted 150 attendees and close to 20 sponsors to the Le Meridien hotel in San Francisco, the first time this tech-centric city has played host to the event. Kicking things off to a flying start was a fascinating and insightful keynote speaker, Laura Chinchilla, former President of Costa Rica, who presented...

Source: Calvin Ayre Facebook Costa Rica Online Gambling Pioneers and the Panama Papers

Source: Calvin Ayre Facebook Two online gambling moguls wanted by United States prosecutors are among the many individuals appearing in the Panama Papers, a scandalous investigation conducted by data journalists and a whistleblower, and both men are considered to be godfathers of the Internet gambling industry in Costa Rica. According to investigative journalist Josh Meyer of NBC News, the ...

Grupo Bimbo Bakery Giant Expands in Costa Rica; Creates 200 New Jobs

Grupo Bimbo San Jose, May 5th, 2016. Grupo Bimbo – the world's largest baking company inaugurated its new Global Service Center today, in the district of Tres Rios, La Union de Cartago, which will provide support to the English speaking US market. The Costa Rican President, Luis Guillermo Solís; the Minister of Foreign Trade, Alexander Mora; CINDE’s managing director, Jorge Sequeira, ...

Source: Wikimedia Commons Beer Commercial With Sofia Vergara at the Beach Causes Commotion

Source: Wikimedia Commons Bogota, May 8 (EFE).- Actress Sofia Vergara on the weekend stirred up the northern Colombian city of Cartagena, returning to her homeland to shoot a beer commercial with white beaches in the background under the watchful and thrilled eyes of journalists and fans. "Toti," as her friends call her, arrived in Cartagena on a private jet to take on her role as the...

Bionovelus Testing of Coffee Fungicide in Costa Rica Leads to Investment Opportunity

Bionovelus SCOTTSDALE, AZ / ACCESSWIRE / May 5, 2016 / BioNovelus, Inc. (PINKSHEETS: ONOV) is pleased to announce the triumph of CR-10, their environmentally friendly fungicide product. Test results in five coffee plantations have proven that biodegradable CR-10 is a coffee rust killer! Coffee rust or "roya" (Hemileia vastatrix) is a devastating fungus that has already cost $2.5B to the coffee...

panama canal U.S. Marine Transportation Professor Will Teach in Costa Rica

CASTINE, Maine—Maine Maritime Academy Professor of Marine Transportation Daniel Parrott, of Blue Hill, has received a Fulbright U.S. Scholar Grant to work at the University of Costa Rica’s new School of Nautical Engineering and Maritime Transport (Ingeniería Náutica y Transporte Marítimo) in Limón, Costa Rica. The university’s program in marine transportation was established in 2012. Parrott will ...

Wikimedia Commons A Solid Forecast for Office Space and Commercial Real Estate in Costa Rica

Wikimedia Commons Commercial real estate giant Cushman & Wakefield recently issued its Q4 2015 Office Snapshot report for the Greater San Jose Metropolitan Area (Spanish acronym: GAM) of Costa Rica, and the 2016 forecast for this sector is positive.   According to the Office Snapshot, economic growth in Costa Rica slowed down in 2015, but total business production recorded a 2.8...

Wikimedia Commons Major Medical Research Organization Expands to Costa Rica

Wikimedia Commons NORTHWOOD, Ohio--(BUSINESS WIRE)--NAMSA, the world’s leading medical research organization, is pleased to announce the addition of Microbiological Compliance Laboratories (MCL) as NAMSA’s local agent in Costa Rica. MCL is a microbiology and sterility assurance lab supporting US and European medical device and pharmaceutical manufacturers in the region. MCL provides local m...

Pixabay Commons Medical and Dental Tourism Could Double in Costa Rica by 2020

Pixabay Commons The number of health travelers from the United States who visit Costa Rica for medical and dental procedures could double by the end of this decade. Such was the forecast recently broadcast by national television network Teletica in a report by Adrian Fallas. In 2015, Costa Rica welcomed about 50,000 medical and dental tourists; this figure was reported by ProMed, an organiz...

FARC child fighter. Flickr Commons The Economist: Net Worth of Colombian Guerrillas is $10.5 Billion

FARC child fighter. Flickr Commons Bogota, Apr 17 (EFE).- The Revolutionary Armed Forces of Colombia, or FARC, guerrilla group said in a post on social media this weekend that it did not have a fortune of $10.5 billion as reported by Britain's The Economist. FARC chief peace negotiator Ivan Marquez called the article a "joke" in a Twitter post. "They should check their sources and not be...

Pixabay Commons Business and Entrepreneurship Boot Camp in Costa Rica

Pixabay Commons HOWELL, MI--(Marketwired - Apr 14, 2016) - Cleary University today announced the launch of its new Global Entrepreneurship Bootcamp in Costa Rica. The bootcamp is focused on teaching participants the basic principles of building a location independent business. The pilot bootcamp will run August 7 through August 11, 2016. Beginning in 2017, the Global Entrepreneurship Bootcamp ...

Wikimedia Commons Credomatic Bonds Are Looking Good in Costa Rica

CHICAGO--(BUSINESS WIRE)--Fitch Ratings has assigned an 'A-(EXP)' rating to the proposed $100 million Series B notes to be issued by CIC Central American Card Receivables Limited. The Rating Outlook is Stable. A full list of rating actions follows at the end of this press release. Credomatic International Corporation (CIC) is the exclusive issuing and acquiring partner of American Express (AmEx...

Flickr Commons Costa Rica Officials Will Join Google at Communications Summit

BOGOTA, Colombia--(BUSINESS WIRE)--The Dynamic Spectrum Alliance (DSA) today announced that CAF – development bank of Latin America - , Google Inc. and the International Telecommunications Union (ITU) will be joining an incredible line up of speakers at its Global Summit in Bogota, Colombia (26-28 April). CAF promotes a sustainable development model through credit operations, non-reimbursable reso...

(CRS Archive) IDB warns of weak economic growth in Latin America through 2020

(CRS Archive) NASSAU (EFE) The Inter-American Development Bank on Sunday warned that Latin America will grow at an average annual rate of 1.7 percent through 2020, less than half the 4 percent the region registered during 2003-2013, and thus it is urgent to invest in infrastructure and adopt comprehensive fiscal reforms. For 2016, the IDB forecasts a 0.3 percent economic contraction due to ...

Wikimedia Commons Negative Economic Outlook for Costa Rica, Brazil and Suriname

Wikimedia Commons NEW YORK--(BUSINESS WIRE)--In its Latin American Sovereign Overview, Fitch Ratings forecasts that regional GDP will contract by 1% in 2016 after an estimated contraction of 0.9% in 2015, with risks largely skewed to the downside. Latin America continues to suffer from lower commodity prices, moderating China growth and external financial volatility. In some cases, political c...

Banco Nacional branch in Liberia, Costa Rica Negative Outlook for New Bonds of Biggest Bank in Costa Rica

Banco Nacional branch in Liberia, Costa Rica New York, April 07, 2016 -- Moody's Investors Service has assigned a Ba1 foreign currency senior unsecured debt rating to Banco Nacional de Costa Rica (BNCR)'s proposed US dollar senior note issuance for an expected amount of US$500 million. The instrument will be governed by the laws of the State of New York. The outlook on the rating is negative,...

Stock/Archive (Pixabay Commons) Ten Dangerous Hiring Mistakes to Avoid in Costa Rica

(Pixabay Commons) Editor's note: This is a guest column by Patrick Goodness, CEO of The Goodness Company. I’m not one to air dirty laundry in public, but if you are a business owner in Costa Rica, this story is important enough to share.   About 6 months ago, our leadership team decided that our company was ready to invest for growth.  As an overworked CEO, I realized that we needed the ...

A 500-ton Mitaplas injection molder, starting bid just $1,000. Huge online auction of industrial and shop equipment in Costa Rica underway

A 500-ton Mitaplas injection molder, starting bid just $1,000. There are also hundreds of items perfect for small or home workshops. SPONSORED A California firm with operations in the United States, the United Kingdom and Australia has launched an online auction of a massive selection of industrial and shop equipment located in Costa Rica on behalf of Mabe, a Mexican-owned company which des...

EFE/File The Panama Papers: Offshore Secrets of the Rich and Powerful

EFE/File Washington, Apr 3 (EFE).- The largest journalistic leak in history, which came to light on Sunday with the participation of the Washington-based International Consortium of Investigative Journalists, suggests that 140 politicians and officials from around the globe, including 72 former and current world leaders, have connections with secret "offshore" companies to escape tax scrutiny ...

Screenshot of INS webpage Bonds of Costa Rica Insurance Giant Get Favorable Rating

Screenshot of INS webpage MEXICO CITY--(BUSINESS WIRE)--A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Instituto Nacional de Seguros (INS) (San Jose, Costa Rica). The outlook for each of these ratings remains stable. The ratings reflect INS' strong capitalization, supported by a comprehensive and adequate reinsurance program, g...

Banco Popular branch in Cuidad Quesada, built by Edificadora Beta Negative Outlook For Yet Another Major Bank in Costa Rica

Banco Popular branch in Cuidad Quesada, built by Edificadora Beta Fitch Ratings-New York-31 March 2016: Fitch Ratings has affirmed Banco Popular y de Desarrollo Comunal's (BPDC) long-term foreign currency Issuer Default Rating (IDR) and local currency long-term IDR at 'BB+'. The Rating Outlook is Negative. Fitch has also affirmed the bank's short-term foreign currency IDR and short-term local ...

(Wikimedia Commons) Costa Rica Call Center Industry Set for Future Growth

(Wikimedia Commons) LONDON--(BUSINESS WIRE)--According to Technavio’s latest report, the global contact center market is expected to reach USD 9.7 billion by 2019, growing at a CAGR of over 9% during the forecast period. “The global contact center market has been registering a positive growth rate for the past five years, and this growth is expected to gain momentum in the coming years. Inn...

Bionovelus The Fight Against Coffee Rust in Costa Rica Continues

Bionovelus The Hemileia vastatrix fungus, “roya” or “coffee rust,” can be devastating when conditions are especially favorable for rapid growth. The coffee rust has increased in 2015 mainly due to climate change. The economic impact is over $2.5 billion per year, along with over 500,000 jobs lost in Costa Rica and across Central America, and an increase of illegal immigration to the USA. Co...

Source: UNDP Costa Rica Trade to be Highlighted at Global Conference

Wikimedia Commons Miami, Florida. March 2016. Minority Chamber of Commerce announces a new Speaker confirmation at the Global Conference, “Doing Business with the World Miami 2016” on March 30 at the Renaissance Banquet Hall located at 5910 SW 8 Street in Miami. Mr. Zacarías Ayub Rojas, Trade Representative from Costa Rica will be attending, he will present an overview about opportunities and po...

volcanoes in nicaragua cool down Nicaragua tourism revenues surge 18.7 percent to US $529 million

(CRS Archive) Nicaragua’s tourism industry continues to grow aggressively, according to the latest data by Nicaragua’s Central Bank, with revenues from tourism increasing 18.7 percent to US $528.6 million in 2015 from US $445.4 million the year prior, due in large part thanks to longer stays. According to the Central Bank, foreign tourists spent an average of $41.50 per day, essentially unc...

Source: McDonald's McDonald’s New Fancy Burger Coming to Costa Rica

Source: McDonald's MONTEVIDEO, Uruguay--(BUSINESS WIRE) -- Arcos Dorados, the world’s largest McDonald’s franchisee operating in Costa Rica and 19 other countries in Latin America and the Caribbean, has unveiled a new premium burger experience, the ClubHouse, which is sure to be a customer favorite. The new creation is part of McDonald’s Signature Collection. It features thick-cut smoked ba...

panama canal Mark Your Calendars: Expanded Panama Canal Inaugurates June 26

Panama Canal Panama City, Mar 23 (EFE).- The long-delayed inauguration of the expanded Panama Canal will take place on June 26, the administrator of the interoceanic waterway said Wednesday. "After passing some critical tests this past weekend, we concluded that the inauguration date would be June 26 of this year," Panama Canal Authority, or ACP, Administrator Jorge Quijano said. Panaman...

panama canal Major Drought Conditions Impact Ship Traffic at Panama Canal

Panama Canal Panama City, Mar 22 (EFE).- The Panama Canal Authority, or ACP, said it would impose new draft restrictions on ships starting April 18 due to a severe drought affecting two artificial lakes that feed the interoceanic waterway. "The maximum allowable draft will be 11.89 meters (39 feet)," the canal's administrator said in a statement Monday. The "temporary and preventative" m...

(FILE / Reuters OMX) Marriott buys Starwood, creating world’s largest hotel chain

(FILE / Reuters OMX) Marriott International bought Starwood Hotels and Resorts for $13.6 billion on Monday to create the world's biggest hotel chain. The deal came three days after Starwood rejected Marriott's $12.2 billion buyout offer in favor of a $13 billion offer from China's Anbang Insurance Group; but then, Starwood accepted Marriott's new, bigger cash and stock offer. The merged ...

Pixabay Commons Costa Rica Gets $420 Million Loan to Improve Public Health

Pixabay Commons WASHINGTON, March 15th, 2016 – The World Bank (WB) Board of Executive Directors approved a US$420 million loan today to support the Costa Rican Social Security Administration’s (CCSS or La Caja, in Spanish) Strategic Agenda to Strengthen Health Insurance (SASHI), with the goal of improving the timeliness and quality of health care and strengthening institutional efficiency. ...

panama canal Solid Growth Expected for Panama’s Economy After Canal Expansion

Panama Canal Panama City, Mar 19 (EFE).- Panama's economy will grow 6.1 percent in 2016 and as much as 7 percent in the coming years thanks to the expansion of the canal and low fuel costs, an International Monetary Fund delegation said in this capital. Panama has boasted the region's highest average growth rates over the past decade and will be able to continue expanding at a clip of betwe...

Wikimedia Commons More Global Banks Expected to Exit Costa Rica

FreeStockPhotos.biz SAO PAULO--(BUSINESS WIRE)--Global banks' departures from Latin America will go on as they attempt to improve their return on capital by changing strategies and lowering their exposure to the risk presented in some Latin American markets, Fitch Ratings says. Citigroup's Brazilian and Argentinean retail banking operations are the latest units for sale that exemplify this tre...

Source: IBIC Iowa Wants to Export Beef to Costa Rica

Source: IBIC Ames, Ia. – Iowa beef producers Scott Heater, Wapello, and Dean Black, Somers, participated in an Iowa Meat Trade Mission to Dominican Republic and Costa Rica in late February. Heater, chairman of the Iowa Beef Industry Council, explained that the mission was exploratory in nature to determine if there is additional market opportunities for U.S. quality beef in these Central Ameri...

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