The private sector has rejected the methodology used by the government to establish the increase for this year and presented a proposal to make adjustments in the future.
From a statement issued by the Superior Council of Private Enterprise (COSEP):
The Superior Council of Private Enterprise (COSEP) in light of the unsuccessful negotiations in the National Minimum Wage Commission to reach a tripartite agreement and the political decision of the government through the Ministry of Labour (MITRAB), to approve the minimum wage unilaterally, which is in effect for all economic sectors of the country from March 1 this year, wishes to express the union position on this.
The private sector and the governments of both countries have started talks to put into place the partial agreement which came into force in November 2014.
A Cuban delegation composed of 9 representatives from the government and entrepreneurs from the private sector will be visiting Managua with the aim of coordinating with the Nicaraguan government implementation of the agreement, which establishes the possibility of achieving up to 100% of tariff exemptions on some products.
An announcement has been made that in April marketing will be carried out of the first investment fund in the local market, which will be for liquidity, short-term and will require a minimum holding of $1,000.
Initially the fund administered by Invercasa will be in cordobas and investment in dollars will be enabled later, with a feature that allows for short-term investments.
With a loan from South Korea the plan is to develop a project in the city of Juigalpa, whose tender will include an invitation to Korean companies to take part.
It is anticipated that the design of sewer system and water treatment plant will be done no later than April. The bidding process is scheduled to start in late March, with the construction of the project expected to take approximately three years.
Aside from the Colombian Grupo Aval, the Spanish company Banco Popular may also be in negotiations to acquire Citi's entire consumer banking operation in Central America.
The sixth largest bank in Spain, which at the moment has no presence in Central America, could be interested in acquiring the consumer banking operation that Citi has put up for sale in Costa Rica, El Salvador, Guatemala, Nicaragua and Panama.
During the month of February, the price of WTI (West Texas Intermediate) in the Gulf Coast of the United States had an average value of $49.63 per barrel, showing a variation of + 10.81% compared to the previous month. In turn, in recent weeks the international prices of petroleum products recorded the following variations: + 18.49% in special gasoline, + 24.54% on regular gasoline and + 13.43% in diesel.
The construction of the refinery El Supremo Sueño de Bolívar in Miramar, remains paralyzed as the government seeks funds to finance the second phase, the refinement complex.
At the moment, only the storage and distribution complex has been finished, works which were funded by Venezuela, but according to the agreement signed "... When oil is at $50, only 40% of that price is given in financing to the beneficiary country." Because of this, the government is seeking foreign funding for a second phase, but international conditions are not the best for resources for a project that "... does not seem to be profitable."
The private sector will be asking the government to implement a differentiated rate for electricity companies in order to avoid losing competitiveness against the rest of the region.
In light of the governments refusal to reduce electricity rates, the private sector has proposed the creation of a lower differentiated rate for users who consume more than 150 Kw / h per month, which are mostly companies.
Between December 2013 and December 2014 loans to cardholders increased by 27% while the number of inhabitants having possessing at least one card reached 800,000.
At the end of 2014 it was reported that 800,000 Nicaraguans who are cardholders have on average two credit cards. In the same period, the banks of the National Financial System approved a total of 810,000 loans with credit cards, and reported that about 45% of all registered purchases were paid for using plastic money.
An announcement has been made that this year will see the start of construction of a hotel and condos on the Pacific coast in the municipality of Tola, Rivas department.
The project which will be developed in an area of 55 blocks in Sardinas Beach already has an environmental permit and was ready to continue with the process when the indigenous community of the area began a process against it. Backed by a court, Sociedad Flor de Mayo Nicaragua is now preparing to resume the project and start work.
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