The Ortega administration has attended to the demands of the real estate sector and sent to the Assembly a bill to lower electricity rates for consumers of more than 150 KW.
Finally the Nicaraguan government has responded to the request made by the Superior Council of Private Enterprise (COSEP) and sent to the National Assembly regarding a bill which establishes a reduction in the electricity rates for residential and other sectors that consume more than 150 KW.
The Nicaraguan Oil Company has signed a cooperation agreement with a Canadian company for exploration of oil and gas.
Following the agreement signed between the company EastSiberian Plc, belonging to TMX Group in Canada and the National Oil Company of Nicaragua (Petronic) the Ministry of Energy and Mines has been approached in order to start negotiations for the subsequent signing of concession contracts.
The Colombian company Mineros SA, owner of HEMCO in Nicaragua has announced that it will reduce investments in Colombia and focus on operation of the gold mine La Bonanza, in the Central American country.
This year the food producer plans to invest $50 million in its operations in Nicaragua, $20 million in Honduras and between $10 and $15 million in Costa Rica.
In Nicaragua the company will invest in building two plants and strengthening its distribution center, in Costa Rica it will be investing in improving logistics systems and in Honduras resources will be used for renewal of equipment. Additionally, in Costa Rica it plans to renew its distribution fleet, installing a water treatment plant and carry out improvement works in the cooling system of the plant in San Rafael de Alajuela.
In 2014 the volume of household consumption increased by 16% in Nicaragua, 7% in El Salvador, 5% in Panama and 6%in Guatemala, while in Costa Rica and Honduras it fell by 1% and 5%, respectively.
Panama stands out because of the rapid growth of its economy in recent years, which is currently visible in the consumption of its inhabitants, which in 2014 grew by 5% in billing. Nicaragua, starting from lower levels, shows an equal growth in billing, despite a 16% growth in volume due to lower prices.
Low productivity in Central American economies is the barrier which needs to be overcome if we want to grow in a sustainable way.
A study prepared by the Nicaraguan Foundation for Economic and Social Development (Funides) analyzes the evolution of productivity in different production factors in Nicaragua, Costa Rica, El Salvador, Guatemala and Honduras.
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.
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