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| A.M. Costa Rica Second newspage |
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| Costa Rica Expertise Ltd http://crexpertise.com E-mail info@crexpertise.com Tel:506-256-8585 Fax:506-256-7575 |
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 Poder Judicial photo
Antonio Saca, president of El Salvador, listens to Luis
Paulino Mora, president of the Corte Supreme de Justicia, during a
courtesy visit Tuesday.Arias and Saca agree
to share business info By the A.M. Costa Rica staff
El Salvador's president, Antonio Saca, said that his country's Fundación Salvadoreña para el Desarrollo Económico y Social has had a lot of experience in helping small and medium enterprises, and he offered to share this knowledge. Saca was on a state visit to Costa Rica Tuesday, and he was meeting with President Óscar Arias Sánchez where the topic of small business came up. The two presidents gave support to an agreement that would seek to advance the strengthening of small and medium businesses in both countries. Arias also said he would promote the interchange of best practices on the environment and information about Costa Rica's success in sustainable tourism. Saca still is in Costa Rica today but with a private schedule. First regional sewer projects set to start in November By the A.M. Costa Rica staff
The sewer and water chief said Tuesday that work on the modernization of the metropolitan area's waste system would begin at the end of the year. The man, Ricardo Sancho, was speaking at a budget committee hearing in the legislature. He is executive president of the Insituto National de Acueductos y Alcantarillados. Sancho said that the work would begin with a seven kilometer collector sewer in San Miguel de Desamparados in November. That's a distance of about 4.5 miles. The budget committee, the Comisión de Hacendarios, is incorporating a $100 million-plus grant from the Japanese aid agency in the national budget. Once the budget is approved, Sancho's agency will seek bids, lawmakers were told. The entire project will cost much more than the Japanese grant. Planned is a treatment plant, the first for the Central Valley in the Escazú area as well as many new sewers in areas that do not now have them. The work also will include fixing up the sagging current sewer system. High court confirms plan to cut la Sabana trees By the A.M. Costa Rica staff
The Sala IV constitutional court will not stop the cutting of the eucalyptus trees in Parque la Sabana. The court turned down a so-called recurso de amparo or request for help. The decision was announced Tuesday. The fast-growing eucalyptus trees use a lot of water and they are not a native species. Most are more than 20 years old now. They were planted when the former municipal airport was converted to a park. The court noted in the decision that officials at the park are worried about falling limbs and that the people in the park are in jeopardy. The appeal to the court came from a man identified in the decision as Warner Saborío. Park officials are slowly eliminating the towering trees and planting native species.
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| A.M. Costa Rica third newspage |
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| City snake Pedestrians wanted to kill this snake when he appeared near Casa Amarilla, the foreign ministry, in San José Tuesday. But a reporter rescued it and took it to the relative safety of Parque Bolívar. This is a zopilota (Clelia clelia), a beneficial critter that eats poisonous snakes and sometimes other small creatures. |
 A.M. Costa Rica/Saray Ramírez
Vindas
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| Electric
rate increases of from 11 to 41 percent approved |
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By the A.M. Costa Rica staff
The utility regulating agency moved Tuesday to stem what it called an energy crises and established new residential electrical rates from 11 to 41 percent higher. The agency, the Authoridad Reguladora de Servicios Públicos, said it took special care to protect the poor from the impact of the rate hikes, and those who use a lot of power were targeted in an effort to reduce the usage. Some 60 percent of the electrical customers use less than 200 kilowatt hours of power each month, and it was this group that received the 11 percent increase. They represent 34 percent of the power used. They will pay about1,000 colons or about $2 more a month on average. Some 25 percent of the customers use between 200 and 300 kilowatt hours a month. They received a 14 percent increase. Those residential customers using more than 300 kilowatt hours per month will face a 41 percent increase, the agency said. This group represents 15 percent of the customers. Commercial users received a 22 percent hike. The agency said it wanted to preserve the nation's competitiveness. The Instituto Costarricense de Electricidad had been seeking a 75 percent increase because of increased demand. The government monopoly had to turn to generating power by burning expensive fuel oil to meet the nation's growing demand. The Authoridad Reguladora said that even with the rate hikes, the company would face a profit margin reduced from an optimal 4 percent to about 1.5 percent. Still the Unión Costarricense de Cámaras y Asociaciones del Sector Empresarial Privado immediately issued a statement saying that the rate hikes would decrease competitivity. The private group said the cause was the Instituto |
Costarricense de Electricidad not
taking steps soon
enough to invest in more generation capacity. A number of hydro
projects are in varying stages of development. The organizaiton also said the hikes would fan inflation and have a negative effect on consumers. The rate-fixing agency said that the Instituto Costarricense de Electricidad would not have blackouts this year as a result of the oil-fired generation. Such blackouts happened last year as reservoir levels fell at hydro generating stations. Fernando Herrero, the regulator general, noted that Arenal reservoir still is lower than normal. Herrero said his agency fixed the rate increase at the lowest possible amount without jeopardizing the financial standing of the electrical institute. The agency suggested that more increases might come next year. Hererro also said that his agency was examining the possibiliity of some kind of subsidy for the poorest group of electrical consumers in conjuction with government social agencies. He also said that encouraging a culture of saving power was important because "now there is no cheap electricity." More than 80 percent of Costa Rica's power comes from hydro sources. Oil-fired turbines are the last resort to make up the difference. The country also has some wind generators and geothermic generation. The rates will become effective. The electrical institute is the principal generating agency although it does purchase some privately generated power. Other agencies like the Compañía Nacional de Fuerza y Luz S.A. in the Central Valley purchase the power for retail distribution. Their rates directly reflect what the institute is charging them. All the petroleum products for oil-fired generation comes from abroad. Costa Rica has declined to explore its offshore possiblities. The new rates will become effective when they are published in the la Gazeta official newspaper. |
| Michael
Forrest acquitted in Principal Financial criminal case |
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By the A.M. Costa Rica staff
A court has ordered a man accused of stealing hundreds of thousands of dollars in a scam investment operation to pay civil damages to seven plaintiffs. Although the court found Michael James Forrest, formerly of Principal Services S.A., responsible for civil liabilities, judges absolved him from all criminal charges. The court cited the concept of reasonable doubt for the criminal acquittal. The ruling was made by the Tribunal Penal del Primer Circuito de San José, in a complicated case dragged on for two months that ended with the decision Monday. Principal Services S.A., also known as Principal Financial, was a firm that promised to give a high monthly interest to investors. Forrest was a main representative of the company which later became known as Montefiore. Ram Rajpal, a former investor in Principal Financial, has described Forrest as a good talker who knew how to sell. Employees of Principal Financial told potential investors that they were investing in venture capital projects and would give a 4 percent monthly return, according to Rajpal. The firm was one of several similar operations in the Central Valley in 2000 to 2002. Investors were mainly North Americans. Principal closed its doors in March 2003. A year later local arrest warrants were issued. Agents arrested Forrest May 16, 2006 near his home in Heredia. He had been in jail since. He is Canadian. |
Principal Financial, located in what
was called then the Torre Mercedes
on Paseo Colón and later on Edificio Colón, was thought
to have had
about 150 clients and required a $25,000 minimum investment. The court ordered Forrest to pay moral and material damages as well as personal fees to seven of the plaintiffs. Some were also given the 4 percent interest they were promised for the years their money was invested. The following amounts are the awards for material damage: Rajpal, $78,600 (and $279,816 of his investment with interest); Charles L. Gooding and William Realli of El Leon Salvaje S.A., $351,060; Brian Cordell Elmslie of Macizo Violeta S.A., $728,134; James Estoll Patterson of James E. Interprizes S.A., $250,000; Gregory John Hammond of Importaciones Y Exportaciones de Mesoamerica S.A., $142,400; John David Borman of Inversiones y Proyectos Narbom S.A., $2,096,179, and Marta Elena Zamora Gonzales $73,025 (and $259,969 of her investment with interest) An eighth plaintiff, Elyane Hannington, was not awarded any damages, according to the court decision. The case will be reviewed for 15 business days, said a court spokeswoman. No one can appeal until those days are up, she said. Any appeals in the case will be brought to Sala Tercera, a division of the Corte Suprema de Justicia, for review. Forrest is now free, she added. |
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Monetary Fund report on
credit crunch says worst coming
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By the A.M. Costa Rica wire services
The International Monetary Fund Tuesday said the turmoil in world credit markets that began with rising home loan defaults in the United States is not over and losses could hit $945 billion as the impact spreads into the global economy. The Bloomberg financial news services estimates that banks and securities firms have so far written off only a fraction of that total, $232 billion. Monetary Fund specialists say the overall risks to global financial stability have increased sharply in recent months. Jaime Caruana is the principal author of the fund's report on financial stability. "The credit shock emanating from the U.S. subprime crisis is set to broaden amid a significant economic slowdown," he said. "The deterioration in credit has moved up and across the credit spectrum." As bank losses have soared, lenders have tightened standards and, despite lower interest rates, many commercial and consumer loans are still hard to come by. Caruana says more than six months into the crisis, credit markets are still not functioning normally. "We have seen confidence quickly evaporate, ending in liquidity driven solvency events that threaten the core financial system," he added. He is referring to the U.S. central bank-orchestrated rescue of the Bear Stearns investment bank, which teetered on the |
brink of bankruptcy because of loan
losses. The International Monetary Fund is not alone in its worry that the credit crisis could worsen. Morris Goldstein, a financial specialist at Washington's Peterson Institute, says if home prices continue to fall in the United States, defaults on mortgage loans could grow beyond the two million predicted for this year. "It's been estimated that if U.S. housing prices fall by an additional 15 percent or so, approximately a third of U.S. homeowners will have negative equity in their homes," he explained. "This raises the question of whether willingness to pay will have to be addressed along with ability to pay." U.S. home prices on average declined by 10 percent in 2007, a factor Monetary Fund economists say contributed to the global credit crisis. Many U.S. mortgage loans were bundled into securities and sold to financial institutions worldwide. Caruana says if the situation worsens, it may be necessary for governments to spend taxpayer money to stabilize markets. "I think we have to be careful on that," he cautioned. "And the question is to what extent the situation continues to deteriorate." The Monetary Fund says lax regulation and a failure to recognize the risks of highly leveraged loans contributed to the credit crisis. Financial markets, it says, will come under increased strain as world economic growth decelerates. |
| Fleeing men alert
police and prompt vehicle search By the A.M. Costa Rica staff
When occupants of a vehicle at a service station got out and started running, members of the Policía de Fronteras in Paso Canoas got the idea that something illegal might be inside. So they called the Policía de Control de Drogas Monday night. A quick inspection turned up 50 kilos of marijuana, said officials. Officers also managed to catch one of the three fleeing vehicle occupants. He was identified later by the last names of Núñez Núñez. This is the second big bust of suspected marijuana in just a few days. Saturday drug agents found 2,104 kilos of suspected marijuana in the fuel tank of a truck coming across the border from Panamá. Detained was a man with the last name of Guillén. |
 Ministerio Gobernación,
Policía
y Seguridad Pública photo This is the 50 kilos of marijuana
confiscated Monday. A larger amount was confiscated Saturday at the
nation's southern border.
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Brazil confronts massive
flooding that has left 21 dead and 82,000 evicted
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By the A.M. Costa Rica wire services
Brazilian civil defense officials report that at least 21 people have died and 82,000 have been driven from their homes by floods and mudslides in the country's northeast. The Brazilian government is releasing more than $300 |
million in emergency aid for the
states affected by the flooding. Governors of the affected states met with President Luiz Inacio da Silva in Brasilia Monday to request aid. Officials say 17 of the dead drowned in the state of Paraiba, where 14,000 have become homeless. |
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Esterillos Oeste is
site for migratory bird day By the A.M. Costa Rica staff
Esterillos Oeste in the central Pacific is for the birds Saturday. It is the I Festival de Aves Migratorias, kind of a despedida or farewell for migratory birds. The idea for the festival is to recognize the importance of these birds and the need to conserve them, said a summary of the event. Many species are being disrupted by the extensive development along the coasts. The event is part of the administration's Paz con la Naturaleza initiative. Organizers, which include the Museo Nacional will be putting on lectures, discussions, videos and even bird games, according to a program. There also will be the usual sale of food, typical dancing and music, normal at local fairs. Organizers also plan a 7 a.m. bird watching expedition of some 2.5 kms. or about a mile and a half. There also is a photo contest. Information on both can be found at the museum Web site. Esterillos is 10 kms or about six miles south of the first Jacó entrance. The museum reported that Costa Rica is a sometimes host to more than 200 species of tropical and neotropical migratory birds. Some winter here but others just stop enroute. Boat crew of four spends 16 hours on high seas By the A.M. Costa Rica staff
A boat on its way from Panamá to Puntarenas and a waiting buyer never got there Tuesday. The boat began taking on water and the four crew members abandoned the vessel and spent 16 hours in the water until a sports fishing boat found them, said the Ministerio de Gobernación, Policía y Seguridad Pública. The boat sank with 2,000 gallons of fuel aboard, according to the Servicio Nacional de Guardacostas. The four, two citizens of Chile and two citizens of New Guinea, were expected to arrive in Golfito late Tuesday on a coast guard cutter. Anesthesiologist convicted of abuse By the A.M. Costa Rica staff
An anesthesiologist got six years in prison Tuesday after a trial court convicted him of sexual abuse on a patient at Hospital Juan Santamaria in 2004. |
| A.M. Costa Rica Sports news local and from the wires |
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