Juni 2008: Nieuwsflits Guatemala
From Handelswijzer Midden-Amerika van de Koninklijke Nederlandse Ambassade te Costa Rica
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HSBC began process for operating in Guatemala
Hong Kong and Shanghai Banking, (HSBC) is working on the process for operating in Guatemala. Edgar Barquín, Bank Superintendent, stated that HSBC has already fulfilled all the requirements but they are still evaluating its economical and financial viability, this should take no longer than two months. Roy Caple, Executive Director of Public Affairs for HSBC mentioned that they are just waiting for the approval in order to start operating in Guatemala. He also stated that part of their initial strategy will be to focus on the corporate sector.
FMI concludes consultation with Guatemalan government
With positive perspectives and a favourable analysis, the International Monetary Fund presented the results of the evaluation carried out in Guatemala during the month of May. The report indicates improvements should be made in the national macro economy, increase in international reserves, economic growth during the last two years and recovery of the banking system after the suspension of two banks in 2006 and 2007. Additionally the report shows that the fiscal status is solid and the raise in inflation last year was caused mainly by the increase on international prices of fuel and raw materials.
Mexico will offer better prices in energy
Guatemala and Mexico reached an agreement in which the price of imported electricity form Mexico could be up to 25% cheaper than the one in the local market. This was announced by the National Electrification Institute of Guatemala (INDE) one week after Presidents of both nations announced the benefits of the electric interconnection which is expected to be finished by the end of this year. According to Alberto Cohen, INDE’s President, the price of energy imported from Mexico will be between US$100 and $150 per hour-watt.
U.S. Sub-Secretary of State visits Guatemala
During his visit to Guatemala, John Negroponte, sub secretary of State, valued as positive the Central American integration process and the results of the CAFTA (Central American Free Trade Agreement with U.S.). Negroponte recognized that two years is a short time to be able to make a deep analysis of CAFTA, since its effects are foreseen for the medium and long term. It is too early to make and evaluation of the Agreement, he stated. He also mentioned that the mayor effect in the short term has been the increase of commercial flow between the two regions. According to the Department of Commerce of the U.S., during the first three months of 2008 commercial exchange with Guatemala reached US$1,928 million, US$288 million more than the same period in 2007.
Guatemalan pound of coffee sold at a record US $ 80,20
During the international auction, Cup of Excellence, Guatemalan coffee reached a national record at US$80.20 per pound. This price is US$60.70 higher than the one paid last year. Global sales at the auction also reached a world record. 77 buyers from 14 countries participated in the auction, mostly from the United States and Japan. This auction is carried out in nine countries: Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, Colombia, Bolivia, Panamá and Ruanda. Each country holds its own auction on different dates.
