The Nica Business Consultant

[nicoli86]

A shepherd was herding his flock in a remote pasture when suddenly a brand-new BMW advanced out of a dust cloud towards him. The driver, a young man in a Broni suit, Gucci shoes, Ray Ban sunglasses and YSL tie, leans out the window and asks the shepherd, "If I tell you exactly how many sheep you have in your flock, will you give me one?"
The shepherd looks at the man, obviously a yuppie, then looks at his peacefully grazing flock and calmly answers, "Sure, Why not?"

The yuppie parks his car, whips out his Dell notebook computer, connects it to his AT&T cell phone. He surfs to a NASA page on the internet, where he calls up a GPS satellite navigation system to get an exact fix on his location which he then feeds to another NASA satellite that scans the area in an ultra-high-resolution photo. The
young man then opens the digital photo in Adobe Photoshop and exports it to an image processing facility in Hamburg, Germany. Within seconds, he receives an email on his Palm Pilot that the image has been processed and the data stored.

He then accesses a MS-SQL database through an ODBC connected Excel spreadsheet with hundreds of
complex formulas. He uploads all of this data via an email on his Blackberry and, after a few minutes, receives a response. Finally, he prints out a full-color, 150-page report on his hi-tech, miniaturized HP LaserJet printer and finally turns to the shepherd and says,
"You have exactly 1586 sheep."

"That's right. Well, I guess you can take one of my sheep." says the shepherd. He watches the young man select one of the animals and looks on amused as the young man stuffs it into the trunk of his car.

Then the shepherd says to the young man, "Hey, if I can tell you exactly what your business is, will you give me back my sheep?"

The young adviser thinks about it for a second and then says, "Okay, why not?"

"You're a consultant." says the shepherd.

"Wow! That's correct," says the young man, "but how did you guess that?"

"No guessing required." answered the shepherd. "You showed up here even though nobody called you; you want to get paid for an answer I already knew; to a question I never asked; and you don't know crap about my business."

"Now give me back my dog."

[URRACA]

sure must be lonely out there in Athens...........Georgia!!!

Keep up the good work

[nicoli86]

Like that joke? LOL a friend who was supposed to be putting electronics into a fighter plane sent that. I'll ask him if he was lonely. haha

[URRACA]

OPENNESS TO FOREIGN INVESTMENT

Nicaragua has made significant progress in opening its markets to foreign investment since 1991. This opening has contributed to an average GDP growth of 4.5 percent in recent years, and visible signs of investment and economic progress are especially evident in the capital, Managua.

The Foreign Investment Law, Law No. 344 of 2000 a) assures that foreign and domestic investment receive the same treatment; b) eliminates the need to sign an investment contract; c) abolishes the foreign investment committee; d) eliminates restrictions on the way in which foreign capital can enter the country, and; e) recognizes the investor's right to own property and use it as he wishes, and in the case of a declaration of eminent domain, receive proper indemnification. In general, the law did away with the requirement to sign a foreign investment contract in order to receive benefits, which most investors enjoyed anyway. The Ministry of Development, Industry and Trade (MIFIC) is responsible for the enforcement of the law. Investments contracted under the previous or any former law are still in force, unless the investor voluntarily decides to renounce that contract.

Investors freely repatriate profits through banks. The Embassy knows of no instances in which profit repatriation has been a problem. Foreign investors receive national treatment with respect to import/export policies. There are no onerous visa, residence, or work permit requirements which inhibit foreign investment, although investors who have lived in Nicaragua but did not comply with Nicaraguan law by failing to obtain a residency permit have encountered immigration problems. Investors should consult with Nicaraguan immigration authorities to ensure they have an appropriate visa or resident status while engaged in business in Nicaragua.

Individuals wishing to establish themselves permanently in the country must request a resident visa from the Office of Immigration. Several investors have been deported because they were deemed to be "working" on a visitor's visa, even though they had declared the purpose of their visit as "business" upon entry into Nicaragua. As investors move towards solidifying their investments (preparing to open bank accounts, registering their investment at MIFIC, etc.), they should consult with the Nicaraguan Immigration Service to determine if they need to file for residency or obtain a type of work permit.

Water and sewage systems and airports remain under exclusive ownership of the state. In 1998, Nicaragua began to open up to private investment other state-run sectors. Puerto Cabezas Port was leased to an American company in 2000. After four attempts, 40 percent of the shares of the national telecommunications company, ENITEL, was sold to a Swedish-Honduran consortium in 2001. There are currently two private enterprises that sell cellular telephones, beepers, and public phone booths. Nicaragua’s first private power plant began operations in 1997 and a second private plant came on line in early 1999. The government sold the distribution facilities of the state energy company (ENEL) to a Spanish firm (Union Fenosa) in 2001. In 2000, the government auctioned a 25-year lease for the state cement plant and has also leased the state gasoline distributor.

Two major U.S. energy companies interested in geothermal power generation projects withdrew from Nicaragua in 1999 after long, unsuccessful negotiations with the government. Meanwhile, three power generation companies (Amfels/Censa, May 1997; Tipitapa Power, March 1999; and ENRON, January 2000) successfully initiated commercial operations under Power Purchase Agreements.

In 2000, the National Assembly passed laws allowing the privatization of four state-owned companies: a cardboard manufacturer (CARTONICA), a textile company (FANATEX), a concrete product manufacturer (COPRENIC), and metal mechanic company (EMENSA). The Nicaraguan government is signing leases with options to buy with workers of these companies. The process is on-schedule for a September 2002 completion. Under an Inter-American Development Bank loan, the government seeks to contract out management of its water systems as a first step towards granting water and sewage concessions.

The government still owns an insurance company, a construction company, and various other enterprises. The military also operates several stores and companies that compete with local privately owned businesses.

The National Assembly passed a law in 1997 allowing private road concessions. The government eliminated its import monopoly in the petroleum sector in 2000. It also freed up prices on high-octane gasoline, lubricants, jet fuel, regular gas and kerosene. Price controls remain on liquefied natural gas.

CONVERSION AND TRANSFER POLICIES

Dollars are freely available through a legal parallel exchange market operated by local financial institutions. The Central Bank monitors this activity through a reporting requirement, but in all other respects private exchanges operate free from government controls. Embassy is aware of no instances where an investor has been unable to obtain dollars or repatriate earnings or capital. Exchange transactions at financial institutions are usually completed instantly. The Central Bank also buys and sells dollars, but charges a one-percent commission. Beginning in 1993, the Cordoba was placed on a monthly crawling-peg devaluation schedule at the rate of one percent per month. The government gradually reduced that rate of adjustment to nine percent per year, and then to the current six percent. The Central Bank reported that consumer price inflation in 2001 was 4.84 percent.

The U.S. Embassy has local currency expenditures of approximately $ 4.2 million per annum. Local currency is purchased through the U.S. Government Regional Finance Center in Charleston, South Carolina.

EXPROPRIATION AND COMPENSATION

Many thousands of individuals--including some 950 U.S. citizens--and corporations have filed claims for compensation for property confiscations that took place in the 1980s under the Sandinista government. The administrative mechanism for compensation is slow, cumbersome, and results in modest settlements. Compensation is generally based on the declared taxable value at the time of confiscation, without including lost profits or interest in the intervening decades. Payment is made in 15-year Nicaraguan government bonds that are currently trading for a fraction of face value (30 percent for newly issued bonds and somewhat higher for those nearing maturity). The new property tribunals established last year have proven a disappointment, because the Property Appeals Courts (Salas de Propiedad) consistently rule against original owners. While about 3,700 U.S. citizen claims have been settled, over 900 claims remain outstanding.

DISPUTE SETTLEMENT

Difficulty in resolving commercial disputes in Nicaragua, particularly the enforcement of contracts, is a serious obstacle to investment. There is a Commercial Code and Bankruptcy Law, but both need revision. On the whole, the legal system is cumbersome and often corrupt or subject to outside pressures. Enforcement of court orders is uncertain and often subject to non-judicial considerations. Misuse of the criminal system sometimes results in individuals being charged with crimes arising out of otherwise civil disputes, often for the purpose of pressuring those targeted into a accepting a civil settlement.

Because of the history of property invasions and confiscations, determining who is the legal owner of real property can be very difficult. Often, more than one person has seemingly valid title documents. A key weakness in the law allows legitimization - through subsequent sale to a third-party - of properties illegally taken from the rightful owner. Purchasing or leasing coastal property is especially risky, given legal limits to owning such land and easily-manipulated municipal governments' constitutional role in administering the coast. For these reasons, great care must be taken when purchasing or leasing land in Nicaragua.

Dispute resolution can be especially complex on the Atlantic Coast, where the division of authority between the central and regional autonomous governments is often murky. Furthermore, the traditional indigenous peoples of the Atlantic Coast have interpreted in a very broad way a regulation that says that the communities have ownership of their "traditional" areas. This has led to many challenges, both legal and physical, to purchases of property, even those with legal titles. Especially on the Atlantic Coast, many titles were improperly or fraudulently registered. Recently, the government has tried to reassert ownership of some coastal property even though the lands may have been in private hands before the enactment of a law declaring such areas sovereign territory.

Nicaragua is a party to the Inter-American Convention on Arbitration and a member of the International Center for the Settlement of Investment Disputes (ICSID). Arbitration clauses are recommended as a means to avoid the uncertainty of the judicial system.

PERFORMANCE REQUIREMENTS/INCENTIVES

Investors are generally not required to export specific amounts, incorporate minimum percentages of local content, agree to transfer specific technologies, or meet other performance criteria. In the fishing industry, investment and employment commitments have been made conditions for receiving licenses.

The 1997 tax law replaced a five-percent duty drawback for non-traditional exports with a 1.5-percent tax rebate for all exported goods. In addition, exporters can recover most import duties paid on raw materials and components that are incorporated in exported goods. Law 303, published in June 1999, sets a rebate on the luxury tax (IEC) for every pound of exported seafood provided all fuel used by the exporter’s fleet was bought in Nicaragua. The rebate amounts to: 37 cents on exports of captured shrimp tails, 7 cents on farmed shrimp, 10 cents on lobster tails, 5 cents on fish, and 5 cents on other seafood products.

The Tourism Industry Incentive Law, signed in June 1999, is now being fully implemented. To qualify for the benefits offered under the law, an investor must invest a minimum of $30,000 to $500,000, depending on the activity. Benefits, which are usually given for ten years, include property and income tax exemptions, as well as full or partial import tax or value-added tax exemptions on a list of tourism development materials. For more information, see the government Tourism Institute’s website at http://www.intur.gob.ni and Chapter 5 of the Country Commercial Guide.

RIGHT TO PRIVATE OWNERSHIP AND ESTABLISHMENT

Both foreign and domestic private entities or individuals may establish and own business enterprises and profit-making activities. Local law grants the right to freely establish, acquire, and dispose of virtually any type of business interest or property, with the exception of those sectors where government monopoly is established by law. The Embassy is aware of no instances where private enterprises were not treated on equal footing with public enterprises with respect to access to markets, credit, and other business operations. However, the local construction chamber has complained about competition from state construction companies.

PROTECTION OF PROPERTY RIGHTS

Protection of rights for both tangible and intangible (intellectual) property is inadequate, though improving, in Nicaragua. After signing a Bilateral Agreement on Intellectual Property Protection with the U.S. in early 1998, the National Assembly went on to pass a package of six modern intellectual property laws. The final law to pass was the Trademark Law, which came into effect in April 2001. Enforcement of Intellectual Property Rights remains weak, however. The government has initiated steps to fully enforce the laws.

Tangible Property: Lack of clear title to property, both urban and rural, continues to be a major impediment to investment. Many properties were confiscated during the Sandinista years and redistributed to individuals and cooperatives. Progress has been slow in either returning confiscated properties to their original owners or providing compensation, almost always in the form of government bonds. Many claimants would like compensation in comparable pieces of property (which was authorized by Nicaraguan law in 1999) or equity shares of to-be-privatized companies. The latter would require new legislation. In 2000, the government established new property courts, which are intended to speed-up resolution of claims for those who do not want to accept bonds. These courts have proven to be detrimental for the U.S. claimants, magistrates of the Property Appeals Courts - from which there is no further appeal - consistently rule against original owners.

Invasions of private property by squatters continue to be a problem, with both the central and local governments often powerless to prevent such takeovers. There are a variety of mechanisms by which title to invaded land can be legitimized, to the harm of the original owner. For more information, see the “Dispute Settlement” section earlier in this chapter.

Intellectual Property: Nicaragua approved the World Intellectual Property Organization’s (WIPO) “Internet Treaties” in early 2002. These treaties, officially the WIPO Copyright Treaty and WIPO Performances and Phonograms Treaty, will become official once they appear in the federal register in mid-2002. On January 7, 1998, Nicaragua signed a Bilateral Intellectual Property Rights Agreement with the United States -- the first such agreement in Central America and only the fourth in the hemisphere. The agreement covers copyrights, patents, trademarks, semiconductor layout designs, and encryption encrypted program-carrying satellite signals, trade secrets, and industrial designs. The agreement addresses criminal and civil penalties for infractions and requires a level of protection that exceeds Nicaragua's commitments to the World Trade Organization's Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). The agreement called for full implementation by mid-1999, a deadline that Nicaragua did not meet. The new Trademark Law was published in 2001, completing implementation. In 1998, Nicaragua also signed a Free Trade Agreement with Mexico, which includes some protection for intellectual property rights. Agreements have also been signed with the Dominican Republic, Chile and Panama, but not yet implemented.

Patents: In February 1996, the National Assembly ratified the Paris Convention for the Protection of Industrial Property. In June 2000, the National Assembly passed a modern patent law, which provides protection for 20 years.

The National Assembly passed the Law on Protection of Plant Varieties in 1999, but it is being challenged in the Supreme Court. The government sent the instruments of ratification of the 1978 International Convention for the Protection of New Plant Varieties to the United Nations.

Copyrights: There is piracy of video and sound recordings, U.S. satellite signals and broadcast theft. In July 1999, the National Assembly passed copyright legislation that greatly strengthens copyrights. A complementary law on television programming carriers was passed in November 1999. Much of the broadcast and satellite signal theft has stopped, and formerly illicit cable operators are negotiating agreements with programmers. Videocassette piracy remains a major problem, although there is now at least one legitimate video distributor. Enforcement continues to be the major problem. The Government has twice seized illegal materials in the capital city recently, but the seizures are not systematic or consistent. Nicaragua is a signatory to the following copyright conventions:

- Mexico Convention on Literary and Artistic Copyrights (1902)
- Buenos Aires Convention on Literary and Artistic Copyrights (1910)
- Inter-American Copyright Convention (1946)
- Universal Copyright Convention (Geneva 1952 and Paris 1971)
- Brussels Satellite Convention (1974)
- Bern Convention for the Protection of Literary and Artistic Works (1971)
- Geneva Convention for the Protection of Producers of Phonograms (1971)

Trademarks: The new Trademark Law was published in April 2001, completing the package of laws required under the bilateral agreement. It should provide protection for internationally recognized trademarks.

Trade Secrets: The new Patent Law provides protection for trade secrets.

Semi-conductor Chip Layout Design: A law to protect integrated circuit chip design was passed by the National Assembly in December 1999, and the government has issued implementing regulations.

TRANSPARENCY OF THE REGULATORY SYSTEM

Despite significant streamlining in recent years, Nicaragua's legal and regulatory framework remains cumbersome. The rules are not fully transparent, and much business is still conducted on a "who you know" basis. Lack of reliable dispute resolution mechanisms -- whether judicial or administrative -- complicates even relatively minor disputes with the authorities or local business contacts. Although the 1997 tax law eliminated many special tax exonerations, investors still express frustration at a high level of discretionality and over-centralized decision-making in taxation and customs procedures.

EFFICIENT CAPITAL MARKETS AND PORTFOLIO INVESTMENT

Nicaragua's capital base is small and the financial system has limited assets. As of December 2001, total assets in the Nicaraguan financial system had reached $1.9 billion. 70 percent of those deposits are held in dollars. The market establishes interest rates. At present, interest rates range from 16-29 percent for short-term loans and 14-23 percent for long-term loans with "maintenance of value" provisions (i.e., the loan is indexed to the Dollar-Cordoba exchange rate present at the time of loan approval). A previous clause limiting domestic financing of foreign investors to short-term working capital has been eliminated through the Foreign Investment Law. Although foreign investors have the same credit opportunities as local investors, large-scale credits are rarely observed due to a limited capacity to fund big projects. In 2001, loan portfolio assets dropped 18 percent to $696 million. In addition, long-term financing has been scarce; however, outstanding loans of one year or less have dropped from 85 percent of total loans in 2000 to 41 percent in 2001.

Commercial banks are supervised by the Superintendency of Banks, which has intervened in seven banks due to a series of deficiencies. In the span of one year (August 2000-August 2001), four local banks were taken over and auctioned. The assets from the failed banks are to be liquidated in late 2002 and 2003. The four bank failures have cost the government an estimated $400 million. One key result of the financial crisis has been the implementation of a law assuring deposit insurance. In the first six months of the law’s existence, the government guaranteed 100 percent of all deposits. Following that initial period, deposits were guaranteed for up to $20,000 per depositor, per institution. The banks are currently paying into a fund to back this insurance.

Nicaragua is facing an impending internal debt crisis resulting from an accumulation of $800 million in long-term property bonds issued to compensate owners for government expropriations during the Sandinista era, as well as the government issuance of $700 million in short-term bonds to cover GON losses resulting from the bank failures. The property bonds are scheduled to mature starting in 2006, with the bulk scheduled to mature between 2008-1011. The outstanding Central Bank bonds will be maturing during 2003-2004; 2004 is viewed as a particularly critical year. As well as being a considerable burden to public finances, the internal debt creates a perverse incentive to private banks, which prefer to derive profit from government papers rather than provide credit to productive sectors. The government is working to develop a plan to start paying back this debt.

The Superintendency of Banks also regulates insurance companies, leasing firms, and the stock exchange. The stock market is underdeveloped in Nicaragua. Government bonds dominate transactions on the stock market. Several private firms have issued commercial paper, but not equity stock, as Nicaraguan companies tend to be reluctant to go public. There are no laws or regulations that specifically authorize private firms to adopt articles of incorporation or association that limit or prohibit foreign investment, participation or control. The Embassy is not aware of any other practices by private firms to restrict foreign investment, participation in, or control of domestic enterprises. The Social Security Law, passed in May 2000, allows private agencies to administer pension funds under the supervision of the Superintendency of Pensions. When these administrators start operations in 2003, the funds will be available for private investment, up to 30 percent outside Nicaragua.

POLITICAL VIOLENCE

Political violence is not prevalent in Nicaragua. There have been no recent instances of political violence targeted against foreign business operations. The lack of violence relative to the rest of the region has been cited by numerous foreign investors as a key incentive for investment in Nicaragua. Rural areas in the mountainous north and central Nicaragua continue to see some violence by groups of bandits formerly part of armed political factions. In 2001 and early 2002, the police and army successfully disbanded one such group responsible for the vandalizing of the Mining Triangle near the Atlantic Coast. Former residents have since returned to the area, and no further activity has been reported.

CORRUPTION

The Bolaños Administration, which took office in January 2002, has been working to address the corruption prevalent in the prior government. The Attorney General’s Office has indicted several senior government officials from the previous Administration, who are in jail awaiting trial, and indicted others who have since fled the country.

The Bolaños Administration supports efforts to strengthen the judicial system through the approval of a “Judicial Career Law” that makes the selection and retention of judges merit-based. Nevertheless, corruption remains a problem in the court system. The Office of the Controller General (CGR) is a partisan body controlled by the two leading political parties, that has not succeeded in bringing corruption cases to the courts. The Office of the Attorney General has been active in investigating and prosecuting cases of corruption, most recently in the case against Byron Jerez, the former head of the government’s tax agency, who is currently in prison awaiting trial. Bribery is illegal in Nicaragua. During the previous administration, foreign investors reported instances of government officials refusing to perform routine services unless bribes are paid, or asking for "silent partnerships" in companies in exchange for "making life easier." Additionally, the concept of “conflict of interest” is not widely understood, and political factors can affect business decision-making.

The Government Procurement Law passed in 2000 should make bidding procedures more transparent. Currently, most government procurements have to be announced in the main newspapers and posted on the internet.

BILATERAL INVESTMENT AGREEMENTS

Nicaragua has signed and ratified bilateral investment agreements with the United States, Mexico, Spain, Taiwan, Denmark, the United Kingdom, the Netherlands, Korea and Ecuador. The U.S.-Nicaragua Bilateral Investment Treaty has been submitted to the U.S. Senate for ratification.

OPIC AND OTHER INVESTMENT INSURANCE PROGRAMS

The U.S. Overseas Private Investment Corporation offers financing for U.S. investments in Nicaragua. It can also provide political risk, expropriation, and inconvertibility insurance. Nicaragua participates in the U.S. Department of Agriculture's GSM-102/103 program providing credit guarantees for the importation of selected U.S.-origin agricultural products. The Nicaraguan private sector is eligible for the U.S. Export-Import Bank's short and medium-term programs to finance U.S. exports. Nicaragua is a member of the World Bank’s Multilateral Investment Guarantee Agency (MIGA).

LABOR

Nicaragua's labor force, estimated at 1.9 million workers, is rural-based and largely unskilled. An estimated 43 percent of the employed population is working in the agricultural sector, 15 percent in manufacturing, and 42 percent in services. In 2001, the Government estimated an unemployment rate of 10.7 percent and a combined unemployment and underemployment rate of 23 percent; unofficial estimates are significantly higher. Nicaragua has the lowest population density in Central America. There is a shortage of skilled technicians and managerial personnel.

The high unemployment rate has eroded the strength of the trade union movement. Less than one-third of the unionized labor force belongs to the National Labor Federation (FNT), an Sandinista-affiliated umbrella organization. Workers may freely exercise their right to strike, but only after exhausting other methods of dispute resolution, including mediation by the Ministry of Labor. Despite the code’s provisions for streamlining the mediation process, some unions ignore them when initiating a strike. The Labor Code requires employers to demonstrate just cause and obtain approval from the Ministry of Labor before firing union leaders or laying off workers. Employers who sidestep this provision may be forced to reinstate the fired employees. Approval to lay off employees is usually granted by the Ministry, but may not be immediate.

The Labor Code contains many benefits that increase business costs. For example, there are generous medical (including maternity) leave and vacation provisions, and upon termination the employer must pay a month's salary for each year worked, up to five months salary. At year-end, employers must pay the equivalent of an extra month's salary. Potential investors should review the law’s requirements before initiating business activities.

FREE TRADE ZONES

45 firms (Nicaraguan, U.S., Asian, and European) are currently operating under the free trade zone regime, primarily manufacturing clothing. The state-owned Las Mercedes Industrial Free Trade Zone is located near Managua's international airport. Additionally, there are ten private free trade zones (Index, Saratoga, Opinsa, Unisebaco, San Marcos, Zip Argeñal, Senika, Mateare, Granada and Tipitapa). Investors report that the quality of the work is quite good for repetitive, simple tasks, but considerable additional training is necessary for employees to perform more complicated tasks. The free trade zones generated $ 380 million in exports in 2001, up from $300 million in 2000. Currently there are approximately 40,000 jobs at the various Free Trade Zones. They are a major source of employment growth, a cornerstone of the Bolanos administration’s agenda.

FOREIGN DIRECT INVESTMENT STATISTICS

New investment (public and private) in 2001 amounted to $648.5 million, a 2 percent decline from 2000. Foreign direct investment in Nicaragua declined to $110 million in 2001 compared to $150 million in 2000, following increases to more than $300 million in 1999 and $184 million in 1998. This decline can be attributed in part to the national elections held in November. Many private investors delayed investing pending the outcome of the election. Private investment flows are primarily in tourism, construction, services, industry, energy, and aquaculture.

MAJOR FOREIGN INVESTORS

* ESSO STANDARD OIL (U.S.), refiner and major distributor of petroleum derivatives
* E. D. AND F. MAN (U.K.), agriculture supply and financing firm
* BELLSOUTH (U.S.), investments in cellular phones and service
* AMFELS (Singapore), energy generating plant
* TEXACO CARIBBEAN (U.S.), sales of petroleum derivatives
* HOTEL INTERCONTINENTAL MANAGUA (U.S.), owned by Taiwanese investors
* HOTEL INTERCONTINENTAL METROCENTRO (U.S.), owned by Salvadoran investors
* HOTEL MONTELIMAR (Spain), owned by the Barcelo Group
* BAYER QUIMICAS (Germany), production of agro-chemical products, primarily for domestic consumption with German, Salvadoran, and Guatemalan investment
* PEPSI-COLA (U.S.), soft drink manufacturer.
* KATIVO DE NICARAGUA (U.S.), paint and paint-related products
* KRAFT FOODS-NABISCO (U.S.), processed foods with U.S. and Nicaraguan capital
* TRITON (Canada), mining company with gold mining interests
* GULF KING (U.S.), shrimp boat fleet
* NICA HOLDINGS (U.S.), variety of seafood processing operations and a flower nursery
* SAN MARINO SEA FARMS (U.S.), aquaculture firm with Nicaraguan and U.S. capital
* SAHLMAN SEAFOODS (U.S.), aquaculture operation
* SHELL NICARAGUA (U.K.), petroleum distributor
* FREE TRADE ZONES (U.S., Taiwan, Korea, Nicaragua), more than 40 companies mostly in apparel
* COCA-COLA (U.S.), soft drink manufacturer with capital from the United States, Mexico, Venezuela and Nicaragua
* HOLIDAY INN (U.K.), franchise with Nicaraguan and U.S. capital.
* METROCENTRO (El Salvador), shopping mall
* PLAZA INTERCONTINENTAL (Taiwan, Nicaragua), shopping mall, cinemas, conference rooms
* HOTEL PRINCESS (El Salvador, Guatemala, Nicaragua)
* COASTAL POWER (Tipitapa Power Co.—U.S.), power generation with capital from Nicaragua and the United States
* ENRON (Corinto Power Co.—U.S.), power generation with capital from Nicaragua, Great Britain, Guatemala and the United States.
* CINEMARK (U.S.), movie theaters
* LEGENDS HOTEL (U.S.)
* HELECHOS DE NICARAGUA, S.A. (U.S., Nicaragua), fern farm
* ORMAT (Israel), geothermal power generation.
* UNION FENOSA (Spain), energy distribution firm.

[nicoli86]

LOL... You just print that 150-page report on your hi-tech, miniaturized HP LaserJet printer? or copy paste from NASA?

one of the well trusted investors is ENRON? hahaha I'll be down in October and invest in a 12 oz. Victoria... With luck, I should become a major share holder in a case. Still having trouble to ownership of the bottles.

[URRACA]

Nicaraguan man says 'I do', 'I do', 'I do'...

July 10 2003 at 01:54AM
Quickwire

Managua - His name is Miguel, but his friends call him "Don Juan" - after he married 15 women in three years while divorcing none, prosecutors said on Wednesday.

A tenacious worker at the office of civil registries uncovered Miguel Gutierrez, by searching for records of previous marriages when the businessman attempted to register marriage number 15.

Prosecutors said Gutierrez, 38, married women to improve their chances of finding work outside Nicaragua.

Gutierrez, a former immigration office worker, denies the charges.

'I'm taking it easy'
Prosecutors noted that the computerised civil registry only goes back three years, so Gutierrez may face additional violations.

Investigators could locate only the most recent of the 15 wives. The rest had left Nicaragua to work in neighbouring countries.

Gutierrez said his new wife does not believe the charges, nor does she feel any jealousy toward the other 14.

"I'm taking it easy," he said. - Sapa-AFP

[nicoli86]

Thats funny!! Now thats the job to have!!! haaaa