The Tico Times Online Daily Page

Daily Edition: San José, Costa Rica, June 7, 2004

PROTEST: A student demonstrates against the 34th General Assembly of the Organization of American States (OAS) in Quito, Ecuador. Representatives of the 34 OAS nations are expected to elect former Costa Rican President Miguel Angel Rodríguez as secretary general of the organization.
AFP Photo/Martin Bernetti Copied from ticotimes.net

June 7

Crazy Night of Dancing and Music
DJ Leo and Ensamble Etnico will be playing at Las Noches de Mundoloco, 9:30 p.m. at the Jazz Café in San Pedro. Special guest dancers: Alejandra García (Flamenco) and Maricruz Miranda (belly dance). Entrance ¢2,000. Info: 253-8933.

Art Exhibit
Rare manuscripts, photos, graphic works, oil paintings, water colors, jewel design and drawings by renowned Costa Rican painter Francisco Amighetti, 8:30 a.m. to 4:30 p.m. at the Children’s Museum in San José. Info: 258-4929 ext. 122.

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Next OAS Head Pledges to Strengthen
U.S.-Latin American Relations

Former Costa Rican President Miguel Angel Rodríguez (1998-2002), who is expected to be elected secretary general of the Organization of American States (OAS) today, says his main focus of attention in his new post will be to strengthen relations between the United States and Latin America.

Latin America has been neglected by Washington D.C. following the Sept. 11, 2001, terrorist attacks, Rodríguez told Agence France Press wire service in an interview last weekend.

“With the United States we have advanced in issues of security and trade, in the construction not only of the [Free-Trade Area of the Americas] FTAA, but also in sub-regional trade agreements,” Rodríguez explained. “There’s no doubt, when the United States is occupied with other things, it dedicates less attention to the hemisphere’s problems.”

Rodríguez, 64, has secured the pledged support of all 34 OAS member states (TT, June 4).

He is expected to be elected unanimously today during the organization’s General Assembly, being held since yesterday in the Ecuadorian capital city of Quito. Rodríguez will take over for Colombian César Gaviria, who has been head of the OAS for the past 10 years. Copied from ticotimes.net

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Pension Funds Recover

The historical returns of pension funds operating under the country’s Obligatory Complementary Pensions Plan averaged 17.8% at end of last month. This marked a drop compared to previous months, according to Javier Cascante, Superintendent of Pensions.

The drop in returns, which was caused by a drop in the price of Costa Rican Central Bank and Finance Ministry bonds, reduced the interests earned by average customers by ¢2,600 ($6), but did not affect the contributions to the funds made by workers. Several thousand pension fund affiliates withdrew their money fearing greater losses (TT, May 28).

For example, a worker who earns ¢251,570 ($579) a month and has been part of the regimen since its inception in January 2001 had by May 31 of this year earned ¢67,898 ($156) in interest. In May, that person lost ¢4,330 ($10), according to the Superintendence of Pensions (SUPEN).

“We consider the effect [of the readjustment in bond prices] relatively small and should not create any type of worry among the affiliates,” Cascante explained. “The system’s historical returns are much higher than inflation, even considering the drops in returns reported during the month of May.”

Cascante explained that affiliates of the pension plan would be informed of negative returns in their May statements. However, the losses will be recovered in the coming months, he ventured.

He reminded affiliates to be “prudent” and understand pension funds are a tool for long-term saving. The losses reported last month were part of a greater worldwide phenomenon caused by the expectation of an increase in interest rates in the United States, which has affected not only Costa Rica but other emerging markets as well, he said.

Cascante stressed the safety of Costa Rican pension funds, which he said are subject to the “highest international standards” and closely monitored by SUPEN. Copied from ticotimes.net

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Taiwanese Vice-President’s
Visit to Region Concludes

Taiwanese Vice-President Annette Lu Hsiu-lien concluded her visit to Central America yesterday in Guatemala. The trip also included stops in El Salvador and Costa Rica.

The purpose of the tour, according to her delegation, was to strengthen ties between Central America and Taiwan. The Vice-President was accompanied by an entourage of 60 business leaders, public employees and journalists.

While in Guatemala, Hsiu-lien met with President Oscar Berger, who suggested the possibility of negotiating a free-trade agreement between Central America and Taiwan. She also met with 1992 Nobel Peace Prize winner Rigoberta Menchú.

Hsiu-lien visited Costa Rican President Abel Pacheco during her visit here last week (TT, June 4).

The countries of Central America are among the 27 countries that officially recognize Taiwan. Most countries recognize the People’s Republic of China [mainland China], which considered Taiwan to be a “rogue province” and not an independent state. Copied from ticotimes.net

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Wednesday October 26, 2005