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11 October 2003
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 NEWS
updated by 7:00 a.m. CST each day


Rica Foods Creates Trust to Pay Debt
Miami-based Rica Foods said it has agreed to restructure $36.3 million in debt, pledging or contributing substantially all the assets of its subsidiaries to a trust to secure the debt obligations the poultry and animal feed producer owes to nine financial institutions. 

Because it has established the trust, Rica Foods said participating lenders agreed to waive any and all defaults to them - excluding defaults from failure to pay interest as due - that the subsidiaries have committed or may commit before March 22, 2004. However, non-participating lenders are already working to collect Rica Foods debt. 

Rica Foods subsidiaries are Corporacion Pipasa and Corporacion As de Oros, both primarily poultry firms with operations in Costa Rica. 

As for those creditor banks not joining the trust agreement - which account for $11.3 million in Rica Foods debt - the company said it is current in its payments to all those banks, except for an $800,000 debt owed to Citibank (Costa Rica). 


Monitoring Explosions
An abandoned gold mine in Abangares, Guanacaste - northwestern Costa Rica - is home now to a monitoring station that can detect and locate any nuclear explosion or major earthquake anywhere in the world. 

The station is part of the Network for the World Verification of Nuclear Arms and is also part of the technical support for the treaty on the ban of nuclear tests and nuclear explosions, whether for military or civilian purposes. The highly modern equipment of the station will make it possible also to establish accurately the epicenter, depth, and force of an earthquake. 

The station is linked by satellite to the International World Center of Communications Data and Infrastructure in Vienna, Austria, headquarters of the system that involves 337 stations throughout the world.


Corruption Ranking
Far from improving, Costa Rica lost 10 positions in the world corruption index that Transparency International makes every year. 

Last year, Costa Rica was 40th in the ranking of the nations with the lowest corruption, but it is now in the 50th position, below other Latin American nations such as Chile, Uruguay, and Cuba. 

Costa Rica shares its position with Greece and South Korea. While Finland has the least corruption, Bangladesh has the most, according to the ranking.


Inflation Slowed Down
Even though prices continued increasing, the rhythm was slower in September. The National Statistics and Census Bureau reported that consumer prices increased by 0.13 percent in September, as compared to August. 

The overall inflation for the first nine months this year thus reached 5.75 percent, according to the Bureau.



 
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G-22 meet for common strategy against farm subsidies 
The Group of 22 (G-22) began a meeting in Buenas Aires, Brazil,  on Friday to come up with a common strategy against agricultural subsidies in rich nations for the negotiations of theWorld Trade Organization (WTO). 

The G-22, an economic bloc formed by developing countries during the WTO ministerial meeting in Cancun, Mexico, aims to press for an end to agricultural subsidies in rich countries. 

It is the group's first meeting after the failure at the meeting in Cancun. 

Argentine Foreign Minister Rafael Bielsa said the meeting was important for pooling different ideas. 

Participants will evaluate the outcome of the Cancun meeting and examine the perspectives of agricultural business before the WTO meeting in December in Geneva. 

The G-22 believes that the subsidies to producers in rich nations will erode the competitiveness of agricultural products from developing nations. 

The G-22 is made up of 20-odd developing countries including Argentina, Brazil, China, India and Mexico. On Thursday, Costa Rica, reportedly under pressure from the United States, joined Colombia, Peru and El Salvador in announcing they withdrawal from the group. 


Pacific Rim Exposition in Peru attracts 300 
At least 300 participants from 14 countries signed up to participate in the 25th International Pacific Rim Exposition which will be held on Nov. 17-22 in Lima, Peru, executives of the exposition center announced on Friday. 

China will send a delegation of 90 members and Russia 50 members to the exposition. 

The participants will also include companies from Argentina, Brazil, Bolivia, the Czech Republic, India, Indonesia, Italy, Malaysia, Poland, Romania, Serbia and Montenegro, South Korea and the United States, with their respective industrial and technological offerings.


US to tighten travel restrictions to Cuba: Bush 
US President George W. Bush announced Friday that the United States will tighten its travel restrictions on US citizens' travel to Cuba. 

"Clearly, the Castro regime will not change by its own choice, but Cuba must change," Bush said at a White House Rose Garden gathering.


US cable network to shoot movie on Schwarzenegger's campaign for governor 
A US TV network has decided to shoot a two-hour biographic movie based on the successful campaign by Hollywood action star Arnold Schwarzenegger in the just-concluded California gubernatorial race, the Hollywood Repoter reported Friday. 

The A&E Network said the movie, entitled "See Arnold Run," should be ready in late summer 2004. 

To be produced by Cypress Point Prods, the move will blend drama and humor to trace Schwarzenegger's life from his early days as a bodybuilder to his recent political triumph being elected governor of California. 

"He is the personification of the American dream," said Abbe Raven, executive vice president and general manager of A&E. "This is one of those stranger-than-fiction stories that you just couldn't make up." 

The Austrian-born Schwarzenegger, who rose to fame as a bodybuilder and star of "Conan the Barbarian" and the "Terminator" movies, was elected Governor of California Tuesday after voters recalled the unpopular Democrat governor Gray Davis. 

The movie's casting decisions by A&E would not be made until a script is completed, but it has a wish list of actors, including Dennis Quaid, Viggo Mortensen, Willem Dafoe and Billy Campbell. Courteney Cox tops a similar list of actresses who could play Schwarzenegger's wife, Maria Shriver. 

On the print front, Simon & Schuster said it will publish a book by humorist Andy Borowitz entitled "Governor Arnold: A Photodiary of Schwarzenegger's First 100 Days in Office."

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