BUSINESS & ECONOMICS

$25 million surplus

The U.S. government announced this week that Honduras registered a surplus of $25 million in the commerce of goods and services with the United States in 2006. This figure looks set to change the nature of Honduran commercial relations, since traditionally Honduras has been in deficit. The commercial surplus of Latin America and the Caribbean with the United States grew 11 percent in 2006, mainly due to the increase of sales in Mexico. Altogether last year, the region registered a surplus in its commerce of goods and services with the U.S. to a value of $106.6 million, compared with $96.6 million in 2005. El Heraldo

Chinese want to invest in casinos

Salomón Lopez, President of the Chamber of Commerce and Honduras-China Relations (CCHIC), talked in a press conference this week about the profits obtained during the first year of CCHIC and Chinese operations in Honduras. It was discussed that there is a lack of information about the businesses that can be carried out in Honduras, and that diplomatic relations with China are nonexistent. These are some obstacles in the way of stimulating business relations between China and Honduras. Nevertheless, the Chinese expressed an interest in tourism, marine industry and in the law that governs the installation of casinos in Honduras. At the moment, Honduras imports more than $200 million worth of products from China, the majority of which are toys, while Honduras exports coffee, tobacco and some valued raw materials to the value of $14 million. El Heraldo

Electrical subsidies reduced

Following a visit to Honduras by the International Monetary Fund (IMF), the government has decided to reduce its electrical subsidy by 1.5 million lempiras. 600,000 people who represent 80 percent of the clients of the National Company of Electrical Energy (ENEE), receive a state contribution towards electrical costs because they consume between 200 and 300 megawatts of energy per month. The government has been advised that subsidies should only be given to those who consume 100 megawatts per month, as to identify those in the most extreme poverty. The government wants to direct more than 1.5 million lempiras to subsidize transport tariffs, student bonds and the power subsidies. The IMF will discuss an economic program in Honduras over the coming days. El Heraldo

Increases predicted in national deficit

The Honduran fiscal deficit will increase from 2006 to a predicted 5 billion lempiras, 2.6% of Gross Domestic Product, announced Rebecca Santos, Minister of Finance, in an interview with El Heraldo. The deficit comprises 5.2 billion lempiras of external debt and -173.6 million lempiras of internal debt, balancing at 5.0 billion lempiras. El Heraldo

Business against child labor

Honduran businesses have promised to dedicate themselves to the eradication of child labor, in conjunction with the United National Commission for the Eradication of Child Labor. It is estimated that there are an approximate 290 000 children working in Honduras, the majority of which are employed in agriculture, domestic work and as street vendors. La Tribuna

President's salary 63 000 lempiras per month

In reaction to demands made by Juan Francisco Ferrera, coordinator of the National Anticorruption Commission, President Manuel Zelaya has published his salary as 63 000 lempiras per month. The President, whose salary works out at a total 2,100 lempiras per day, earns less than the judges in the Supreme Court of Justice and the National Commissioner for Human Right