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Weekly Report - 16 April 2014 (WR-14-15)
COSTA RICA: SolÃs suffers sucker punch as Intel ups sticks
Just two days after Luis Guillermo SolÃs savoured the sweetness of victory in presidential elections on 6 April he had to swallow a very bitter pill. Intel, the US chipmaker, announced it was closing its assembly operations in Costa Rica, resulting in the loss of 1,500 jobs. Intel’s decision will not only impact Costa Rica’s economic growth and exports but it will also have a hefty symbolic impact as the country had prided itself on being not merely an eco-tourism destination par excellence but also the home of cutting edge technology. The bad news did not stop with Intel. To compound SolÃs’s problems, Bank of America chose the same day to announce that it would also axe 1,500 jobs at its non-bank subsidiary, BA Continuum.
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