The profitability of Spanish hotels plummeted 5 percent in 2003, said Ramon Estalella, secretary-general of the Hotel Association of Spanish Tourist Zones (ZONTUR is the acronym in Spanish); though no real data will be disclosed until March this year.

“We must bear in mind that we knew what we’re coping with in the first place because as soon as March last year we were very keyed up about the way 2003 was going. We knew 2003 was headed for disaster as result of the SARS outbreak and the war in Iraq,” Mr. Estalella pointed out.

Brazil’s gross national product (GNP) will grow 3.5 percent next year, a couple of private institutions reportedly pointed out this week in the nation’s capital.

The new forecast was independently made by the National Industry Confederation (NIC) and the Brazilian Society of Studies on Transnational Companies and Economic Globalization (BSSTCEG) based on reckonings of direct foreign investment expected to reach $15 billion in 2004.

Costa Rica is just within an ace of inking a free trade agreement with the Caribbean Community (CARICOM), the Central American country’s Government Minister Ricardo Toledo reportedly said.

“The FTA with CARICOM is a fact and we’re going to sign it anytime soon. I wish it were this year,” Mr. Toledo was quoted as saying in morning newspaper La Prensa Libre. The signing ceremony could take place in Jamaica as soon as the island nation’s secretary-general Edward Greene gives it the green light.

The arrival of tourists to Chile soured 12.8 percent this year with dramatic increases in the number of European travelers, the country’s National Tourism Service (SERNATUR) reported this week. A grand total of 1,676,976 visitors spent $1.04 billion in Chilean territory for a solid 8.4 percent growth compared to last year’s digits, the state-run service informed.

France-based tourist company Club Mediterranée has just disclosed 94 million euros ($115 million) in gross losses over the past fiscal year.

According to the group’s front office, sales in that span of time barely peaked 1.6 billion euros for a 3.5 percent slide compared to the previous fiscal year.

In the same breath, the company took a 3-million-euro plunge in business operations.

However, the French group managed to stay in the black for most of the twelve-month period.

Embraer, Brazil’s megabuck aviation company, landed a contract for at least $1.35 billion to sell 45 190-model planes to Air Canada with an option for 45 additional aircraft later on. The news helped shoot up share prices for the Brazilian firm in the local stock market.

The announcement that Air Canada split up the purchase of aircraft for a new fleet between Embraer and Canada-based Bombardier Inc. –the Brazilian company’s top competitor in the market- made Embarer’s high-end stocks close with 5 percent gains in the Sao Paolo Stock Exchange.