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Latin America’s Tango with China

INTERMEDIATE / ADVANCED SPANISH VOCABULARY – READ THE BOOK

usnews.com/ – Simeon Tege – lWhen Peru’s President Pedro Pablo Kuczynski welcomed his Bolivian counterpart Evo Morales for a bilateral summit in Lima earlier this month, a long-mooted interoceanic train was on the agenda once again.

The idea is for the railway to run more than 2,000 miles from Brazil’s Atlantic coast, potentially cutting through the Amazon and over the Andes, to one of Peru’s Pacific ports. The megaproject would be a massive feat of engineering, comparable in scope and geostrategic purpose to the Panama Canal.

It would help integrate South America but, above all, slash the time and cost of sending raw materials to China and, in return, importing manufactured goods from the Asian giant. Read Article

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Cuenca, Ecuador: Prosecutors, Police Raid offices of prominent family in corruption case

Cuenca, Ecuador: Police Raid offices of Eljuri Group in reference to Odebrecht corruption scandal eltiempo.com.ec reported the Office of the Prosecutor and the Judicial and Criminal Police, last night raided the offices of the Eljuri Group, located in Gil Ramírez Dávalos Avenue and Armenillas, as part of a research process. Police and prosecutors raided the […]

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Posorja, Ecuador: Groundbreaking for billion dollar port

hellenicshippingnews.com / The President of Ecuador Lenín Moreno and DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem today performed a ground-breaking ceremony to mark the start of construction of the greenfield multi-purpose port project at Posorja, Ecuador. The ceremony follows the 50-year concession the company won last year from the Government of Ecuador […]

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German Firm Investing Substantial Dollars in Ecuador, primary focus tourism

(Prensa Latina) German’s investment opportunities in Ecuador are growing today, with the proposal of DSH (Deutsch Spanische Handelsgesellschaft) company to allocate $500 million USD to implement tourism projects in this South American country. During a meeting at the Presidential Palace with Head of State, Lenin Moreno, DHS president Claudio Chaques also expressed his company’s interest […]

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Buenos Aires Argentina: After 140 years English language newspaper shutting down

INTERMEDIATE / ADVANCED SPANISH VOCABULARY – READ THE BOOK theguardian.coml reported the Buenos Aires Herald, a storied English-language newspaper lauded for its coverage of Argentina’s 1976-1983 military dictatorship, will close after more than 140 years of publication, the newspaper has announced. “Herald’s staff have been informed that the newspaper is closing,” the paper said in […]

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ECUADOR’S LEADING FAMILY BUSINESS GROUPS

Wikileaks.org. ECUADOR’S LEADING FAMILY BUSINESS GROUPS Date: 2008 August 8, 16:09 (Friday) Canonical ID: 08QUITO731_a Original Classification: CONFIDENTIAL Current Classification: CONFIDENTIAL Handling Restrictions — Not Assigned — Character Count: 19143 Executive Order: — Not Assigned — Locator: TEXT ONLINE TAGS: EAGR – Economic Affairs–Agriculture and Forestry | EC – Ecuador; European Community | ECON – […]

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Ecuador producing, selling rare frogs to keep them from poachers

trtworld.com / Ecuador firms sell rare frogs to save them from poachers To curb the lucrative illegal trade of amphibians captured in the wild, Ecuador is promoting an “ethical” bio trade of rare, colorful frogs and toads for the global pet market. Poachers in Ecuador have long known the hefty prices their country’s rare frogs […]

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Ecuador may raise tariffs on 400 imported products

elcomercio.com (machine translated) reported that the Foreign Trade Minister Pablo Campana announced on June 29, 2017, that he plans to raise the tariff of 400 imported products as much as five percentage points. This decision has taken a number of businessmen by surprise. Of the 1,243 imported products under review after the safeguards were removed […]

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Ecuador: Average of 3.5 percent of loans to banks delinquent

metroecuador.com.ec (machine translated) The level of delinquency in Ecuador has declined and stands at an average of 3.5 percent, said today, June 7, the president of the Association of Private Banks of Ecuador, Julio José Prado. “Numbers are declining,” he said in an interview on public television recalling that until the middle of last year, […]

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Cuenca, Ecuador: Canadian Expat Makes a Life for herself with a microbrewery business

Expat from Canada along with her husband establish micro brewery in the expat hotbed of Cuenca Ecuador FT.COM/LUCINDA ELLIOT Within a year of moving from Montreal to Cuenca, Deborah Debas began to experiment with home brewing. She and her husband Mathieu had wanted to live somewhere warmer than Canada and settled in Ecuador’s third-largest city […]

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Ecuador slow in paying bills due to Schlumberger oil giant, causing financial stress

By Gary McWilliams and Alexandra Valencia/businessinsider.com HOUSTON/QUITO, March 28 (Reuters) – OPEC production cuts and economic woes are complicating Schlumberger NV’s efforts to collect $1.1 billion from Ecuador’s state-owned Petroamazonas, casting a cloud over the oil services company’s first-quarter results. “Continuing payment issues” in Ecuador are hurting earnings, Chief Executive Officer Paal Kibsgaard said in […]

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Ecuador: Migrants warn of banking collapse if Lasso wins presidency

telesurtv.net Migrants who left during the crisis could finally return to Ecuador due to improved economic conditions under President Rafael Correa’s government. The network of Ecuadorean migrants who returned to the country in recent years after having fled in the wake of the 1999 banking crisis have warned that in the event that right-wing presidential […]

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China’s Growing Presence in Venezuela

Marc Frank/reuters.com From buses and trucks to a $500 million golf resort, China is deepening its business footprint in Cuba, helping the fellow Communist-run state survive a crisis in oil-benefactor Venezuela and insulate against a possible rollback of U.S. detente. Cuban imports from China reached a record $1.9 billion in 2015, nearly 60 percent above […]

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Several U.S. Companies Plan Expansion into Mexico Despite Trump Threats

INTERMEDIATE ADVANCED SPANISH VOCABULARY – READ THIS BOOK INTERMEDIATE ADVANCED SPANISH VOCABULARY – READ THIS BOOK panampost.com / Several US companies are planning expansion into Mexico despite warnings from President Donald Trump to impose taxes according to The Wall Street Journal. The newspaper said that Rexnord, a company dedicated to the manufacture of industrial bearings, […]

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Conoco Phillips wins $380 million dollar judgment against Ecuador

seekingalpha.com/By: Carl Surran, SA News Editor A ConocoPhillips (NYSE:COP) subsidiary wins a $380M judgment against Ecuador by a World Bank panel for the unlawful 2009 seizure of rights the company held to oil and gas land in the Amazon rainforest. Ecuador had said that the consortium abandoned the area illegally in a dispute over taxes, […]

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Mexico: NAFTA Changes May Put U.S. Popcorn Exports at Risk

theguardian.com reported the head of Mexico’s largest cinema chain has said the impending renegotiation of the North American Free Trade Agreement (Nafta) means the US popcorn industry is at risk. Alejandro Ramirez’s company, Cinepolis de Mexico – which is the fourth largest cinema chain in the world – buys around $10m of kernels from Kansas, […]

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Ecuador: Chinese Vehicle gains market share

(XinhuaNET.COM) reported: — A Chinese car brand is gaining market shares in Ecuador, the daily El Comercio reported on Sunday. Great Wall, China’s largest SUV manufacturer, went up from the eighth place in 2015 to the fifth last year in the list of the top 10 best-selling brands in Ecuador. Great Wall’s bestseller was the […]

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Feb. 1, 2017 New Rules for Credit, Debit Card Issuers in Ecuador

cisepp.com (machine translated)reported starting today, new rules apply for the use of credit, debit and payment cards (bonds), stipulated in resolution 310-2016-F of the Monetary and Financial Policy and Regulation Board issued on December 8, 2016 The standard regulates cards issued and / or operated by financial institutions under the control of the Superintendency of […]

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Ecuador: So far 3.3 million transactions serviced through e-money

andes.info.ec reported that through January 2, 2017, a total of 3.3 million transactions were made in Ecuador with e-money through 284.529 accounts for 13.2 million dollars. Ricardo Quiroga, promoter of the e-money project “Proyecto Efectivo desde Mi Celular del Banco Central del Ecuador” affirmed that until 2016, 1.000 accounts were reported each month but after […]

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Ecuador: Imported Liquor From Europe prices begin to decrease, with 0 tariff

ELUNIVERSO.COM REPORTED: The first zero-tariff liqueurs that the agreement with the European Union (EU) envisages are not yet imported from Europe, and in Ecuador the bottles in stock are sold at less price. This is a first effect in the liqueur market in the country, since this product and the inputs for agriculture (urea, fertilizers) […]

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Ecuador: Minimum Monthly Salary set for $375 a month in 2017

The amount was set yesterday in consensus between workers and employers and represents $ 9 more than the current. The basic salary in Ecuador for 2017 will be $ 375, equivalent to an increase of $ 9 to the current amount ($ 366). This was announced yesterday by the Minister of Labor, Leonardo Barrezueta. “We […]

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Ecuador adopts measures with more control over banks

holaciudad.com reported that new measures will slow amounts of money sent out of the country and increase domestic loans. Ecuadorian President Rafael Correa today justified the adoption of recent measures to control the country’s banks as beneficial mechanisms for the economy, as they seek to boost credit and slow the flow of resources Ecuadorian President […]

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Mexico: What lies ahead for mezcal as conglomerates want a share

theguardian.com reported, Mezcal, tequila’s stronger and smokier relative, has become a staple spirit in trendy bars across Mexico and the United States in recent years, and the agave-based drink has inevitably attracted the interest of global alcohol giants. In the process local growers are worried a unique spirit is under threat. Traditionally produced in small […]

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Ecuador bank lawsuit against Wells Fargo in cyber heist gets go ahead to move forward

Reuters.com/By Nathan Layne A lawsuit by an Ecuadorean bank alleging that Wells Fargo & Co (WFC.N) is liable for authorizing the transfer of $12 million stolen in a 2015 cyber heist can go forward, a U.S. judge ruled on Tuesday. The decision by U.S. District Judge Lewis Kaplan in Manhattan was in response to Wells […]

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Ecuador opens new trade office in Iran

(Sputnik) reported – Ecuador opened a new sales office in the Iranian capital, Tehran, to raise their export potential products to market and provide specialized Iranian businessmen care, the Institute for Promotion of Exports and Investments Pro Ecuador reported in a statement. “With this new headquarters, Ecuador sum Pro 31 commercial offices in 26 countries […]

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Ecuador: Imported Liquor among the highest priced in Latin America, sales plummet

JUNE, 2016 AFP/prensalibreWho runs the liquor store in northern Quito Eddy Castillo, president of the Association of Liquor distributors in Ecuador, is very well stocked, but what is missing is customers. High taxes and tariffs gradually implemented by the Ecuadorian government have soared by up to 400% the price of imported liquor, making it the […]

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Popular Clothing Line More Expensive in Ecuador than Switzerland or Saudi Arabia

lahora.com.ec reported According to a report in the magazine Vanity Fair, Zara clothing brand, a popular Spanish fashion stores with a presence on five continents, is more expensive in Ecuador than in other countries where the brand is sold. For that assessment, taken as reference a long gray velvet dress in Spain is sold at […]

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Ecuador: Despite drop in sales, Chevrolet to invest $100 million over next five years

ELCOMERCIO.COM/americaeconomia.com reported some US $ 100 million for new products will reverse the Chevrolet brand cars in the next five years in the country, which will involve the creation of production lines at its plant and the launch in 2017 of new local assembly (now 80% is assembly and 20% imported). The announcement was made […]

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Ecuador: Mango exports up significantly

Ecuador Mango exports up 40 million dollars metroecuador.com.ec/freshplaza.com reported mango exports generate between 35 and 40 million dollars per season (between October and January). This product is highly appreciated by the international market, especially in the United States, which buys 91% of Ecuador’s supply. The VI International Congress of Ecuadorian Mango, which will be attended […]

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Ecuador: Economy to shrink 1.7 percent in 2016

reuters.com reported Ecuador’s central bank said on Thursday it expects the economy to shrink 1.7 percent this year, switching its previous forecast for growth due to lower oil prices and the devastating effects of a earthquake that shook the country in April. The central bank of Ecuador had forecast ed growth of 1 percent for […]

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Ecuador: Company that operates Claro cell phone company fined 82 million dollars

QUITO (Sputnik) – The Government of Ecuador has fined Conecel, name that operates the phone Claro with 82.77 million dollars of their contracts not eliminate the requirement of exclusivity for the use of land or towers where their antennae are , he reported the representative of the Superintendency of Control of Market Power, Marcelo Ortega. […]

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Venezuela: Shortage of Materials, two men fill the void with cardboard coffins

nationnews.com reported VALENCIA, Venezuela – When Venezuelan entrepreneurs Alejandro Blanchard and Elio Angulo decided to create cardboard coffins, they were looking for an ecological selling point to compete against classic wood and brass caskets. Three years on, with the oil-rich country mired in deep economic crisis, their “bio-coffins” are becoming a viable option because of […]

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Ecuador to open trade office in Iran

QUITO (Sputnik) – The Government of Ecuador announced the opening of a trade office in Iran which will aim to promote the “competitive advantages and attractive” the South American country. “We want smart investment that creates jobs, develops technology, value-added, global production chain. We make efforts to generate sustainable investment and sustainable exports,” said the […]

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Ecuador: New Treaty to help visually impaired with exceptions to copyrighted material

Quito, Aug 22 Prensa Latina reported The Treaty of Marrakech will benefit over 280 thousand visually disabled persons in Ecuador, playing an important role in tyhe promotion of the pact which should become valid next September 30. Together with Brazil, Paraguay and Mexico, Ecuador was one of the original supporters of the agreement, ratified in […]

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Ecuador: Govt. plans expansion of electronic money for payment

Prensa Latina) REPORTED Ecuador government institutions held today a meeting between programmers with the aim of promoting the development of free software to expand the use of electronic money as a means of payment. The Coordinator Ministry of Knowledge and Human Talent, the Secretariat of Higher Education, Science, Technology and Innovation and the Central Bank […]

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Ecuador: Puerto Bolivar destined to become largest container terminal in Latin America

joc.com reported a Turkish port operator is determined to transform an Ecuadorian port, most well-known as one of the world’s largest shipment points for bananas, into the largest container terminal in Latin America. Yilport Holding, a subsidiary of the Istanbul-based Yildirim Group, has secured the rights to Puerto Bolivar in Machala City, Ecuador, a city […]

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Ecuador Credit Union Representatives visit Indiana to gain new ideas for operations

cutoday.info reported…INDIANAPOLIS and ELKHART, Ind. – A group of 11 representatives of one of Ecuador’s largest credit unions visited with credit unions in this state to learn more about how they conduct and operate their businesses. The visit was coordinated between the Indiana Credit Union League and World Council of Credit Unions (WOCCU), and was […]

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Panama: Tax Scam Lawyer, son of Nazi SS officer

dailymail.co.uk reported Panama ‘tax scam’ lawyer is son of Nazi SS officer from dreaded Death’s Head division who fled to South America then SPIED on Cuba for the CIA, brother reveals Horst Mossack is German half-brother of Panama lawyer Jürgen Mossack Told MailOnline unmasking of his sibling is ‘shocking news, astounding’ Father was in the […]

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Panama rejects reputation as money laundering hub after document release

PANAMA CITY (AP)/earthlink.net — Panamanians have long shrugged off their country’s checkered reputation as a financial haven for drug lords, tax dodgers and corrupt oligarchs. If they’re crooks, they’ve learned from the world’s wealthy nations, they like to joke. That same defensiveness has re-emerged amid the fallout from the leak of 11.5 million confidential documents […]

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Ecuador: Proposed tax increases on cigarettes, liquor, soft drinks may raise 300 million dollars

CRE.com.ec reported Government prepares project to raise taxes on cigarettes, liquor and sugary drinks Morona Santiago.- President Rafael Correa, said in his work report No. 467 that his government is preparing a package of reforms to cope with falling tax revenues. This includes raising taxes on cigarettes, alcohol and sugary drinks. They are 300 million […]

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Living in Ecuador is more expensive every day

Ecuador is more expensive November/2015 expreso.ec reported prices are growing twice in the United States almost every year since 2008 – CPI has dropped in the last quarter by the economic slowdown Living in Ecuador is more expensive every day. It is the citizens and business insight. But it is also what the figures reflect […]

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Horror Story of one U.S. businessman in Mexico jailed for more than 8 months

mexiconewsdaily.com reported an American businessman who was jailed for more than eight months in Nayarit said he won’t be returning to Mexico any time soon despite his 20 years in business here. Entrepreneur Troy Bachman of Brightwood, Oregon, was freed late last month after being charged with fraud in connection with the alleged non-payment of […]

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Engineer sues company for sacking, after request made not to return to Mexico for safety reasons

ENGINEER ALLEGES BEING HELD BY LOS ZETAS AT GUNPOINT, FIRED AFTER REQUESTING HE NOT TRAVEL TO MEXICO GUIDETRAVEL.BIZ REPORTED a Chicago engineer is suing his former employer for allegedly firing him after he had a bad run-in with Los Zetas. A Chicago-based engineer claims his employers showed him the door after he plead with his […]

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Ecuador: Ecotourism helping create employment in Indigenous communities

triplepundit.com reported a successful relationship with ecotourism has created economic opportunities within the reserve and the indigenous communities, helping to keep young people from seeking employment outside of the reserve. Several of the nature guides at other ecolodges are from indigenous communities, as are all of the canoe motorists. The school teacher in the Siona […]

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U.S. Eases Trade, Travel Restrictions to Cuba

Rueters.com reported the United States on Tuesday announced changes to its sanctions on Cuba, lifting export payment and financing restrictions and facilitating airline travel in Washington’s latest move to ease the U.S. embargo on the Communist-ruled island. The amendments, which take effect on Wednesday, “will remove restrictions on payment and financing terms for authorized exports […]

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Ecuador Begins 2016 with high debt, Correa asks creditors for patience

eluniverso.com reported the Government had a floating debt of $ 2,456 million at December 31, 2015. The regional governments, as well as manufacturers, service providers, teachers, are the sectors most affected them this debt. That can be seen with the figures registered by the Ministry of Finance. According to this Ministry, the government accrued (billed […]

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Venezuela Declares Economic, Financial Emergency for at least 60 days

Expreso.ec reported the president of Venezuela, Nicolas Maduro, the economic emergency decreed yesterday in Venezuela, giving it full powers to legislate in this area for 60 days. The move comes amid the worst crisis of the past 35 years. With a barrel of oil declining, with a paralyzed private productive apparatus because of the lack […]

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Loja Ecuador: Television Station’s Equipment Seized by National Police, off the air

Police in Ecuador seize TV station’s equipment, leaving it off the air IFEX Wednesday 30th December, 2015 This statement was originally published on fundamedios.org on 16 December 2015. In the early morning of December 16 2015, Ecotel TV Station of the city of Loja – located on the southern border of the country – reported […]

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Bartering big business in depressed Venezuela

mcclatchydc.com reported Venezuela’s grinding economic crisis has generated a plethora of problems including triple-digit inflation, shortages of basic goods and massive lines at markets. But it’s also inspiring boot-strap solutions, including a growing number of bartering websites for desperate shoppers. More than 14,000 people are following the Twitter handle @spvzla where medicine is traded and […]

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Latin America’s Commodity Exports to China to Slow Sharply

qz.com reported since the start of the millennium, Latin American economies have thrived, as China’s expanding factories bought boatload after boatload of oil, copper, and other raw materials. But Latin America’s commodity exports to China will slow sharply in coming decades, according to a study released Dec. 11 by three international bodies. And that will […]

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Latin America: Ride Sharing Apps big business, stiff competition

latimes.com reported but competition is stiff here for the San Francisco-based company, which often trails homegrown alternatives that use established taxi fleets rather than private cars, such as the Brazil-based Easy Taxi, which claims to have the leading application in Latin America. On Tuesday, Easy Taxi announced it was merging with Tappsi, an app based […]

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2016 will be difficult year for Latin America, Stratfor report

businessinsider.com/ Stratfor – reported low commodity prices and rising US interest rates, which affect currencies, will also spell another difficult year for much of Latin America. The threat of impeachment will hang over Brazilian President Dilma Rousseff and further sour the investment climate in Brazil in the short term. Argentina may have a new, reform-minded […]

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Ecuador secures furhter discount in compensation owed to Occidenal Petroleum

upstreamonline.com reported the government of Ecuador has reportedly secured a further discount of at least 18% on compensation required by a World Bank tribunal for seizing Occidental Petroleum’s assets. In 2012, the International Center for Settlement of Investment Disputes (ICSID) awarded Occidental $1.77 billion. An ICSID tribunal then cut the award by 40% in November […]

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Oil Company to invest 4.9 billion in Ecuador to increase oil production

(Prensa Latina) The multinational French Oil company Schlumberger will invest 4.9 billion dollars to increase crude production in a bloc operated by state company Petroecuador, reporte dan official source. In a communique of the Republicâ�Ös Vicepresidency, the agreement signed in presence of Vicepresident Jorge Glas, states that in order to achieve that target, the foreign […]

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Not an Opportune Time to Invest in Latin America

seekingalpha.com reported…Latin American economies are currently faced with a multitude of headwinds. Tighter U.S. monetary policy is cutting off growth, while a general global slowdown is harming commodity prices. With the many problems Latin American countries face, shorting ILF could be a profitable strategy as the Fed begins to hike rates. Read Article

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Ecuador: Over 100 businesses close in border town Huaquillas in 2015

salvaguardias blamed for low sales and the closure of businesses elcomercio.com/Washington Paspuel reported commercial activity along the only street that leads directly to the neighboring cities of Huaquillas, in southern Ecuador, and Aguas Verdes, in northern Peru, shows a different picture, depending on which side of the border in which the visitor is located. On […]

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Ecuador: Due to complaints, e-invocing platform moves offline for SRI

eeiplatform.com reported…As a response to complaints that online government approval of e-invoices was slowing down shipments and supply chain processes, Ecuador recently announced that it is reversing its approval model – now providing a 24-hour buffer for companies to submit e-invoices. As the SRI (Ecuador’s tax authority) begins rolling out this new model, here’s what […]

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Ecuador Soccer Players go on strike – unpaid salaries

zeenews.india.com reported – The association has decided “to suspend all activities related to Ecuadorian soccer”, announced AFE. Ecuador’s Footballers’ Association (AFE) declared on Thursday it will go on strike in support of its members who have not been paid for between four and five months in over a dozen clubs. The association has decided “to […]

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Venezuela forced CITGO into insolvency to avoid liability, says claim

After nationalizing one of the world’s largest untapped gold reserves, Venezuela forced Citgo into insolvency to avoid multibillion-dollar liability, a Canadian mining company claims in court. Located in the southeast Venezuela, near a town appropriately christened El Dorado, Las Cristinas is Venezuela’s largest unmined gold reserve. In a federal complaint filed Monday, Toronto-based Crystallex International […]

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Bank of America suspending international wire transfers to and from banks in Belize

cuencahighlife.com reported Bank of America announced on July 28 that it was suspending international wire transfers to and from banks in Belize. Bank of America said it is exploring other options for transferring funds to Belize but didn’t provide details. The reasons for the suspension of service, the bank said, was to comply with the […]

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Venezuela out of beer, lack of barley for production

Maduro takes over brewers complex as Venezuela runs out of beer because of lack of barley en.mercopress.com reported, Venezuela’s largest food distributor on Thursday denounced the government occupation of a Caracas warehouse amid accusations that the company is hoarding goods. Soldiers took over the warehouse complex used by Empresas Polar late Wednesday just as Venezuela’s […]

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Cuba: Plans to transform port in Mariel

laht.com reported Cuba is aiming to transform the northwestern port of Mariel, currently being expanded with Brazilian financing, into a regional trading hub, official media said. The containers terminal being built at Mariel, 45 kilometers (28 miles) west of Havana, will be an important entry and departure point for merchandise and the heart of the […]

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Brazil: Retail Sales Floundering

ft.com reported With consumer spending in Brazil floundering, it should probably come as no surprise that some of the biggest losers on the country’s stock market this year can be found in the retail sector. Cia Hering, one of Brazil’s largest clothing retailers, is the second second worst performing stock on the Bovespa index so […]

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Mexico City Cab Drivers up in arms over Uber

washintonpost.com/Joshua Partlow – reported in recent months, Mexico City’s taxi drivers, who operate the largest fleet in the world, with 140,000 registered cabs, have rallied together to try to drive out Uber. Against their high-tech adversary, some taxi drivers have gone old school: baseball bats to windshields, slashed tires, bare fists. One day in late […]

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Ecuador proposes bill to address concentration of wealth from land speculation

telesurtv.net reported this bill is the latest in a recent string of proposals put forward by President Correa aimed at addressing the concentration of wealth. Ecuadorean President Rafael Correa is submitting a bill to the National Assembly Monday aimed at targeting “illegitimate” capital gains from land speculation. “Any additional value that is not the result […]

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Ecuador: Banks required to report cash withdrawals of $5,000 and above

ECUAVISA.COM REPORTED….Private financial institutions must inform the Superintendency of Banks on withdrawals from savings of $ 5,000 on, for individuals. As indicated by the Superintendent of Banks, Christian Cruz, it is part of a regular process of monitoring and control to prevent crimes. “It is only for cash transactions if you make a deposit check […]

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Ecuador: Banks mandated to offer services tied to electronic currency

bloomberg.com/Nathan Gill reported that Ecuador, which uses the U.S. dollar as its official currency, will require banks to offer services tied to a government-created electronic coin. Banks with assets larger than $1 billion will have to make the services available within 120 days. Smaller institutions (banks) will have up to a year to make the […]

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Ecuador expands market for investment from China

Chinese companies are welcomed to invest in Ecuador to help improve the country’s infrastructure and boost its economy, said Ecuador’s ambassador to China. The bilateral relationship has experienced its fastest development in recent years, with more Chinese companies expanding their businesses in the Latin American country, said José María Borja, the ambassador. Ecuador’s largest hydropower […]

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Australian firm may be involved in corruption scandal with Ecuador Govt. contracts

couriermail.com.au reported infrastructure consultancy Cardno has raised the alarm that one of its subsidiaries could be entangled in a corruption scandal involving Ecuador-government contracts. Contracts with state-owned businesses in the South American nation are also under investigation by “independent external advisers” appointed by Cardno, the Brisbane-based company told the stock exchange on Monday afternoon. The […]

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Company working with Coca-Cola for e-invoicing in Ecuador, Latin America

sharedserviceslink.com reported Invoiceware International, an e-invoicing and fiscal reporting solutions company announced this week that it is expanding its partnership with The Coca-Cola Company to support the latest e-invoicing compliance requirements in Ecuador. Combining the benefits of on- premise integration with the power of the cloud, Invoiceware International’s Latin American Business Network eliminates the burden […]

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First Toilet Paper, then Newsprint, and now McDonald’s runs out of french fries

yahoo.com/AP reported…Forget the French fries. How about a side of yuca with that Big Mac? Venezuela’s more than 100 McDonald’s franchises have run out of potatoes and are now serving alternatives like deep-fried arepa flatbreads or yuca, a starchy staple of traditional South America diet. ….. “It’s because of the situation here; it’s a total […]

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Ecuador: Minimum Wage increases 4.1 Percent

telesurtv.netThe minimum wage is increasing for 2015 by 4.1 percent, moving up to US$340. This makes it one of the highest in Latin America. As part of a larger state effort to expand workers rights, Ecuador’s minimum wage has risen by 4 percent for 2015. In 2014 the minimum wage was US$340 and increased to […]

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Ecuador: Tariffs Imposed on imports from Colombia, Peru

Reuters reported…. Ecuador imposed tariffs on imports from Colombia and Peru in a bid to shield its economy from cheap goods entering as a result of depreciating currencies in those two nations, while its biggest export is being hit by the slumping price of oil. The Andean nation, the smallest member of OPEC, will temporarily […]

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Ecuador: non-petroleum exports up sharply

Ecuador has signficantly increased exports of non-petroleum goods in the past year. telesurtv.net reported Ecuador has been increasing its exports of non-petroleum products, with a 17 percent increase in 2014 over 2014 according to the Ecuadorean Federation of Exporters (Fedexpor). Ecuadorean products well-known for their quality in international markets include bananas, shrimps, cacao, broccoli, flowers […]

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U.S. investment company sues Ecuador over default of bonds in 2008

forbes.com/Nathan Vardi reported… GMO Trust, the Boston investment company co-founded by prominent investor Jeremy Grantham, has sued the Republic of Ecuador in Manhattan’s federal court over the default of Ecuador’s foreign bonds in 2008, setting the stage for a second big U.S. court fight between a large U.S. financial firm and a sovereign South American […]

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Ecuador: Why bond holders may be feeling concern

By Landon Thomas Jr./ NYTIMES.com There is no evidence, yet, that the government of Ecuador, which defaulted on its bonds in 2008, is having similar thoughts for the $2 billion worth of 7 percent bonds it sold investors last spring. But one might excuse bond investors that gobbled up the issue for feeling a bit […]

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Ecuador govt to impose new tax on telecom companies with dominant market share

panamppost.com reported on Wednesday the Ecuadorian National Assembly imposed a new tax on telecom companies with a “dominant” market share. The tax on big companies increases as their market share is larger. The tax on large companies rises in line with their market share. (La Hora) The reform to the Organic Law of Telecommunication, approved […]

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FDA in U.S. issues warning letters to two Ecuadorian seafood processors

foodsafetynews.com reported that two seafood processors in Ecuador received warning letters. The Guayaquil-based Star Company S.A. was subjected to FDA inspection last June 2-3, 2014, and was afterwards provided with a copy of the FDA 483 form containing inspector observations. Star Company responded in writing on July 4, 2014, with corrective measures it planned to […]

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Ecuador: Gringotree.com, Popular Website for Expats Temporarily Shut Down by Tax Authorities SRI

For the thousands of visitors daily to the popular website Gringotree.com, readers were greeted by a large red and white sign on their page stating “CLAUSURADO” CLOSED, this morning. The message indicated they have been shutdown for failure or omission to produce a receipt of sale or factura (comprabante de venta). The following statement was […]

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Ecuador: New Labor Codes to set Maximum Salaries, prohibit discrimination

TELESURTV.NET reported new labor codes set maximum salaries, prohibit discrimination, and target precarious work among other aspects. The first aspect, based on the right to stable employment, makes labor contracts for indefinite time periods to avoid precarity. Moreover, the first aspect involves the creation of a new legal category: nullified termination of employment. Unlike the […]

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Ecuadorian Steel Manufacturer blazing new methods in sustainable technology

theguardian.com reported…Lessons can be learned from Adelca, an Ecuadorian steel manufacturer that is trying to blaze a trail for the circular economy in Latin America. Ecuador is still a relatively small player, making up about 1% of the Latin American crude steel market, which is dominated by Brazil at 53% and Mexico at 27% (ranked […]

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Ecuador: Pay-TV market fastest growing in Latin America

rapidtvnews.com reported…The fastest growing pay-TV market in Latin America, Ecuador’s subscription TV sector continues to grow, nearing 30% penetration – three times more than four years ago – after reporting almost 5% growth in Q3. According to figures published by Supertel, the country’s public telecom regulator, there are currently 1.16 million subs in Ecuador, meaning […]

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Venezuela: Spanish clothing company restricts purchases due to demand

thelocal.es reported Spanish clothing giant Inditex, which owns Zara, has restricted customer purchases to five items per month in its stores in Venezuela as it struggles with a massive upswing in demand. An “avalanche” of clients has descended on the shops in recent weeks according to Spanish daily 20 Minutos, causing crowd problems. Months of […]

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Caracas Venezuela: Shortages in stores and markets contributes to booming street sales

Washingtonpost.com reported authorities mostly turned a blind eye to the informal commerce, but late last month Venezuelan President Nicolás Maduro went on TV to decree a ban on street sales of coffee, eggs, shampoo and some 50 other “regulated” items whose prices­ are capped by the government. He ordered the National Guard to police market […]

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Ecuadorian firm wins G.A.P. award for exports of rare Physalis fruit

Ecuador’s Tankay scoops GLOBAL G.A.P award Tankay, the social enterprise company from Ecuador, scooped the GLOBALG.A.P. award this year for the innovative use of of Physalis. More popularly known as ‘Golden Berry’, Physalis is a rare fruit that is rich in vitamin C and calcium. The GLOBALG.A.P. Summit took place in Abu Dhabi for the […]

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Uruguay enlisting regristration of marijuana clubs

bbc.com reported Uruguay has started registering cannabis growers’ clubs as part of the government’s plan to legalise the drug. Licensed clubs of up to 45 members will be allowed to grow a maximum of 99 plants each year. In August, growing up to six plants of cannabis at home became legal. Read Article

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Ecuador: Supermarkets must comply with Good Practices Manual

Supermakets must comply with the Good Practices Manual, starting November 1 Quito, Nov 1 (Andes).- ANDES.info.ec reported Supermarkets and similar businesses and suppliers must comply, starting this Saturday with the Manual of Good Practice, issued by the Superintendency of Control of Market Power (SCPM), which sets deadlines for payment of purchases, minimum selling goods among […]

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Ecuador: Foreign Minister wants transnational corporations held accountable

aljazeera.com/Ricardo Patino/ Opinion/ Ecuador has undergone a profound social, economic and political transformation over the past seven years, prioritising the needs and rights of its citizens, in order to tackle a great moral challenge of the 21st century: establishing people’s control over the forces that reign supreme in trade and commerce. Transnational corporations enjoy special […]

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Peru Ranks 35 out of 189 countries for ease of doing business

andina.com.pe reported Peru ranked 35 among the 189 countries surveyed for the latest World Bank’s “Ease of Doing Business” report, being placed in the upper fifth of the ranking, Peru’s Ministry of Finance (MEF) announced. In addition, it was placed second among Latin American nations, just after Colombia that stood at 34, yet surpassing Chile […]

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Ecuador ranks 115 out of 189 countries for ease of doing business

doingbusiness.org/World Bank report..This page summarizes Doing Business 2015 data for Ecuador. The first section presents the Ease of Doing Business rank (out of 189 economies) and the distance to frontier (DTF)** measure, overall and by topic. The second section summarizes the key indicators for each topic benchmarked against regional averages. Region Latin America & Caribbean […]

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Ecuador: National Production up substantially, import substitution working

Favorable results of import substitution are occurring in Ecuador. telesurtv.net reported as part of a larger policy of import substitution to change the nation’s productive model, it has been revealed that Ecuador has managed to reduce imports of primary materials and other goods by US$1.7 billion dollars, since the beginning of this year. The reduction […]

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Central Bank of Ecuador launches mobile payment scheme

paymentviews.com reported Ecuador’s Central Bank has embarked on an ambitious course to launch an affordable and widely available mobile payment scheme. In fact, it will be the national wallet. With some uncertainty, it appears that Ecuador’s initiative may be the second central bank effort to enter this space. Jordan’s central bank has launched “JoMoPay”, but […]

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Part-time Expat peddling Organic Dark Chocolate Bars from Ecuador – 260 dollars each

chicagobusiness.com reported….Will people pay $260 for a fair-trade, organic dark chocolate bar? Jerry Toth hopes so. Mr. Toth, 36, a former Wall Street analyst who was born in Winnetka, moved to Ecuador in 2002, following a girlfriend. There, the two helped develop a 1,000-acre forest preserve in coastal Ecuador and worked with nearby farmers to […]

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Canadian Mining Firm to pullout of Ecuador: Concludes the country not a friendly environment to conduct exploration

Canuc Divests its Mining Interests in Ecuador Toronto, Ontario–(Newsfile Corp. – October 17, 2014) – Canuc Resources Corporation (TSXV: CDA) (“Canuc” or the “Company”) wishes to report that it has entered into an agreement to transfer ownership of the Company’s wholly owned Ecuadorian subsidiary to Mr. Jorge Guzman of Quito, Ecuador. The agreement calls for […]

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Venezuela: International Tribunal finds in favor of Exxon in expropriated assets

bbc.com reported Venezuela must pay oil giant Exxon Mobil $1.6bn (£1bn) in compensation for expropriated assets, an international arbitration tribunal has decided. Exxon had claimed up to $16.6bn over the nationalisation of its Cerro Negro Project and other losses in 2007. Venezuela has not said whether it will appeal. But the foreign minister said the […]

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Ecuador reports increased investment domestically and from abroad

(Prensa Latina) In the first eight months in 2014, Ecuador reported investments valued at $966 million USD, which represents 151.2 millions more compared to the same period in 2013, according to reports. According to figures released by the Superintendent of Companies and Securities, out of the total investments, $612.2 million USD were invested by domestic […]

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Latin America on track to post slowest rate of growth since 2009

wsj.com reported Latin America is on track this year to post its slowest rate of annual growth since 2009, when the global financial crisis began to be felt in the region, the World Bank said Tuesday. The bank cut its growth forecast for the region by nearly half to 1.2%, following expansions of 2.4% and […]

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Ecuador now manufacturing Android Smart Phone

Ecuavisa.com reported Ecuadorian hands are responsible for the Assembly of the first smartphone or smart phone in the country. It is of the Andy 3.5 Android brand Yezz. Bryan Yépez is one of the 30 workers from the factory and has his experience: “is an incredible experience that we’ve had, we started making low-end phones […]

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Ecuador: Disaster Insurance Revenues fall sharply in first half of 2014

businessinsurance.com/elcomercio.com reported According to elcomercio.com, revenues for disaster insurance in Ecuador fell seven percent to 61 million collars in the first half of 2014. Disaster insurance typically covers damages and losses to catastrophes such as earthquakes, floods, and explosions. One expert reported that despite rules and regulations that mandate such coverage, there is little uptick […]

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Venezuela Seizes Factory Owned by U.S. based Clorox

bbc.com reported that Venezuelan President Nicolas Maduro has defended the seizure of a factory owned by US-based company Clorox. “Socialist formula: any company that’s abandoned will be taken over by the working class,” Mr Maduro said. Cleaning products maker Clorox closed its production facilities in Venezuela last week, saying government-imposed price freezes were crippling it.The […]

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