Section » Business

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 in purchases. Read Article

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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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Amazon Residents Plan Seizure of $106 million of Chevron’s assets in Ec

courthousenews.com reported Amazon rainforest residents plan to seize the $106 million in Chevron’s assets in Ecuador, their lawyers said Tuesday, turning a corner in the decades-old pollution fight.If successful, the seizure will mark the first time that Amazon residents received a penny of the $9.5 billion environment judgment that an Ecuadorean court issued three years […]

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New Taxi Fares Determined Cuenca Ecuador

eluniverso.com reported after five hours of debate (the afternoon and Monday night), the Basin Council passed the new tariff list of taxi service for the use of the meter that governs from yesterday in this city. With the new prices, the minimum daytime race has a cost of $1.39 and the night, $1.67, higher values […]

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B of A economist gets a peek at Venezuela’s gold reserves

bloomberg.com reported Francisco Rodriguez, an economist with Bank of America Corp., was at a routine meeting with Venezuelan central bank officials last week when he sprung an unusual question on them: Can you show me your gold? He’d been itching to take a peek for years and now was the time to ask. With the […]

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Ecuador: New Law will require Supermarkets to publish products, prices on their website

telegrafo.com.ec reported at the time, local shows only promotions. The Super control published new resolution for putting the products in the hanger. According to the latest resolution 057-2014 of the Superintendence of Control of the power market (SPCM), issued August 29 August, supermarkets and similar storage places must display on its website a list of […]

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Ecuadorian Flower Grower Looks to Africa for further expansion to Europe

allafrica.com reported an Ecuadorian investor said he has begun introducing state-of-the-art technology to the Ethiopian floriculture sector which is suitable to the European flower market. Owner and General Manager of the Ecuador-based cut flower group Bellaflor, Mauricio Castillo, said besides its proximity to the European market, the lower transportation cost for flowers has made Ethiopia […]

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Ecuador’s economy to grow between 4 and 4.5 percent in 2015 per Finance Minister

uk.reuters.com reported Ecuador’s economy will grow between 4.0 percent and 4.5 percent next year, while inflation should be less than 3 percent, Finance Minister Fausto Herrera said on Tuesday. The oil-dependent nation, OPEC’s smallest member, is also facing a budget deficit of 4.0 to 5.0 percent of gross domestic product in 2015, Herrera said in […]

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Ecuador: Telecom workers protest proposed increased taxes, taking money away from workers

telecompaper.com reported the government of Ecuador’s plan to push through a bill substantially increasing taxes on private telecoms operators’ profits has prompted a series of strikes from Movistar and Claro employees in Quito and Guayaquil. The government’s bill would force private telecoms operators to give 12 percent of their profits to the state and 3 […]

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First Half 2014, investments drop ten percent in Latin America

nytimes.com reported private equity and venture capital investments in Latin America dropped by 10 percent in the first half of this year compared with figures in the period a year earlier, the Latin American Private Equity and Venture Capital Association said on Thursday. Investments totaled $2.6 billion, compared with $2.9 billion during the first half […]

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8,082 Fast Food Establishments in Ecuador, Businesses oppose proposed tax

elcomercio.com reported there are 8 082 fast food businessesin the country. According to the national survey of income and expenses of the National Institute of statistics and censuses (INEC), reveals data in the period 2011-2012, nationwide is spent USD 39.9 million a year in such foods and drinks. Even though Incomes legislatively service (SRI) announced […]

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Argentina: China expanding into fisheries

China expanding its investments in Argentina’s South Atlantic fisheries mercopress.com reported China is interested in investing in Argentine port infrastructure and in setting up companies with access to the South Atlantic fisheries, according to reports from Shanghai where an Argentine top level delegation is currently negotiating in the framework of the China-Argentina cooperation agreement. Read […]

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Argentina Central Bank reduces amount of U.S. dollars banks can hold

Argentina milks more US dollars from commercial banks mercopress.com reported Argentina’s central bank said on Wednesday it had reduced the amount of dollars commercial banks could hold, a move that should push more greenbacks into the spot market and may give a mild boost to flagging reserves and the local Peso. The new central bank […]

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Argentina beef may begin beef exports again to the U.S. market

quilmespresente.com reported the inspection and health of animals and plants (APHIS) issued two rulings favorable to Argentina, which recognizes the territory of Patagonia as “region free of FMD without vaccination”. That would allow that farmers in the area to export almost automatically. If all goes well, would open a new commercial phase between Argentina and […]

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Chile: Wealthy Industrialist fined $70 million for illegal share trading

bbc.com reported one of Chile’s richest men, Julio Ponce, has been fined $70m (£42.5m) for illegal share trading. Mr Ponce is the chairman of Sociedad Quimica y Minera (SQM), the world’s biggest producer of iodine, lithium and potassium. He was married to the daughter of Chile’s former military ruler, Gen Augusto Pinochet. Mr Ponce, who […]

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Master Card expects revenue to double in Latin America during next 4-5 years

brecorder.com reported MasterCard Inc, the world’s second-largest debit and credit card company, expects net revenue to double in Latin America over the next four to five years on strong consumer spending and a shift to electronic payment from cash, a leading executive told Reuters. In recent years, a growing middle class has driven a boom […]

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Cooper Tire & Rubber Co. Targets Latin America for Exponential Growth

tirebusiness.com reported Cooper Tire & Rubber Co. is targeting Latin/South America for exponential growth as part of its global expansion strategy. Cooper, which has set up sales agents in 21 Latin American and Caribbean nations, anticipates selling 4 million to 5 million units throughout Latin America by 2020, according to a presentation the company made […]

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Ecuador: reported some shortages of imported pharmaceuticals

ecuavisa.com reported government officials said that the Ecuadorian industry will be called on to produce to replace imported drugs, which have begun to run short in the market following the announcement of the setting of price ceilings or ceilings. So it said Deputy Minister of industry and productivity, Byron Proano, who Wednesday participated in Guayaquil […]

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Ecuador: Sections of Finance Bill Approved by congress, vetoed by President Correa

businessweek.com/bloomberg reported Ecuadorean President Rafael Correa sent parts of a finance bill back to congress to clarify rules governing a fund that was set up as a lender-of-last-resort for local banks and held $1.64 billion at the end of last year. Correa, a 51-year-old former economics professor, asked lawmakers to spell out changes to the […]

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Latin America’s connection with China (opinion)

Daniel Lansberg-Rodriguez/ft.com Latin America swaps its populists for apparatchiks By Daniel Lansberg-Rodriguez Beijing’s readiness to invest facilitates regimes to ape China, writes Daniel Lansberg-Rodriguez Latin America, long neglected by Europe and taken for granted by the US, has found a suitor in China. Resource hungry, highly risk tolerant and non-judgmental about matters of social and […]

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Venezuela: Mandatory Fingerprinting in Supermarkets, to combat shortages, smuggling

bbc.com reported President Nicolas Maduro of Venezuela has announced a mandatory fingerprinting system in supermarkets to combat food shortages and smuggling. He said the system would stop people from buying too much of a single item. But the opposition in Venezuela rejected the plan, saying the policy treated all Venezuelans as thieves. Critics said fingerprinting […]

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Chile: GDP grew at weakest pace since 09′ in second quarter

Chile’s economy cooling faster than expected: weakest pace since 2009 mercopress.com reported Chile’s GDP grew at its weakest pace since 2009 in the second quarter as investment waned and a previously rapid expansion in consumer spending slowed, central bank data showed. The economy grew 1.9% in the second quarter compared with a year ago, or […]

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LatAm Airlines reports losses of 58.9 million in second quarter of 14′

portafolio.co reported that LatAm Airlines operations were affected by the decline in freight and corporate tickets during the World Cup of Brazil. LatAm Airlines, the largest group of air transportation in Latin America, left behind the turbulence generated in its business the World Cup of Brazil and returned to the levels of operational growth prior […]

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Ecuador to retain U.S. dollar as official currency

elmercurio.com reported Ecuadorian President Rafael Correa affirmed that dollarization adopted by his country in 2000, “remains” and stepped out of versions of certain analysts have warned of an alleged output of that system the entry into force of a new Monetary Code. This legal instrument “what endangers dollarization?” Correa asked during a television interview in […]

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U.S. Dollar Reaches New Highs in Argentina amidst uncertainty

Argentina: US dollar reaches a new record of 13.15 Pesos in Buenos Aires ‘blue’ market mercopress.com reported the US dollars climbed to a record 13.15 Pesos on the black or ‘blue’ market on Wednesday trading as fears mount regarding the outcome of the holdout bonds conflict with the New York court. The official dollar rate […]

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Mexico: Monsanto loses GM permit, victory for beekeepers

theguardian.com reported…Sweet victory for Mexico beekeepers as Monsanto loses GM permit Evidence convinced judge of threat posed to honey production in Yucatán – but firm will almost certainly appeal against ruling. A small group of beekeepers in Mexico has inflicted a blow on biotech giant Monsanto, which has halted the company’s ambitions to plant thousands […]

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Two Brazilian companies bid for U.S. banana company, Chiquita

bbc.com reported that two Brazilian companies have made a $611m (£363m) bid for US banana group Chiquita. Juice maker Cutrale and conglomerate Safra have offered $13 a share, a 29% premium to Chiquita’s closing share price on Friday. Chiquita shares jumped 31% in New York after the bid was announced.The offer rivals the proposed merger […]

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Venezuela: Tourist Island of Margarita suffering extreme shortages of commodities

ultimasnoticias.com.ve reporte -The President of the Chamber of Commerce of Nueva Esparta, Theodore Bellorin, explained that the Government grants to a very small group of entrepreneurs Bs 11 currencies, while most assigned them to Bs 50, which creates distortions in prices and stimulates the shortages on the island. Interviewed by Unión Radio, Bellorin said Monday […]

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Argentina: Costs of some Imported Auto Parts Increase up to 200 Percent

radioespectaculo.com reported increasing the dollar, inflation, and the restrictions on imported products shot values of the spare parts of cars. The missing, get today a spare car can cost up to 200% more expensive than last year. “The big problem arose after January. Came to us the goods imported with a 60% rise. the increase […]

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Ecuador: Employees of Claro, Movistar concerned over proposed reduction by government in profit sharing

radioespectaculo.com reported employees of Claro and Movistar are concern about not knowing how they will cover their debts of housing or educational and upset by the statements of President Rafael Correa, in which questions that profits of telecommunications companies are fruit of its productivity, marked the day of workers of enterprises Movistar and Claro. They […]

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Venezuela to close border with Colombia to combat smuggling

infobae.com reported the Government of Nicolás Maduro informed that controls will be strengthened during the night to prevent the entry of products such as gasoline or food. “Starting from this Monday will be a scheduled closing” “Starting from this Monday will be a scheduled closing of the border with Colombia, between the 10:00 pm and […]

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U.S. Deficit in trade goods with Latin America increases 38 percent

lainformacion.com reported the deficit of the United States in its trade of goods with the countries of Latin America and the Caribbean increased by 37.9% between May and June, going from 1.172 million from $ 1.617 billion, the Commerce Department reported today. The deficit with the Latin American and Caribbean region represented in March a […]

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Arcelia, Guerrero Mexico: Four Coca Cola Delivery Trucks Attacked, Set Ablaze

ktvl.com/AP reported that attackers burned four delivery trucks belonging to Coca-Cola in Arcelia, Guerrero Mexico. The area is known for battles between gangs. While distribution companies are often targeted, multi-national delivery trucks are seldom targeted. The Coca-Cola bottler’s name is Femsa, and has not responded to inquiries regarding the attacks. Read Article

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Ecuador’s Richest Man, legal woes in U.S, Ecuador

nytimes.com/JAMES C. McKINLEY Jr. wrote the simple black-and-white advertisement, addressed “to whom it may concern” in all capitals, had a taunting, catch-me-if-you-can tone. The author said he could be served legal papers only in his native Ecuador and only in person. “It would have to be done by looking me in the eyes, asking my […]

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Ecuador: President defends government’s intention of reforming telecommunications law

andes.info.ec reported Ecuadorian President, Rafael Correa defended the Governement´s intention of reforming the Telecommunication Law so that the profits of these companies, benefit all citizens and not just a handful. He also hinted that the Governement will analyse the company profits. “Why do 4,500 families get 130 million (dollars) of profits based on the use […]

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UN estimates Latin America economy will expand 2.2 %

The United Nations’ Economic Commission for Latin America and the Caribbean estimates that the region’s economy will expand 2.2% this year, a sharp reduction from a previous forecast of 2.7%. The projection is based on weaker external demand, less dynamic domestic demand, lagging investments, and limited room for putting in place policies to boost growth, […]

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Peru: High Concentration of Pay TV Market

nextvlatam.com reported the Peruvian Pay TV market is the one with the highest concentration among Latin America’s Top seven markets, according to Dataxis. Telefónica (Movistar) has 58.6% of the total subscribers in the country, which represent nearly 885,000 customers. The other operators that stand apart in the Peruvian market are DirecTV and Claro (América Móvil), […]

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Panama: Largest Shipping Fleet in the World

bbc.com reported Panama, a small nation of just three million, has the largest shipping fleet in the world, greater than those of the US and China combined. Aliyya Swaby investigates how this tiny Central American country came to rule the waves. Thanks to its location and slender shape, Panama enjoys a position as the guardian […]

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Costa Rica: Workers allege Coca Cola of harassment, anti-union persecution practices

elpais.cr reported two workers of the transnational Coca-Cola reported the company to the Labour Court of San José for harassment and anti-union persecution. The Labour Court of the Second Circuit Court of San José, gives course to the demand for labour against the Coca Cola company, filed by the trade unionist Róger Lanzoni Mora and […]

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Banking Crisis Ecuador 1998-1999

From Wikikepdia.org… The 1998–99 Ecuador banking crisis resulted in about 70% of the country’s financial institutions closing. In 1999, economic activity decreased by 7–8% and the currency depreciated by 195%.[clarification needed][1] Per-capita income in US dollar terms plummeted by 32% during the year.[1] Unemployment increased from 9% to 17% and underemployment increased from 49% to […]

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China, Costa Rica planned oil alliance

ipsnews.net reported China’s plan to become Costa Rica’s main energy ally through the joint reconstruction of an oil refinery has been revived after the presidents of the two countries agreed to review the conditions of the project during a meeting in the Brazilian capital. The two countries initially signed a framework accord in 2008, including […]

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Ecuador Proposes law to increase taxes on private telecoms operators’ profits

telecompaper.com reported the government of Ecuador has submitted a bill to increase taxes on private telecoms operators’ profits. The bill stipulates that private telecoms operators should give 12 percent of their profits to the state and 3 percent to their workers. The state will invest the money in social projects, connectivity programs as well as […]

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Ecuador Businessman Retains Former State Department Official for Lobbying Services

Banana Magnate politico.com reported ECUADOR BUSINESSMAN HIRES FORMER STATE DEPARTMENT OFFICIAL: Alvaro Noboa — a wealthy Ecuadoran businessman and perennial presidential candidate — has retained the services of Michael Patrick Glover for lobbying and consulting, according to a new foreign agent registration. Glover was a foreign service officer with the U.S. State Department until July […]

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Rust More Aggressive in attacking Guatemala’s coffee crop

npr.org reported Francisco Anzueto, of Guatemala’s Coffee Board, , says coffee rust has been in the region a long time. But recently, it has become more aggressive. It’s due to climate change, Anzueto says. Temperatures are up, and the fungus thrives in hot weather. It attacks the leaves of coffee trees, eventually choking off nutrients […]

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40 Percent of New Vehicle Sales in Ecuador from Asia

Elcomercio.com reported inn Ecuador were marketed 52 brands of vehicles during 2013.Of that number, 21 correspond to brands from Asian countries such as China, Japan and Korea in the South and India, according to figures from the Association of automotive companies of Ecuador (Aeade). I.e., the 40% of automotive brands that circulate in the Ecuador […]

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Tyson to sell Poultry operations in Mexcio, Brazil

(Reuters) – Tyson Foods Inc (TSN.N) said on Monday it would sell its Mexican and Brazilian poultry businesses to JBS SA (JBSS3.SA) for $575 million and use the proceeds to pay down debt from its pending $7.7 billion purchase of Hillshire Brands Co. (HSH.N) Tyson, the world’s second-biggest meat processor behind Brazil’s JBS, also reported […]

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Orkin Pest Control Opens Franchise in Quito Ecuador

streetinsider.com reported… Rollins Inc., a global consumer services company (NYSE: ROL), announced today that the company, through its wholly-owned subsidiary Orkin, established a franchise in Quito, Ecuador. Orkin Quito will offer commercial and residential pest control and termite services. “We are proud to further expand Orkin’s services in South America,” said Tom Luczynski, Orkin group […]

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Sluggish Financial Results in Latin America for U.S. Companies in 2014

gulf-times.com reported US companies are reporting sluggish financial results in Latin America, showing the risks they face in relying on Brazil and other emerging markets in the region for growth. Companies ranging from Ford Motor Co to 3M Co and Caterpillar reported second quarter earnings that highlighted weakness in their Latin or South American operations. […]

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Venezuela Signs Oil, Mineral deals with China

bbc.com reported Chinese President Xi Jinping has signed a series of oil and mineral deals with Venezuela. They include a $4bn (£2.34bn) credit line in return for Venezuelan crude and other products. The agreements came on the latest stop of a four-country visit to Latin America. Read Article

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U.S. Court Dismisses lawsuit against Chiquita by 4,000 Colombians

BBC.com reported A US appeals court has dismissed a lawsuit against banana grower Chiquita brought by at least 4,000 Colombians who accused the company of supporting paramilitary forces who killed or tortured their relatives. The Florida-based court found US courts have no jurisdiction over the case. Chiquita, which is based in the US, has admitted […]

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Ecuador: Assembly Bans Bitcoin, establishes guidelines for state run electronic currency

coindesk.com reported the National Assembly of Ecuador has effectively banned bitcoin and decentralized digital currencies while establishing guidelines for the creation of a new, state-run currency. With 91 votes in favor of the amendments to the country’s existing monetary and financial laws, the National Assembly approved a bill that now goes to President Rafael Correa […]

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Ecuador, Chile sign bilateral long-term energy contracts

globalpost.com reported Ecuador and Chile signed here on Monday a joint declaration on bilateral long-term energy buy-sell contracts.The document was signed by Ecuador’s Coordinating Minister for Strategic Sectors Rafael Poveda and Chile’s Electricity Minister Maximo Pacheco at a ceremony chaired by Ecuadoran Vice President Jorge Glas, who is currently acting president while President Rafael Correa […]

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Ecuador joins other Andean Nations in free-trade deal with European Union

voanews.com reported Ecuador sealed a free-trade deal with the European Union on Thursday, giving the Andean nation greater access to the EU’s 500 million consumers and offering the EU’s fragile economy another market for its cars, whiskey and luxury goods. Ecuador joins Colombia, Chile, Mexico and Peru in the group of Latin American economies that […]

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Ecuador Signs decree with Brazil to Manufacture drones in Yachay

On Tuesday during his visit to Brazil, President Rafael Correa announced the signing of a decree for the manufacture of drones or unmanned aircraft in a Research Center, which will move from Latacunga to the City of Knowledge in Yachay. The president visited the San Jose Dos Campos Technology Park in the province of the […]

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Bimbo from Mexico to purchase Supan in Ecuador, expand presence in South America

reuters.com reported the Mexican conglomerate Bimbo, a large bread maker is set to acquire the Ecuadorian bread maker Supan. The reason for the purchase is to expand Bimbo’s presence in South America. The Ecuadorian firm employs 900 among two factories located in Guayaquil and Quito. The sale price was not disclosed. Read Article

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Ecuador: Closure of paper edition of newspaper, may be evolution to digital

CSmonitor.com reported the relationship between media and the government in Ecuador has been referred to as a ‘war.’ But all sides agree the media landscape there and across Latin America is moving toward online as the population of internet users rapidly grows. A printing press sits idle in Diario HOY, one of Ecuador’s most respectable […]

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Oldest Daily Newspaper in Venezuela Sold

www.ifex.org reported “That’s the way it is”, Elides J. Rojas L., El Universal’s managing editor, said in a post on his blog on the publication’s website on Saturday explaining the sale of one of Venezuela’s oldest independent newspapers. Rojas confirmed the sale of the publication last weekend and mentioned that its editorial line will not […]

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South America Has Lots of Questions For China

csmonitor.com reported many Latin American nations have commodities China seeks in bulk like soy and copper. Yet slowing economic growth means few want to leverage against China, which is a major lender and buyer. South American nations have a lot of issues to raise with China: questionable labor and environmental practices of Chinese firms in […]

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Ecuador plans to implement a tax for online purchases from abroad

eluniverso.com reported goods acquired by internet and enter the country through the postal system 4 x 4 (which currently allows assets of up to $400 and up to four kilos do not pay tax) will have a rate, said yesterday the Minister of production, employment and competitiveness, Richard Espinosa. After the second Council Advisory cited […]

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Finished Steel Imports up sharply in Latin America from China

metal.com reported the latest statistics released by the Latin American Steel Association (ALACERO) indicates that the finished steel imports from China grew significantly during the month of May this year. The imports between January and May this year too has jumped considerably higher over the previous year. The countries which reported highest increase in finished […]

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U.N. report: Latin America unlikely to reach anti-poverty goals

miamiherald.com reported Latin American and Caribbean nations have collectively reached several anti-poverty goals set by United Nations members more than a decade ago but are unlikely to reach them all by the approaching deadline, according to a progress report released Monday. The new annual report of the U.N. Millennium Development Goals, which sets a global […]

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Latin America: Mexico to surpass Brazil as largest vehicle producer in region

bloomberg.com reported Mexico is poised to overtake Brazil as the top Latin American automobile producer for the first time in more than a decade as surging exports to the U.S. spur factory openings and record output. After nosing ahead of Brazil in the first six months of the year, Mexico is projected to hold its […]

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Latin America: Hyatt expanding limited service properties in region

Hyatt Hotels is banking on a growing number of travelers in Mexico, Central America and South America, with a strategy of expanding its limited-service Hyatt Place and Hyatt House properties through much of Latin America. Hyatt’s recent activity south of the border started in December, when Mexico’s first Hyatt Place opened in Los Cabos. Read […]

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Colombia: Stron Economic Growth prompts two Coffee Giants to Enter Market

gmanetwork.com reported Colombia is one of the world’s top producers and exporters of coffee, but two international brands are nevertheless aiming to gain a foothold in the key Latin American market. Within a few weeks of each other, two of the biggest names in the business – Starbucks and Nespresso – set up shop in […]

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Mexico approves tough restrictions on dominant telecom companies

m.appeal.democrat.com reported the lower house of Mexico’s Congress approved tough restrictions on dominant companies in the country’s telephone and television sectors early Wednesday after 20 hours of debate and discussion. The new rules must still be signed into law, but they have already forced the nation’s leading telephone carrier to offer to sell off part […]

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Ecuador Trade Restrictions hurting Peruvian Exporters

larepublica.per reported trade restrictions imposed by the Government of Ecuador have hurt more than one hundred national exporting companies, according to the Manager of the Association of exporters (Adex), Jorge Rochabrunt, said yesterday during the presentation of the “Expoalimentaria” which will be held in Lima from 27 to 29 August. The Manager stressed Ecuador there […]

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Nicaragua announces route for canal connecting the Atlantic with Pacific

bbc.com reported the Nicaraguan government and the company behind plans to build a canal linking the Atlantic and the Pacific Ocean have settled on a route. It would stretch 278km (173 miles) from Punta Gorda on the Caribbean through Lake Nicaragua to the mouth of the river Brito on the Pacific. Environmentalists have expressed concerns […]

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Ecuador proposes regulatory changes in capital requirements for insurance companies

businessinsurance.com reported… Draft proposals for regulatory changes for the insurance sector in Ecuador have been released, reports EntornoInteligente.com. The law is aimed at strengthening the private insurance system. The bill says that minimum capital required for establishing an insurer should be $8 million and for a reinsurer $13 million. Read Article THOUGHT OF LIVING IN […]

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Ecuador: Recent Bond Issue

blogs.reuters.com reported….Analysts at risk consultancy Eurasia Group warn investors not to be misled by Ecuador’s recent conciliatory moves, which it says are motivated by necessity rather than any ideology shift. The government has a $4.9 billion deficit this year, and public spending is over 40 percent of GDP. They write:”Though Correa is currently on a […]

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Standard & Poor’s downgrades ratings on Argentine banks

laht.com reported Standard & Poor’s Ratings Services lowered its global scale foreign currency ratings on Banco Hipotecario S.A., Banco Patagonia S.A., Banco de Galicia y Buenos Aires S.A., and Banco de la Provincia de Buenos Aires S.A. to ‘CCC-’ from ‘CCC+’. The outlook on these ratings is negative and reflects the outlook on the sovereign. […]

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BBC Latin American Operations Headquarters Established in Coral Gables FL

hollywoodreporter.com reported that BBC Worldwide officially inaugurated its Latin American HQ in Coral Gables on Wednesday, during an event hosted by Fred Medina, executive vp and managing director of BBC Worldwide Latin America and U.S. Hispanic, together with BBC Worldwide’s president of global markets, Paul Dempsey. The ribbon-cutting ceremony took place in the presence of […]

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Remittances to Latin America stagnate for 2013, 61 billion dollars

bvibeacon.com reported the amount of money being sent home to Latin America and the Caribbean from migrants outside the region stayed about the same in 2013 compared to 2012, a recent study has found. While the remittance flows are still below their 2008 highs, further growth is expected in 2014, according to the Inter-American Development […]

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Mexico most expensive country for mining investments in Latin America

mining.com reported Mexico has become Latin America’s most expensive country for mining investments, as the country is rolling out its energy reforms approved last year, which increases taxes from 5% to 7.5%, charged as a percentage of profits. Gold and silver miners are the ones that will hurt the most, as they now have to […]

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Latin America fast growing market for spending on media and entertainment

theguardian.com reported…The statistics are staggering: last year, a report by PricewaterhouseCoopers concluded that Latin America was set to become the fastest-growing region in the world in terms of spending for media and entertainment over the next five years. Already it had seen a 10.6% growth in annual spending, including sales of computer electronics, music, film, […]

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Ecuador exploring ways to develop green sectors to increase exports

How can Ecuador develop national “green sectors” to create new productive capacity, employment and export diversification opportunities while promoting sustainable development? This question will be addressed at the first national workshop in a new UNCTAD green exports programme in Quito, Ecuador, on 10 and 11 June 2014. The workshop marks the first step in an […]

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Ecuador to meet with investors on proposed bond offering

reuters.com reported that the Republic of Ecuador will begin meetings with fixed-income investors this week ahead of a potential US dollar-denominated bond offering, according to market sources. The sovereign, rated Caa1/B/B, has mandated Citigroup (global coordinator) and Credit Suisse to arrange the meetings, which will take place in London on June 10, Boston on June […]

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Ecuador: Claro cellphone company ordered to pay $123 million in back taxes

Reuters.com reported the cellphone provider Claro has been ordered to pay back taxes in the amount of $123 million dollars. THis amount is per a settlement over a six-year legal battle with the government of Ecuador. Ecuador’s Supreme Court issued the final decision. Claro has also been ordered to pay 29 million USD in worker […]

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Chevron believes Twitter hijack stems from plot involving Ecuador

adweek.com reported… Chevron believes that last week’s Twitter hijack against the brand from activist group Toxic Effect is actually part of a more elaborate plot involving the Republic of Ecuador, Adweek has learned. On May 28, Toxic Effect—a self-proclaimed environmental group in Latin America—bought the Promoted Trend #AskChevron on Twitter to protest the oil company’s […]

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Analysis of Ecuador, Goldman Sachs Gold Deal

Fortune.com reported…For the second time in just a few years, the small South American country has outwitted Wall Street at it its own game, at least according to Ecuador. Goldman Sachs should have been wary of Ecuadorians bearing gold. On Tuesday, Ecuador announced that it had swapped 466,000 bars of gold with Goldman. The gold […]

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Guayusa Tea popular among Indigenous of Ecuador, now being exported

petergreenberg.com reported…Guayusa is cherished by locals for its health benefits: Ecuadorian native tribes traditionally drink the tea early in the morning as a communal ritual. A cup is believed to have as much caffeine as one cup of coffee, with double the antioxidants of green tea. While it’s not marketed as an appetite suppressant, Ecuadorian […]

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Ecuador transfers over half of gold reserves to Goldman Sachs to improve liquidity

bloomberg.com/Nathan Gill reported Ecuador agreed to transfer more than half its gold reserves to Goldman Sachs Group Inc. for three years as the government seeks to bolster liquidity. The central bank said it will send 466,000 ounces of gold to Goldman Sachs, worth about $580 million at current prices, and get the same amount back […]

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Ebay launches sites in Spanish, Portugese in Latin America

blogs.wsj.com reported E-commerce giant eBayEBAY -2.47% is betting on Latin America’s fast-growing Internet use and adoption of online shopping by adding sites in local languages and currencies to boost its presence in the region. EBay last week launched sites in Spanish for 18 Latin American countries, and Portuguese for Brazil. Before that, eBay users in […]

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Barilla Pasta Maker looking to expand in Latin America

reuters.com reported Italy’s Barilla [BARFI.UL], the world’s biggest pasta maker, is looking for opportunities to expand in Latin America and Asia and could announce a deal in a few months, its chairman said on Tuesday. “We are looking for partners similar to us… we are open to joint ventures as well as acquisitions,” Guido Barilla, […]

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Lack of trade pact with South Korea, hurting Ecuadorian businesses

Ecuador, the small South American country is the only Andean Community Nation (CAN) that has yet to sign a trade pact with Korea. Other CAN members are Colombia, Chile and Peru. Worries already have become a reality as the Ecuadorian producers of 15 commodity goods were hit hard after Korea’s FTA with Chile and Peru […]

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Hyundai to ship Sonata hybrid to Latin America, begin in Ecuador

Hyundai Motor Co., South Korea’s No. 1 carmaker, said Tuesday it will launch its popular Sonata hybrid in the Latin American market this year, with the first vehicles to be sent to Ecuador. Approximately 3.42 million new cars are expected to be sold in the Latin American market this year, with 3,500 to be hybrids. […]

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Citigroup fires four senior executives at Mexican Banamex Unit

4-traders.com reported Citigroup Inc has fired four senior executives and seven other employees, saying they failed to do enough to protect the bank from loan fraud at its Mexican unit Banamex, according to an internal memo sent to staff on Wednesday. With the latest round of firings, the bank has terminated a dozen employees after […]

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Starbucks to expand in Colombia, Bolivia

fool.com/AP reported Starbucks says it is expanding in Latin America, reaching further into some countries well-known for coffee production. The Seattle-based coffee company said Wednesday that it will open its first cafe in Colombia this summer through a joint venture with Alsea and Grupo Nutresa. The joint venture plans to expand aggressively in Bogota over […]

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Illegal Alcohol Market Valued in the Billions in Latin America

euromonitor.com reported…Latin American Illegal Alcohol Market Valued at US$2.4 Billion In a special report on the illegal alcohol market for six Latin American countries, we reveal volume and value of illegal alcohol by country and the types of illegal alcohol and potential drivers for purchase and consumption in Colombia, Ecuador, El Salvador, Honduras, Panama and […]

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Chiapas Mexico is aiming to become largest Tilapia producer in Latin America

undercurrentnews.com reported the Mexican state of Chiapas expects to become Latin America’s largest tilapia producer, and the largest exporter of fresh fillets to the US, thanks to funds to be awarded to the aquaculture group Dos Lagos, reported Milenio. “[Dos Lagos’ production] will make Chiapas the main producer of this fish in Latin America and […]

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Bitcoin ATM installed in Brazil

Beginning Monday, technology enthusiasts in Brazil became able to convert the Brazilian Real to Bitcoin using a Bitcoin vending machine, also known as a Bitcoin ATM. The unveiling marks the first Bitcoin ATM to be installed in Latin America, with a permanent position at a Sao Paulo bar which is already accepting Bitcoin. As the […]

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China’s relationship with Latin America

economist.com reported…The rise of China has changed every region. But it has reinforced patterns, too. China’s demand for commodities has entrenched Latin America’s position as a supplier of raw materials. The country guzzles oil from Venezuela and Ecuador, copper from Chile, soyabeans from Argentina, and iron ore from Brazil—with which it signed a corn-import deal […]

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Ecuador hires Citigroup, Credit Suisse, possible bond effort to raise 1 billion dollars

reuters.com reported that Ecuador could return to the international bond markets to raise up to USD1bn as soon as May or June, two investors said on Wednesday, including one with close ties to the sovereign. The country, out of the market since defaulting on USD3.2bn of debt in December 2008, has hired Citigroup and Credit […]

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Ecuador transitioning to mandatory e-invoicing in 2014 – 2015

scn.sap.com REPORTED…Mandatory Ecuador Compliance for e-Invoicing in 2014-2015 Mandatory Ecuador Compliance with Factura Electrónica approaching. Is your enterprise ready? Ecuador is joining the ranks of mandatory compliance in Latin America via Resolution NAC- DGERCGC13 – 00236 for mandatory integration of Electronic Invoicing or Factura Electrónica. Summary of transaction types and documents and industries affected: Types […]

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Exports from Ecuador to Venezuela takes deep plunge

WSJ.com reported that Ecuador’s exports to Venezuela last year was more than halved to $464 million as political and economic turmoil in Venezuela and a crackdown at home on the fraudulent use of a virtual currency took their toll. Having benefited in the past from weak production in Venezuela, a niche market where it has […]

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Chevron Case Ecuador: The little guy does not seem to count

theguardian.com reported that the Chevron case is something of a parable in two ways: first, it is a lesson about the incandescent response of multinational corporations to any questioning of them; second, it’s a reminder how little the voices of campesinos (peasant farmers) and indigenous people in Latin America seem to count in the eyes […]

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Mexico: Knights Templar has moved beyond drugs, illegal mining, logging, extortion

Diversification of Knights Templar cartel latest sign of drug syndicates’ expanding criminal portfolios. The pseudo-religious Knights Templar drug cartel in western Mexico has diversified to the point that drug trafficking doesn’t rank among its top sources of income, according to the Mexican government’s special envoy to Michoacán. The cartel counts illegal mining, logging and extortion […]

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Honduras: peasant leaders urge World Bank to withdraw support for palm oil company

World Bank directors will be urged by Honduran peasant leaders and civil society groups to withdraw support for a major palm oil company accused of links to killings, kidnapping and the forced eviction of small farmers. The bank’s European directors, meeting in Brussels on Wednesday, will be handed a report by Human Rights Watch, published […]

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Ten Reasons why U.S.Court ruled that Chevron should not pay billions in Ecuador case

breitbart.com reported….Here are are the reasons why the court ruling by a US federal judge that Chevron should not have to pay $9.5 billion in damages to victims of oil pollution in Ecuador is a victory for common sense and justice which we should all be celebrating. 1. It’s not about David v Goliath. Though, […]

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Ecuador: Judgement against U.S. company in Canadian Court

mondaq.com reported that…In Yaiguaje v. Chevron Corp, 2013 ONCA 758, the Ontario Court of Appeal affirmed that an Ontario court has the power to recognize and enforce a judgment for approximately US $9.51 billion rendered by Ecuador’s National Court of Justice against Chevron Corporation (“Chevron”), and its Canadian subsidiary, Chevron Canada Limited (“Chevron Canada”), which […]

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Mexico: VAT increases at border cities, decrease sales, increased lines to U.S. for purchases

Elpais.com reported five percentage points of taxes are measured in money but also in time and distance. The industry know it well because, from January 1, not only pay more expensive good part of products that are no longer encumbered with a reduced 11% VAT but with 16% that affects the rest of the country. […]

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