eltelegrafo.com.ec (Machine Translated The projected economic growth component and the coverage of the basic basket were taken into account for the wage increase. The National Government set this Wednesday at $ 11 the increase to the basic unified salary (SBU) for the year 2018, so it goes from $ 375 to $ 386 per month. This was announced by the Labor Minister, Raúl Ledesma, at a joint press conference with the Finance Minister, Carlos de la Torre, and the head of the Internal Revenue Service, Leonardo Orlando. The salary increase will benefit close to 600 thousand private workers who currently receive the basic remuneration. Ledesma explained that the component of projected economic growth and the coverage of the basic basket were taken into account for the increase . The economic team stressed that -although the proposal was not accepted at the meetings of the National Labor and Wages Council- the competitiveness and liquidity of the productive sector will be maintained. “That’s why we’re going to ask the president (Lenin Moreno) to make the proposal viable to generate compensation.” Minister De la Torre explained that this $ 11 increase is part of a set of actions that can be supported in terms of maintaining the competitiveness of domestic production, both externally and internally.
SPANISH SLANG ECUADOR – READ THE BOOK –
He mentioned aspects such as that the dollarized Ecuadorian economy is in the recovery phase and that it advances to sustained growth; that the dollar is appreciating day by day, which “forces us to consider that although a salary increase internally stimulates the economy, it generates more demand possibilities that are articulated with an offer that is production and employment in the long run”. The head of the SRI, Leonardo Orlando, said that in terms of benefits and, in compensation for the effort of the business sector, it is proposed to increase the percentage of income tax refund. Finally, Minister Ledesma pointed out that controls will be carried out to avoid dismissals, even though the employers promised that this will not happen. The workers’ proposal was to increase the SBU by $ 25. Employers argued that technically there should be no increase, because the inflation rate remains negative. They proposed $ 3. Read Article
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EXTRA.EC (MACHINE TRANSLATED) The Central Bank of Ecuador (ECB) , through its website, confirmed yesterday afternoon that it activated a liquidity credit line that has been approved with one of its counterparts abroad for an amount of $ 200 million, month term and with an annual rate of 1.44%. For the activation of this credit, […]
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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 […]
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 […]
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 – […]
euniverso.com/Stuart Vera (machine translated) Simple mathematics. If we divide the amount of debt that the State has with internal and external creditors, in addition to other possible ‘contingents’, which reaches $ 55.26 billion, for the total population of the country (16’556.112, according to the National Institute Statistics and Censuses), each Ecuadorian has to pay $ […]
theguardian.com reported – Ecuador risks Opec split by increasing oil output Ecuador has become the first country to publicly admit it will not meet Opec’s production curbs, saying it needs to pump more oil to address its fiscal deficit. The South American country’s promised cut of 26,000 barrels of oil a day is a tiny […]
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 […]
Karina Martín /panampost.com reported a former Odebrecht executive in Ecuador has produced videotapes of his meetings with government officials. The videos are expected to reduce his sentence, as he is cooperating with the trial currently taking place in Brazil. The former executive will now reportedly receive the lowest sentence of the 77 people who have […]
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, […]
Alexandra Valencia reuters.com Ecuador’s new leftist president, Lenin Moreno, said on Thursday he had reached out to the World Bank – an organization scorned by his predecessor – in a bid for financing that could help him fund ambitious social programs. Former President Rafael Correa ordered the expulsion of the World Bank’s representative in the […]
Ecuador quake insured loss pegged at $575m Share by Artemis on April 20, 2017 artemis.bm / The powerful magnitude 7.8 earthquake that struck Ecuador just over a year ago is now expected to result in an insurance industry loss of $575 million, with reinsurance markets having taken a share. However the overall economic impact to […]
TNI.ORG – On May 16, President Correa of Ecuador signed decrees terminating 16 Bilateral Investment Treaties (BITs), including with the US, Canada, China and eight European countries. The decision follows the recommendation of the Ecuadorian Commission that audited the country’s Investment Protection Treaties (CAITISA). The President of the CAITISA Commission Cecilia Olivet (a researcher at […]
Ecuador recorded an inflation of 0.14% in March, according to the INEC andes.info.ec / $ 709.22 estimated cost for Basket of goods for family of four. Ecuador registered an inflation rate of 0.14% in March, according to the latest Consumer Price Index (CPI) report published by the National Institute of Statistics and Censuses (INEC) ). […]
pleasespikemydrink.com / Nick Vasey – (Opinion) Ecuador-death-by-government/ – one long-term resident’s personal evidential account of how Ecuador is likely following Venezuela over the cliff … and why Correa’s “robolucion” must be outed as the epic failure and corrupt rort it really is. There is always something awful and tragic about watching a perfectly good ship […]
ecuavisa.com reported the Ministry of Finance published this Friday, April 21, 2017, the public debt bulletin closing to March this year. The figures show that the balance of external debt is US $ 26.486 billion, while domestic debt increased to US $ 13.979 billion; Both amounts to 40,465 million dollars. For the vice president of […]
dailymail.co.uk/Reuters) – Ecuador’s economy shrank for the first time in a decade last year, falling 1.5 percent due to lower oil prices, a strong dollar that hurts the dollarized export-oriented country, and a severe earthquake, the central bank said on Monday. Outgoing President Rafael Correa said over the weekend the OPEC nation’s economy grew 1.5 […]
Ecuador’s Macroeconomic Alternative Facts: Debunking the Distorted Analysis of 50+ Economists econ101.usfq.edu.ec / Carlos Uribe-Teran and Pablo Vega-Garcia Professors of Economics, School of Economics and Institute of Economics, Universidad San Francisco de Quito In this post we refute the imprecise and false macroeconomic statements (or the so-called “alternative facts”) presented in the post written by […]
Miamiherald.com/By Jim Wyss QUITO ECUADOR Busy selling fruits and vegetables on a recent weekday, Luzmila Mita dug into her apron and pulled out a fistful of coins embossed with the image of a Native American woman with a baby strapped to her back. “I always thought she was one of us,” said Mita, as she […]
forbes.com/Tim Worstall: (opinion) A useful little aide memoire is that when Mark Weisbrot starts to praise the economic policy of a country, then that’s a real good time to sell everything and run screaming for the hills. Toward that stock of shotgun shells and canned beans you’ve got for when it all really does start […]
panampost.com/karina martin wrote…. Ecuador President Rafael Correa claimed this week that there have been deliberate attempts by the right to destroy the Union of South American Nations (Unasur) and the Community of Latin American and Caribbean States (CELAC). Correa claimed that the right is attempting to attack Latin America integration and its acting organizations. “When […]
dailymail.co.uk reported Brazil’s $12 billion Olympic legacy lies in ruins: Five months after the Rio Games, stadiums are crumbling as cash-strapped nation is left with crippling debts Shocking pictures show arenas used during the Olympic and Paralympic Games last year in disrepair An estimated $12billion was spent on the Games, with nearly the same being […]
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 […]
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, […]
QUITO (Sputnik) -sputniknews.com The new government of Ecuador elected in the elections on February 19 will have the character necessary to reach trade agreements with the US that are positive for the country, said the president of the Chamber of Industries of Guayaquil , Caterina Costa. “I am very positive, I believe that with the […]
eluniverso.com(machine translated) The basic family basket was calculated in January 2017 at $ 701.93. This was reported yesterday by the National Institute of Statistics and Censuses, in its monthly report. According to the institution, monthly family income (which takes into account that the family receives income equivalent to the basic salary multiplied by 1.6 recipients) […]
Dion Rabouin/reuters – “Ecuador has the potential to be a breakout story depending on how the elections go,” said Arif Joshi, emerging markets debt portfolio manager at Lazard Asset Management, who said Ecuador was one of his top picks for 2017. “If the opposition wins you will likely see the same type of spread compression […]
The deficit per family reaches 143.81 dollars. The testimonies confirm it. Food is the main expense. Lucía Gámez is the mother of two teenagers. She and her husband work and family income reaches $ 700 a month. “Only in food spending an average of 160 dollars a week, a year ago spent 130. Meats of […]
Mexico’s biggest cash cow is under threat from President Donald Trump. The country’s largest source of cash comes from Mexicans living in the United States. That is now under the microscope after Trump issued an executive order Wednesday to start building a wall on the border. During his campaign, Trump said multiple times that Mexico […]
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 […]
lexology.com reported the “Código Orgánico de la Economía Social de los Conocimientos, Creatividad e Innovación,” (Organic Code on Social Economics of Know-how, Creativity and Innovation), which supersedes the current Intellectual Property Law, was recently published on December 9, 2016. SPANISH SLANG ECUADOR – READ THE BOOK As indicated in Article 1 of said Code, “The […]
By Paul Kilby/IFR The Republic of Ecuador took center stage in Latin America’s primary market on Tuesday, returning with its fourth bond deal in less than a year. Ecuador raised US$1bn through a tap of its 9.65% 2026 at a yield of 9.125%. Hit by the oil rout that began in 2014, Ecuador has leaned […]
Ecuador’s annual inflation in this 2016 was 1.12%, as reported by the National Institute of Statistics and Census (INEC). This figure was recorded through the Consumer Price Index in a report and it is also the lowest in the last ten years. In 2015 and 2014 inflation was two points above the current, with 3.38% […]
andes.info.ec / On January 9, 2000, on radio and television, then President Jamil Mahuad announced the implementation of dollarization. It was the corollary of the worst crisis in the country, triggered by the bankruptcy of a part of the private financial system that resulted in a seizure of deposits and an economy that was on […]
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) […]
Residents of La Puntilla, in Samborondón, expressed surprise and unease about the increase of approximately 200 dollars, depending on the case, in property taxes in relation to last year. An inhabitant of the urbanization Las Riveras, on the Samborondón road, paid this Wednesday $ 820.91 for that tax, when last year paid $ 612.74. He […]
elcomercio.com reported the oil, labor, banking, fiscal and prepaid medicine sectors as well as foreign trade will face new rules of the game in 2017, which will be marked by the electoral agenda. The country is forced to reduce oil production in 2017 due to the agreement reached last November in the Organization of the […]
TELESURTV.NET Mexico’s central bank governor Agustin Carstens said that a rise in remittances was due to a weak exchange rate, more U.S. jobs and fears over Trump. Remittances to Mexico posted their biggest jump in over ten years in November in a possible reaction to the U.S. election victory of Donald Trump, who threatened to […]
reuters.com/ reported on Dec 29 Ecuador’s central bank expects the Andean nation’s economy to grow by 1.42 percent in 2017 with respect to 2016, central bank manager Madeleine Abarca said in a press conference on Thursday. The country’s economy is seen shrinking by 1.7 percent for 2016 in part due to a 7.8-magnitude earthquake in […]
elcomercio.com reported that the Ecuador National Assembly has approved a law which is focused on preventing land speculation. It is referred to in Spanish as the plusvalía or capital gains law. The vote was 79 in favor, 27 against and one abstention. The law will put in place a 75% tax on extraordinary profits on […]
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 […]
99.7 percent of products exported to EU to have zero tariffs. eltelegrafo.com.ec reported the National Assembly has approved a trade agreement between Ecuador and the European Union, with 97 votes in favor. The trade deal now goes to President Correa before it’s published in the Registro Oficial. The agreement will take effect January 1. 99.7% […]
.fitchratings.com (Press Release) Fitch rates Ecuador ‘B’ and assigned a Negative Outlook on Aug. 25, 2016, reflecting the country’s weak growth performance, high fiscal deficits, increasing debt burden, and potential challenges to timely policy adjustments in the context of subdued growth, the oil price outlook and prospects for a divided congress following the 2017 elections. […]
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 […]
reuters.com reported Ecuador returned to the US dollar bond market Thursday for the third time this year, raising US$750m through a new 10-year note following a recent rally in oil prices. The deal, rated B by S&P and Fitch, will provide much needed funds for the oil-exporting nation, which plunged into recession last year. One […]
BASIC BASKET OF GOOD FOR FAMILY OF FOUR IN ECUADOR NOVEMBER 2016 COST IS $ 692.56 ______________________________________________________________________________________ NATIONAL INSTITUTE OF STATISTICS AND CENSUS – INDEX OF PRICES TO THE CONSUMER. ANALYTICAL BASKETS BASIC FAMILY BASKET AND VITAL FAMILY BASKET OF THE DOLLARIZED ECONOMY NOVEMBER 2016 Analytical baskets consist of about 75 to 359 products make […]
September 13, 2016 focus-economics.com reported Ecuador’s dollarized economy is facing myriad pressing issues that stem from subdued oil prices, a strengthened dollar and the aftermath of April’s earthquake. The country has undertaken fiscal and external adjustments that signal its commitment to maintain the official dollarization, which is widely regarded as conducive to macroeconomic stability. Nonetheless, […]
OSINT GLOSSARY – GET THE BOOK FOR IMPROVED INTERNET SEARCH RESULTS zerohedge.com reported — The question of whether Socialism can be an effective economic system was famously raised when Margaret Thatcher said of the British Labor Party, “I think they’ve made the biggest financial mess that any government’s ever made in this country for a […]
REAL ESTATE IN ECUADOR Ecuador registered an inflation rate of -0.16% in August, according to the latest report by the Consumer Price Index (CPI). eldiario.ec reported the study was published by the National Institute of Statistics and Census (INEC). Accumulated inflation from January to August reached 1.04%, while the annual August 2015 to August 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 […]
ANONYMOUS POST MADE AT STEVEQUAYLE.COM WITH OBSERVATIONS OF ECUADOR WILL REAL WORLD EVENTS HAPPENING IN ECUADOR LEAD TO ANOTHER VENEZUELA? As an aside, things in Ecuador getting bad, the economy is being destroyed by el presidente and his willing legislators………many here, are saying Ecuador will soon follow Venezuela into hell on earth. They have raised […]
Juan Carlos Hidalgo (CATO INSTITUTE)nacion.com(machine translated) What if Ecuador had its own currency? Or rather, what if Rafael Correa had the ability to print money to finance the huge budget hole of your government? The question is timely because it highlights a huge benefit that gives dollarization countries with a sad history of fiscal irresponsibility […]
july 2016 hotelnewsresource.com reported Ecuador reported decreases across the three key performance metrics. The country’s occupancy fell 13.0% to 59.4%; ADR was down 6.8% to US$97.20; and RevPAR dropped 18.9% to US$57.76. According to STR analysts, Ecuador’s economy is heavily dependent on the oil industry. With crude oil prices down, and Ecuador being the only […]
ELUNIVERSO.COM REPORTED…Ecuador recorded a negative inflation in July. This was announced this morning by the National Institute of Statistics and Census. Inflation in July was -0.09%, according to the latest report. The figure is slightly lower than that recorded in July 2015 and was -0.08%. According to INEC, the divisions that more influeyeron, down in […]
Fitch Affirms Ecuador at ‘B’; Outlook Revised to Negative Fitch Ratings-New York-25 August 2016: Fitch Ratings has affirmed Ecuador’s Long-Term Foreign Currency Issuer Default Rating (IDR) at ‘B’ and revised the Rating Outlook to Negative from Stable. The issue ratings on Ecuador’s senior unsecured Foreign Currency bonds are also affirmed at ‘B’. The Country Ceiling […]
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 […]
cuadoran president Rafael Correa on Sunday denounced “fantasies of trickle-down theories” and said that it’s neoliberalism, not socialism that has failed his region. Latin America has largely pursued “socialism of the 21st century,” TeleSUR reports the leftist leader as saying in an interview. Despite current external factors affecting his country’s economy—like the fall in the […]
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 […]
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 […]
Leonard Quinde Allieri “Opinion”/PANAMPOST Correa’s administration is very proud to say that over the last 10 years, it has managed to double Ecuador’s GDP. What they do not say is how they have generated this increase — irresponsible spending that has damaged the economy. Correa mismanaged the highest oil revenues in Ecuadorian history. And what […]
There are only two dollarized countries among the 20 worst. The figures are from the Economist Intelligence Unit. lahora.com.ec reported Ecuador is the seventh worst economy in the world according to the group Economist Intelligence Unit. A single outgrow Ecuador Venezuela, which ranks first, and countries such as Guinea, Syria, Libya, Azerbaijan and Brazil. The […]
Thedialogue.org Ecuador Unsteadied Low oil prices. A stronger dollar. The aftermath of an earthquake. A looming general election with no clear outcome. Every day Ecuador sinks deeper towards a state of outright crisis. In the face of an economic contraction, the country must overcome enormous obstacles to recovery and growth. Its politics do not offer […]
elcomercio.com reported at the corner of Mendiburo and Escobedo, downtown Guayaquil, Hermes Rodriguez attends a small pharmaceutical distributor in an establishment that is surrounded by enclosed premises, with signs stuck on the roller doors that advertise ‘rent’. At least there are twelve unoccupied spaces in both senses of that intersection. Only in the building occupied […]
alternet.org reported Ecuadorean President Rafael Correa rejected the notion that the leftist and revolutionary governments in Latin America have failed and instead posited that the real failure in the region has been the neoliberal economic model. “Inequality in a poor country means misery, generalized misery. We must seek out other forms of developing ourselves that […]
SPEAK LIKE AN ECUADORIAN – SPANISH SLANG ECUADOR – READ THE BOOK telesurtv.net reported seventeen years ago a banking crisis that had simmered for years finally boiled over. Ecuadoreans protest the neoliberal measures adopted by the government of Jamil Mahuad in order to save the banking industry in 1999. On March 8, 1999, Ecuadoreans awoke […]
telesurtv.net reported… “It’s like fighting in the ring of globalization with a straitjacket,” said Ecuadorean President Rafael Correa. Ecuadorean President Rafael Correa said his country committed “monetary suicide” when it decided to adopt the U.S. dollar in 2000, but that giving it up now would “cause an economic, social and political chaos.” “Very few countries […]
cemnet.com reported With severe earthquakes, massive debts and low crude oil prices, Ecuador’s way ahead appears uncertain. The country’s future is dependent on the outcome of the 2017 elections and a recovery in oil prices to get the economy moving again in the right direction under positive leadership. By Rob Roy, ROI Consulting, USA. Ecuadorian […]
VISTAZO.COM – Tristana Santos / Darwin Borja reported although we use the same currency, in the last decade Ecuador prices increased more than twice that of the United States. An analysis of the causes.Between 2006 and 2016 prices in Ecuador have risen nearly 50 percent, according to the Consumer Price Index (CPI) of the National […]
By Sam Wang, Research Associate at the Council on Hemispheric Affairs To download a PDF version of this article, click here. Every day since 2015, thousands of Ecuadorians have crossed the bridge from Tulcán, Ecuador to the border town of Ipiales, Colombia to go shopping. Goods they purchase in Colombia include food, cars, television, and […]
bloomberg.com reported Ecuador is offering bonds in the overseas market with the highest coupon since 2000 as the nation seeks to plug a financing gap following lower oil prices. The South American nation is marketing five-year dollar notes to yield around 11 percent, according to a person familiar with the matter, who is not authorized […]
elcomercio.com reported by Sebastián Angulo Stives Reyes 22 July 2016 00:00 More Rooms and less diners: so was the beginning of the year for the sector of accommodation and food services. The activity decreased by 13.2% in the first quarter of this year compared to the same period last year. This is the worst first […]
The earthquake in Ecuador on April 16, which resulted in 659 deaths (a figure that is still growing) and thousands of homeless, has also added to the population’s tax burden. The Government has increased VAT from 12% to 14% for a one year. For the same period, companies will pay a 3% tax on profits […]
Current figure of contraction does not include impact of April’s earthquake. Bank will have to update its statement. Reuters.com reported / Ecuador’s economy contracted by 3 percent in the first quarter of 2016 compared with the same period a year earlier, the central bank said late on Friday. This was driven by a contraction of […]
Ecuador Confirms Another $20 Billion in Oil Reserves telesurtv.net reported a U.S. oil engineering company said that the Amazonian site has 1,672 million barrels of proven reserves, nearly twice what was previously believed. Ecuador’s proven oil reserves grew recently with the announcement by Vice-President Jorge Glas that Block 43 in the Amazonian province of Orellana […]
Ecuador’s Correa Takes Aim at Politicians Utilizing Tax Havens Telesurtv.net reported Ecuadorean President Rafael Correa is a fierce critic of tax havens and said he would fight them both domestically and internationally. Rafael Correa is seeking a mandate from the Ecuadorean people to see that politicians and public servants who store their money in offshore […]
internationalliving.com/Suzan Haskins wrote: Ecuador…the small South American country that sits right on the equator…is blessed with many advantages—particularly its diverse, gorgeous terrain, and fantastic climate. No matter what you’re looking for…from lush rainforest to majestic mountains to sun-kissed beaches, you’ll find it here. And about that climate…daytime temperatures in the Sierras—along the Andes Mountains range […]
IMF granting loan under Rapid Financing Instrument Loan does not come with conditions, money being disbursed immediately enca.com reported the International Monetary Fund said Friday it approved a $364 million emergency loan to Ecuador after the country was hard-hit by an earthquake in April. The money will help the country steady its finances while it […]
IN 2014 SPEECH AT HARVARD RAFAEL CORREA STATED: April 11, 2014 harvard.edu – “Democracy has been firmly established in Ecuador,” Correa said. “Not only democracy in the formal sense, but real democracy, in terms of people’s access to rights, equal opportunities, and dignified living conditions. This is the so-called ‘Ecuadorian Miracle.’ ” Between 2007 and […]
mises.org/Ryan McMaken Unlike other leftist South American regimes, the Venezuela regime has intentionally crushed even the middle and working classes. The economic disaster in Venezuela has prompted many to take a look at the country and attempt to understand what it is that has made things so bad in Venezuela. It’s not enough to say […]
Even the 7.8 earthquake, many people began to understand that, in times of crisis, political and economic problems have direct effects internacional.elpais.com (PUBLIC COMMENT)/ Ezequiel Vazquez-Ger wrote During the presidencies of Rafael Correa between 2007 and 2015 oil revenues reached 80 billion dollars. A comparatively bulky amount, taking into account that oil revenues in the […]
reuters.com reported Ecuador is negotiating credit lines to finance reconstruction after this month’s devastating earthquake with multilateral agencies that include the International Monetary Fund, a government official said on Thursday. The Andean nation has already opened an emergency credit with multilateral agencies including the World Bank and the Inter-American Development Bank for about $600 million, […]
reuters.com/Matt Spetalnick roported the United States is increasingly concerned about the potential for an economic and political meltdown in Venezuela, spurred by fears of a debt default, growing street protests and deterioration of its oil sector, U.S. intelligence officials said on Friday. In a bleak assessment of Venezuela’s worsening crisis, the senior officials expressed doubt […]
THE CURRENT ECONOMIC CRISIS WORSE THAN 1999 – Emililo Palacio wrote… In the first quarter of this year, nearly 100,000 urban workers plunged into the abyss of unemployment in Ecuador. That represents half a million people (considering five members per family on average) who were left without a steady income in just three months. Unemployment […]
wallstreetexaminer.com/David Zeiler /June 6, 2014 wrote: Unbowed by fines and new regulations, Goldman Sachs (NYSE: GS) has simply looked elsewhere for fresh victims. In a deal that barely registered with the mainstream media, Ecuador’s central bank agreed earlier this week to swap half of its gold reserves – worth $580 million – with Goldman in […]
panampost.com reported — Following the publication of Sabrina Martin’s article in the PanAm Post, “Looting on the Rise as Venezuela Runs Out of Food, Electricity,” several readers have asked how Venezuela, a country regarded as a future Australia in the 1960’s and 70’s, entered its current economic crisis. There are hundreds of reasons for this. […]
nytimes.com/ NICHOLAS CASEY reported In Ecuador, a 7.8-magnitude earthquake a week ago helped set off what many say was a debate years in the making. Over the last decade, the government made significant investments in infrastructure and education while depleting emergency funds set aside for disasters like earthquakes, analysts say. Spending on government salaries also […]
ft.com reported the devastation in Portoviejo is so complete that Johnny Quijano does not know how Ecuador will recover. A week after a powerful 7.8 magnitude earthquake flattened much of the centre of the city of 220,000 people and countless other towns along the country’s Pacific coast, despair and resignation have set in. “Ecuador simply […]
BBC.com reported Left-leaning President Correa said all levels of society would be expected to contribute to rebuilding funds, even if they did not live in the worst-hit Pacific region. Among the measures he announced in a televised address late on Wednesday: The sales tax is to be increased from 12% to 14% for one year […]
CNN.com reported In an effort to boost reconstruction efforts, Ecuadorian President Rafael Correa announced a series of financial measures, including a tax increase, on prime time television. “Rebuilding the affected areas will take years and cost millions of dollars,” he said. “The short term costs are significant.” He announced a raft of short-term and one-time […]
abcnews.go.com reported…. While the human tragedy of Ecuador’s most-powerful earthquake in decades is still sinking in, the government is just beginning to evaluate the monumental task of rebuilding. President Rafael Correa says it could cost as much as $3 billion to rebuild. That’s about 3 percent of Ecuador’s gross domestic product. He told reporters Tuesday: […]
ecuadortransparente.com reported new taxes proposed by the new project called Act Balancing Public Finances, sent yesterday, Wednesday, March 30, 2016, at about 10 pm to the National Assembly. It is established that the currency cash carry Ecuadorians and foreign citizens, adults who leave the country or minors who are not traveling with an adult, up […]
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 […]
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 […]
CATO.org/Steve H. Hanke reported – Every country aims to lower inflation, unemployment, and lending rates, while increasing gross domestic product (GDP) per capita. Through a simple sum of the former three rates, minus year-on-year per capita GDP growth, I constructed a misery index that comprehensively ranks 108 countries based on “misery.” Below the jump are […]
Steve St. Angelo, SRSRocco/silverdoctors.com: There’s an ongoing catastrophe taking place in Ecuador. Not only has a significant part of the Amazon been polluted by toxic waste oil left behind from the wonderful folks at Texaco when the company started drilling for oil in Ecuador back in the 1970’s, but the low oil price has totally […]
Folha de São Paulo reported the decision of many local governments in Brazil to cut public funding for Carnival this year. Due to the economic crisis currently unfolding, there are at least fifty-three cities across the country that have decided to make major cut backs or de-fund entirely the two-week national holiday. In Minas Gerais […]
(Prensa Latina) The public debt of Ecuador is at sustainable levels, as 33 percent of the Gross Domestic Product (GDP) is still below the limit established by the Constitution, explained today the manager of the Central Bank, Diego Martinez. The respect to the limit imposed in the legislation approved in 2008 was something the oficial […]
reuters.com reported a more acute crude price slump this month has put several South American countries in the difficult position of selling oil for less than what it costs to produce, according to traders and sources at three companies in Colombia and Venezuela. So far, the most affected crudes are blends formulated with naphtha and […]
telesurtv.net reported Ecuador’s unemployment rate was the lowest in the region, according to a new figures released by the National Survey of Employment and Unemployment. At only 4.8 percent, Ecuador has the lowest unemployment rate in Latin America, considerably lower than its neighbor Colombia, which has an unemployment rate of 9 percent, according to the […]
IRAN COMING INTO THE WORLD OIL MARKET TO PUT FURTHER PRESSURE ON OIL PRICES elcomercio.com reported the end of international sanctions against Iran, which became effective last Saturday (January 16, 2016), also assumes the termination of this nation oil embargo. Iran will play a decisive role in the energy market and expects to quickly increase […]