The House of Representatives approved Tuesday a bill that authorizes the federal government, through the Banco Nacional de Desenvolvimento Economico e Social (BNDES) to finance up to $ 20 billion high-speed rail linking Rio de Janeiro and Sao Paul. The bill passed with votes from the ruling group, which imposed most of the opposition and […]
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Chile’s central bank said Tuesday that commerce led the growth, especially exports in fruit, timber, fishing and transport services. February also saw the world’s top copper exporter benefit from record high prices of about $10,000 a ton. Read Article
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After two years mired in recession, Venezuelan economy has been favored by soaring oil prices and has started to grow. However, structural problems and deterioration of the power generation system may lead to a moderate, slow recovery. Minister of Electric Power Alí Rodríguez Araque acknowledged last week that electricity demand has increased. He attributed the […]
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China is rapidly expanding its presence in Brazil, surpassing the United States as the South American giant’s biggest biggest investor and trade partner, a report released Wednesday said. Read Article
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Brazil’s central bank Wednesday raised its inflation forecast and cut its growth outlook for this year but said the situation is improving and that it may be able to scale back efforts to tame rising prices. Read Article
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Peruvian President Alan Garcia announced on Sunday plans for Peru, Colombia, Mexico and Chile to create a new economic bloc, in an interview with El Tiempo. Garcia told the Colombian newspaper that plans are in place for the leaders of each nation to meet in Lima on May 2 in order to set out a […]
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With a total revenue forecast around $448 million for 2011, Nicaragua ranks last in Latin America. However, the country is expected to grow at a CAGR of 5.8 percent over the next five years, ahead of the 4.9 percent average expected for Latin America, according to a new report from Pyramid Research (www.pyr.com). Nicaragua: Growing […]
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The park director of the Galapagos Islands reported the following information regarding visitors to the Galapagos in 2010. 173,296 visitors in 2010 – 6% increase over 2009. 61,574 visitors were Ecuadorian – 36% 46,093 visitors were from the U.S. – 27% 9,045 visitors were from the U.K. – 5% Other countries made up the rest […]
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Mexico’s industrial output grew at its fastest pace in over a year in January, amid signs higher spending in Mexico could eventually pressure the central bank to raise interest rates. Read Article
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nfodefensa.com) By P. Palacios, Lima – members active and retired Air Force and the Peruvian army were involved in a network of illegal arms from different quarters for Peruvians and narco-terrorist organization called the Revolutionary Armed Forces of Colombia-Ejercito del Pueblo (FARC_EP). The research was conducted by the Third Provincial Criminal Prosecutor Lima Supra merit […]
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In the opinion of Elías Eljuri, the outcome shows statistic stability because a variation of 0.2 percent only was recorded between January 2010 and January 2011. Read Article
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Central bank chiefs from South American countries in the Mercosur customs union said on Friday there are heightened risks to the global economy in light of higher food prices and turmoil in Middle East, but indicated a broad regional slowdown was unlikely. Read Article
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USHUAIA, ARGENTINA – Here at the end of the Earth, just 600 miles from Antarctica, tourists hike over glaciers and flock to rocky beaches to photograph penguins and 700-pound sea lions. Read Article
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Countries such as Brazil, Colombia, the Dominican Republic, Panama, Peru, Suriname, and Uruguay all have a positive rating outlook from Fitch, although it’s not clear which of them could be upgraded this year, the agency said in a report. Read Article
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Today, Thursday, could be a crucial day with the entering into force the Free Trade Agreement (FTA) with China. In the afternoon, Costa Rica’s legislative assembly is expected to discussion and first debate on the trade agreement. Proponent legislators say “there is a good environment” for the FTA with China and could be ratified the […]
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Ecuador’s net tax collections rose 13% in January to $780 million from $689 million a year earlier, the Internal Revenue Service, or SRI, said Wednesday. Read Article
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Peru will reduce its poverty rate to 30 percent by the end of the current administration thanks to the execution of a proper macroeconomic policy, Minister of Economy and Finances Ismael Benavides said Monday. Read Article
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The Movechannel.com recently spoke about the International Living conference in Quito, Ecuador. The article mentions one of the presenters stating you can retire in Ecuador for as little at $500 dollars per month. “Than $500 a Month Expat John Curran watered that seed when he took the stage a bit later. He explained how he […]
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American investment bank Merrill Lynch sees Peru’s impressive GDP growth continuing in 2011 with an expected trade surplus of nearly US$8 billion. In a recent report, Bank of America Merrill Lynch noted that December’s monthly economic activity indicator expanded 8.9% year on year as a whole. Read Article
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Mexico’s gross domestic product expanded last year at the fastest pace in a decade as Latin America’s second-biggest economy recovered from a 2009 recession provoked by the global financial crisis. Read Article
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President Rafael Correa denied that he resumed trade talks with EU for his government will not trespass the “red line” despite EU “serious proposals which we were to determine whether to agree or not, promissing to answer this week. The terms of the document include public purchases, having EU and Ecuadorian companies compete under similar […]
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Lawyers for Chevron Corp and plaintiffs who accuse the U.S. oil giant of pollution return to a provincial court in Ecuador’s Amazon this week to appeal one of the world’s largest ecological damage rulings. Lawyers for the 47 named plaintiffs in the lawsuit say they will file papers on Thursday before a three-judge panel at […]
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Venezuela’s state oil company PDVSA loses around $1.5 billion a year through domestic subsidies that make the South American OPEC member’s gasoline the cheapest in the world, the energy minister said on Sunday. Read Article
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At least three consortia will bid in April for the right to build and run a high-speed railway in Brazil, the head of the nation’s transport regulator told Reuters on Friday. The auction for one of the key infrastructure projects ahead of the 2016 Olympics was delayed last year to allow time for more companies […]
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Mexican Finance Minister Ernesto Cordero said policy makers may increase the amount of dollar options they auction monthly, a move that would help soften the impact on the peso of any sudden outflow of capital. Read Article
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Based on data released by the Central Bank of Venezuela (BCV), the rising cost of food is unstoppable. This is the variable that most impacts the quality of life in the poorest Venezuelan households. The cost of agricultural products in January heightened 9.1 percent and in the last twelve months, the cumulative increase in prices […]
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Damian Vásquez used to regularly update the prices of household cleaning products on the sign outside his store. Today he often does not bother. Inflation has been causing prices to rise so fast that he grew tired of the effort to keep up. Read Article
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Brazil’s buoyant economy is suffering under the double whammy of a strong real and competition from cheaper Chinese goods that are chipping away at the Latin American country’s global market share. Read Article
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Argentina is threatening to fine economic consultants if they don’t release information about how they calculate changes in consumer prices, opening up a new front in its battle with the private sector over the credibility of inflation data. Read Article
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Brazil’s environmental agency, IBAMA, has issued a ‘partial’ installation licence for the Belo Monte dam, to be built on the Xingu River in the Amazon. Read Article
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It’s perhaps the biggest economic question – and potential threat – that Long Beach and its neighboring cities have faced in decades. And it couldn’t come at a more trying time for dockworkers, mariners, truckers and business leaders struggling with a global recession and severely depressed trade volumes through San Pedro Bay. The Panama Canal […]
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If Wikileaks documents are any indication, Chinese investors might have a big surprise in store as they continue their push into Latin America. In their effort to extract raw resources, the Chinese have fared relatively well in such areas of the globe as Africa. However, recently disclosed U.S. cables hint that Latin America may not […]
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Since oil prices are climbing, thus ensuring enough funds for Venezuela to meet its obligations, investors should view Venezuela as a low-risk country. However, the lack of confidence in the South American lingers. Venezuela’s country risk -an indicator of the spread between the yield an investor demands in order not to buy US Treasury bonds […]
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The fiery coca growers’ union leader who rode discontent over his predecessor’s pro-business policies to Bolivia’s presidency is suddenly grappling with a sharp drop in popularity. Ironically, Evo Morales’ troubles are related to his handling of the economy. Read Article
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AmBev (ABV) is the largest brewer in Latin America by sales volume and the fourth-largest beer producer in the world. It produces, distributes, and sells beer and PepsiCo (PEP) products in Brazil and other Latin American countries. It also owns Argentina’s largest brewer, Quinsa. AmBev was formed in 1999 through the merger of Brazil’s two […]
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This year is expected to double the sales of heavy trucks in Colombia, reaching more than eight thousand vehicles, however, the carriers say the nation’s highways will collapse by this phenomenon and because “are the roads in Latin America. Read Article
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New highways stretching across South America from the Atlantic to the Pacific oceans will consolidate Brazil’s role as the continent’s leader and give it an alternative export outlet to Asia. The roads won’t redraw global trade patterns the way the Panama Canal did, but their impact could be considerable. Read Article
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Three of every ten Argentines fall below the poverty line, 30.9% of the population, Ecolatina consultants said and they warned that “if prices continue to increase, it will be difficult for poor people’s income to beat inflation.” Read Article
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“Inflation is already higher than expected in several emerging economies,” said Deputy Managing Director John Lipsky at the meeting organised by the Organisation for Cooperation and Economic Development (OECD) and the Inter-American Development Bank (BID). Read Article
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Panama which uses the U.S. dollar for its’ currency has faced a high cost of returning and replacing the dollar bills to the United States which have deteriorated. The new coins called the “Balboa”, will be in one and two dollar denominations. The average life of a U.S. bill is from between six and twelve […]
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It is mere ignorance that stands in the way of Brazil having a broad network of navigable waterways and leads to the wasted potential of the country’s great rivers, laments José Alex de Oliva, superintendent of inland navigation at Brazil’s national waterways transport regulator (ANTAQ). Read Article
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Argentine farmers said on Sunday they will lift a week-long strike that halted grain markets in the commodity powerhouse, but they vowed to resume protesting the government’s export curbs that affect their incomes. Mario Llambias, head of the Rural Confederation of Argentina, said the trade strike will be lifted as agreed, but farmers will keep […]
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The South American country of Suriname plans to increase taxes on alcohol and tobacco by 50 percent to pay the back wages of public employees and fund housing and education. Read Article
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Chile’s central bank is very worried about rising inflation and its monetary policy will not be subordinated to the exchange rate, the bank’s chief Jose De Gregorio told a local daily in an interview published on Sunday. Read Article
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The enterprise telephony market in Latin America witnessed a considerable decrease of 15% in revenues from 2008. Geographically, the decline took place in almost all sub regions, except Brazil, where total revenues had a softer decrease in 2009. Almost all companies in the Latin American market experienced decreased revenues. However, in the second semester, the […]
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Talks between government officials and local leaders on Monday failed to end protests over an increase in natural gas prices in the south of Chile. Chile’s Mining and Energy Minister Laurence Golborne travelled to the regional capital of Punta Arenas to offer a limit on the price increase to 3 percent, an improvement from the […]
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Peruvian exports to China have climbed 31 percent to $3.99 billion in the 10 months since a bilateral free trade agreement came into effect, according to foreign trade association ComexPeru. Traditional exports represent 95 percent of Peru’s total exports to the Asian giant. They increased 31 percent since March, with agricultural exports seeing a a […]
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Ex-president Alejandro Toledo, a front-runner in Peru’s presidential race, said Jan. 13 that the mining sector must “give back” a portion of rising profits to poor rural areas. In a speech outlining his policy proposals, Toledo called for “co-responsibility” between private companies and the state for social development: “Just as we respect the rules of […]
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In March of this year, officials expect to be ready to launch a tender in the private sector for the first concession blocks for early exploration and development of the oil industry in Panama. Read Article
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Venezuelan President Hugo Chavez said Saturday that the country’s oil reserves amount to 217,000 million barrels and is the first country in the world with more than Saudia “We’ve surpassed the 217,000 million barrels but has not completed the certification process,” said Chavez during the presentation of accounts on its management in 2010 before the […]
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Argentina is suffering from a fuel crisis with rising prices.
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Brazil will offer $1 billion in reverse currency swaps today as it buys dollars in the futures market for the first time in 21 months to protect the real from the global currency war. Read Article
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The cost of family food basket-CAF-December 2010 Bs.F. 2.798,01, raised to Bs.F. 2798.01, an increase of Bs.F. 111,16, or 4.1% compared to November 2010. The annualized change in the cost of food basket for the period December 2010-December 2009 is 39.4%, 790.76 bolivars, 64.6% of the minimum wage. Read Article
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Argentina will import an additional 3 billion pesos (750 million US dollars) in 100-peso notes from state-owned mint Cada de Moeda do Brasil, central bank President Mercedes Marco del Pont said Monday. Argentina originally signed an accord in November with the Rio de Janeiro-based mint to produce 130 million 100- peso notes. Read Article
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Ecuador exported 5,000 tons of crude African palm oil to Venezuela, traded in Sucres, the legal tender of the Bolivarian Alliance for the Peoples of Our America (Alba), the Ecuadorian Executive Office reported on Tuesday. They added that the deal, led by state-run National Development Bank of Ecuador, is within the framework of a bi-monthly […]
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SINCE last summer, when the Federal Reserve turned back on the liquidity taps, the flow has been largely to developing economies. Rather like financial bathtubs, popular emerging markets in South America, Asia and even Africa have been attracting vast amounts of frothy hot money, and developing world currencies have appreciated immensely. Read Article
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The value of agricultural exports from Peru reached US $3 billion from January to November, a 30.2% increase over the same period in 2009, according to statistics from the country’s Agricultural Ministry. As reported by business news website America Economia, the total broke prior records, even without figures for December, the report said. Read Article
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Venezuelan President Hugo Chavez urged his followers to ramp up the seizure of land in Caracas so it can be used for low-income housing. In a nationally broadcast address, Chavez said the nation’s poor were being forced to live on landslide-prone hillsides in west Caracas rather than on more appropriate real estate on the affluent […]
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Venezuela warned mayors, governors and the South American country’s numerous state-run companies on Monday to pay overdue electricity bills or face being cut off in a drive to stop waste and balance its accounts. Read Article
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Mexico will maintain punitive tariffs on 99 U.S. products but will not add any more goods or change the list pending negotiations over a new program to allow Mexican cargo trucks on U.S. roads, the government announced Monday. Economy Secretary Bruno Ferrari said the move is a show of goodwill as the two countries begin […]
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As my colleague Jonathan Wheatley reports on beyondbrics, the FT’s emerging markets blog, it seems there is an embryonic plan to set up a stock trading platform that would challenge BM&FBovespa, the monopoly exchange in Brazil. Read Article
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Argentina is suffering a shortage of banknotes, with long queues outside cash machines across much of the country, which critics blame on the country’s runaway inflation. Argentina’s central bank announced last month that it plans to increase the amount of money in its economy in order to keep interest rates down and sustain steady economic […]
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On Tuesday, exactly one year after an earthquake levelled Port-au-Prince and more than 200,000 people were buried alive, the iconic Iron Market will reopen. But this isn’t the work of the Haitian elite – it’s all down to Denis O’Brien, CEO of a mobile-phone company. Read Article
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Argentines faced long lines outside banks this week due to cash shortages at ATMs that critics say is linked to the government’s refusal to recognize burgeoning inflation by printing larger bills. Argentina has one of the world’s highest annual inflation rates at more than 25 percent, according to private forecasts that more than double the […]
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Ecuador’s President Rafael Correa said a planned constitutional referendum this year would ask citizens whether to limit banks’ operations to financial services and strip them of companies outside that industry. Read Article
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This year will be the ninth straight year of impressive economic growth for Argentina. Some analysts say the international context is the key to the high rates of growth since 2003, while others stress that there are also internal factors behind the expansion. The latest report by the Association of Automobile Manufacturers (ADEFA) points to […]
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The blackouts that occurred in Argentina earlier this year are related to the lack of investment by the company Edesur, said the chief of staff, Aníbal Fernández. Since late December, various locations in Buenos Aires suffered blackouts of up to 72 hours, initially attributed to the increase in demand caused by a heat wave with […]
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The Ecuadorian government is studying the implications of moving from analog to Japanese/Brazilian digital technology, a process that will take about 10 years, Superintendent of Telecommunications Fabian Jaramillo said. The details depend on a report to be provided on Friday by a commission on system analysis to the National Telecommunications Council, and the master plan […]
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Brazil’s inflation jumped to 5.9 percent in 2010, its highest rate in six years, according to the state statistics agency. The increase in consumer prices, from 4.3 percent in 2009, was far higher than the 4.5 percent target eyed by the government and suggested Brazil’s central bank would soon be forced to again raise its […]
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Peru’s Energy and Mines Ministry (MEM) reported Wednesday that investments in energy projects, which include electricity and of hydrocarbons, will total a bit over US$5 billion this year. “I think that we’ll reach nearly US$ 2.5 billion of investment in the electricity sub sector. In theory, in the entire energy sector we can have a […]
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Peru exceeds Chile in number of approved environmental projects in the mining sector during 2010 with 267 projects against 62 projects from the Chilean country. Read Article
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Head of Iran-Brazil Friendship Association Mir-Qassem Mo’meni said a large delegation of Iranian businessmen are due to visit Brazil in mid February in a bid to study market potentials and interest in Iranian products in the Latin American country. Read Article
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Edgard Walters, who belongs to the Association of Disabled and Active Divers of the Atlantic Coast of Nicaragua, has been in a wheelchair since 2003, when he made his last dive for lobster in the waters of the Caribbean. Read Article
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Venezuela’s government will not increase its sales tax as had been expected thanks to high global oil prices, President Hugo Chavez said on Tuesday. Read Article
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Sales of cars and light trucks in Brazil rose to a fourth consecutive annual record in 2010, underscoring a boom in lending that has made Latin America’s largest economy a top market for global automakers. Sales jumped 10.6 percent in 2010 from 2009 to 3.33 million units, a source with knowledge of the figures told […]
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Resources from abroad and are intended for country’s productive apparatus declined during 2010. Business Committee estimates Ecuador (EC), Ecuador has lost $ 800 million through Foreign Direct Investment (FDI). EWC, said: “The investment was one of the worst performances in the national economy. There was a registered negative balance of $ 300 million compared to […]
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Lahora.com.ec reported that the Ecuadorian government passed a 10 percent minimum salary raise for employees beginning January 1, 2011. The current base salary is $240.00 a month. The increase is to be $24.00 settling the base monthly salary at $264.00. Workers to be included are both in the private and public sector. The raise also […]
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Bolivia has fined Chinese telecommunications equipment supplier Huawei $8 million for breach of contract, officials said. Public Works Minister Walter Delgadillo said Bolivian state telecommunications provider Entel collected on Huawei’s performance bond after the Chinese company failed to install equipment on schedule, Fides radio reported Tuesday on its web site. Read Article
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Gustavo Luna, director of Inspections and Grounding under the Directorate of Migration, said in statements to Radio Fides that from January to date this year was expelled from the country more than 300 foreign nationals who were either irregularly in Bolivia by having a criminal record or not having documentation. Peruvian and Colombians were the […]
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A correction to a “material error” in the Organic Law for the Financial System was published in the Official Gazette dated December 21. The law forces banks to carry out a financial corporate divestiture, that is, to reduce the structure that currently allows them to gather under one corporation a bank, an insurance company and […]
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Why Bolivia stood alone in opposing the Cancún climate agreementWe were accused of being obstructionist, obstinate and unrealistic. But we feel an enormous obligation to set aside diplomacy and tell the truth Diplomacy is traditionally a game of alliance and compromise. Yet in the early hours of Saturday 11 December, Bolivia found itself alone against […]
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Severe weather and high waves caused a 70 tonne coal barge to sink off the Colombia coast this week, and more significant disruptions to shipments from the country, one of the world’s top five coal exporters are likely, Colombian miners and European buyers said on Friday. The Vale (VALE.N) barge sank near Rio Cordoba port, […]
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Peruvian families spend over US$200 in domestic tourism during the year-end holidays, President of the National Chamber of Tourism (Canatur) Carlos Canales reported today. “Most of the families who travel to provinces for the year-end holidays consist of five people or couples of friends who receive the New Year away from home,” he told Andina […]
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Peru’s economic takeoff is driven by the public and private productive investment, which is a strong instrument for the country’s growth and the creation of employment, and not by artificial or temporary subsidies, President Alan Garcia said Saturday. “Our country has started a takeoff that is neither artificial nor temporary. Our country does not sustain […]
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Peru’s per capita income would reach US$ 7,800 by 2015, boosted by strong economic growth, Economy and Finance Minister Ismael Benavides said Saturday. Read Article
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