Report Reveals Brazil is Most Closed Economy in the G-20

economia.ig.com.br reported on June 12, 2013 that the International Chamber of Commerce in its biannual report ranked Brazil as the most closed economy in the G-20. Since the commencement of the Dilma administration, Brazil has been below the world average of its openness to the world due to its trade policy and openness to investment and infrastructure. In a list of the 75 largest economies, Brazil ranked in the 68th position. Other countries that are considered protectionists such as Argentina are more open than Brazil. Read Article

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Brazil and Russia Meet To Further Develop Partnership

agenciabrasil.ebc.com.br reported on June 11, 2013, that the foreign minister of Brazil, Antonio Patriota, and Russian Foreign Minister Sergei Lavrov, met in Rio de Janeiro to establish a bilateral partnership in economic cooperation as well as in areas of science and technology, nuclear research, and aerospace research. Patriota stated Russia is one of the main […]

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Survey Reports Negative Influence of Brazil Rises

Globo reported on May 23, 2013, that according to a BBC survey conducted between December 2012 and April 2013, there is a growing negative influence of Brazil in the world. The survey reported that Brazil’s negative perception in the world increased from 18% to 21%. In addition, the survey reported that only an average of […]

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Brazil Eases Work Visa Application To Attract Foreigners

On May 20, 2013, Globo reported that due to the complicated procedure for foreigners to obtain a work visa in Brazil, the government reduced the number of required documents from fifteen to three; forms that can be filled out and sent over the internet. In addition, work visas; which originally took up to three months […]

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Brazilian Foreign Minister Visits U.S. to Discuss World Economy

jornalagora.com.br reported on May 19, 2013 that Brazilian Foreign Minister, Antonio Patriota, and U.S. Secretary of State, John Kerry, will meet on Monday, 20, in Washington D.C. to discuss topics such as the world economy, issues pertaining to G-20, and areas in education, science, and technology. Among the issues to be discussed, is the US-Brazil […]

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Brazil: Employment Opportunity Grows Under President Dilma

On May 20, 2103, Terra reported that 200,000 new jobs were created in April. President Dilma’s administration, since commencement in January 2011 and April of this year, created more than 4 million new jobs. According to Dilma, the number is impressive when compared to European countries that are still suffering from unusually high unemployment rates. […]

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Brazilian Banks Rank Most Powerful in South America

Terra reported on May 16, 2013, that according to Bloomberg Markets magazine, four Brazilian banks have emerged as the strongest in South America. Banks include Santander, Itaú, Bradesco and Banco do Brazil. According to Bruno Rocha; professor of Economics at the Federal University of Minas Gerais, Brazil’s stability, accessibility to change, and its ability to […]

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Brazil Plans to Replace France as Fifth Largest Economy

The Brazilian government has expressed confidence that in the next four years, Brazil will replace France as the world’s fifth largest economy as revealed by noticias.lainformacion.com. It has already replaced the United Kingdom as the sixth largest world economy, and President Rousseff and Minister of Finance Guido Mantega are confident that Brazil will surpass France […]

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Household debt reaches disturbing levels in Colombia

According to a study by Colombia’s Central Bank, the level of household debt is reaching worrying levels at the end of the first six months of this year (2011), El Espectador reports. The study says household debt is reaching similar levels to those recorded during the economic crisis of the 1990s. The report notes that […]

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Cusco, Peru: Marriott Delay Hotel Opening

According to Peru21.pe the Marriott hotel chain has delayed their opening of a new hotel in Cusco, scheduled for June 2012. Maritza Montero, director of sales and marketing for Marriott says the budget for the project, $40 million, remains unchanged and that the construction and structure work was only delayed. Montero announced that construction of […]

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Ecuador: Luxury Cars Get Environmental Tax Up to $1,248 Per Year

According to Andes.info.ec a new Tax Reform Pro Heath proposal includes a maximum environmental tax on luxury vehicles of $1,248 per year. Reportedly, this number is four times smaller than the $5,200 figure mentioned a month ago. The tax applies to vehicles that have a motor larger than 3,000 cubic centimeters. Vehicles with motors between […]

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Quito, Ecuador: Alarming Number of Minors Work on Streets as Vendors

Extra.ec reports a study by the Catholic University of Quito found that out of 5,643 street vendors, 1,093 are younger than 17 years old. Also, the study found that 64.4% of the vendors are men and 35.6% are women. The basis of the study was to find out the working conditions of the traders. The […]

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Ecuador: New Electricity Rates Begin in August 2011

According to ElNorte.ec the government will begin charging the new electricity rates, without subsidies for those who exceed more than 500 kW/h per month. The director of marketing at Emelnorte says the new system of electricity prices will provide more efficiency to the residential sector. Emerlnorte officials say only 375 subscribers use more than 500 […]

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Estimate 3 million tourists in Uruguay this year

Uruguay is estimated to receive 3 million tourists by the end of the year, making the tourism industry one of the largest contributors to the national economy, reports elobservador.com.uy. These 3 million visitors are estimated to boost tourism revenue to $2,000 million by the end of 2011 and are already generating thousands of new jobs. […]

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Ecuador: 10,000 Bureaucrats Want To Use Forced Retirement Decree For Benefits

According to ElComercio.com the National Confederation of Public Servants (Conasep) calculated that about 10,000 bureaucrats are interested in the new decree, which announced a voluntary retirement due to age. Officials say article 81 of the Organic Law of Public Service (Losep) establishes that workers under the age of 70 can take advantage of the new […]

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Latin America needs different financial structure

Ecuadorian economist Pedro Francisco Páez voices the need of a new financial architecture for Latin American countries in order to avoid crisis informed SDPnoticias.com. Paez insists that the design of a new currency and financial security, other than the IMF, will ultimately safeguard Latin America’s financial stability. Read article.

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Mexico: Bank of America Ends Involvement with Santander

Bank of America has sold its share in Mexico’s Santander Bank, but that does not mean that they are changing their strategy for Latin America, Univision reports. The sale comes as part of Bank of America’s decision to concentrate on their business priorities. As part of this activity, Bank of America has sold nearly $9.5 […]

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Ecuador: Sanctions for Banana Exporters, Still Do Not Pay Official Price

According to ElComercio.com the lack of regulations in Ecuador’s Banana Law is causing conflicts between banana producers and exporters. Officials say that many banana exporters do not comply with the official price of a box of bananas, $5.50 per box. However, the law prevents authorities of the Ministry of Agriculture, Livestock and Fisheries (MAGAP) from […]

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Ecuador’s Petroecuador Delays Negotiation of Oil Fields

ElComercio.com reports on July 6th, that Petroecuador has postponed the negotiations of “mature” oil fields in order to enhance the natural recovery time in the area. This report was broken by Andes news organization, last night. The story says the areas of recovery include the oil fields of Auca, Shushufindi, Cuyabeno, and Libertador that are […]

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Mexico City Department of Tourism Campaigns for Second Airport

The Mexico City Department of Tourism met with the Department of Communication and Transportation to request the construction of a new airport in the country’s capital or to at least add two new runways to the existing airport, El Universal reports. The Department of Tourism says there is increasing interest from airlines wishing to add […]

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Quito, Ecuador: Teleferico Complex Left With 7 Businesses, Had 80

According to ElComercio.com the Teleferico Complex opened in May 2005 with 80 business including restaurants, fast food chains, ice cream parlors, souvenir shops, a nightclub and an amusement park. However, in 2011 the complex is left with seven open businesses. Juan Pablo Hidalgo, marketing manager for Vulcano Park and Prostatus Company says that food marketing […]

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Ecuador Signs Agreement, 130 Million Barrels of Oil to China

According to Hoy.com.ec the state owned Petroecuador has signed an agreement with China to sell 130 million barrels of petroleum to Chinese state oil company, Petrochina, within a period of six years. Marco Calvopiña, the president of Ecuadorian Petroleum says that he hopes Ecuador can deliver 60,000 barrels per day to complete the contract in […]

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Cuba awaits its fate in wake of Chavez illness

President of Venezuela Hugo Chavez’s struggle with cancer has severely shaken Cuban society, according to terra.com. A long-lasting friendship between Chavez and Fidel Castro, now carried on with Raul Castro, has been the glue to a strong economic relationship between the 2 nations that has greatly boosted the economy and overall standard of living in […]

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Lima, Peru: Planned Electric Train Costs Additional 86 Million Soles

According to Peru21.pe the 25-year project to establish an electric train in Lima will need an 86 million sole subsidy from the government. Officials say that the project headed by President Alan Garcia is scheduled to be operational on July 11th. The government contract states that the Ministry of Transportation and Communications (MTC) must subsidize […]

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E.U Extends Trade System of Preferences to Ecuador

According to ElUniverso.com the European Union has extended the system of preferences that benefit about 6,000 Ecuadorian products until December 2013. The announcement was made Wednesday by E.U. Minister of Economic Policy Coordination, Katiuska King. The statement said the decision was made on May 31st in the Official Journal of the E.U. King says that […]

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Mexico: Unrest changes how goods are sold to the United States

From El Economista: ● Unrest and violence on the northern border between Mexico and the US have negatively affected businesses, especially in the Mexican state of Tamaulipas ● The unrest has led residents of Texas to stop crossing the border to buy goods; business owners in Tamaulipas have decided to institute an “express service” and […]

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Number of Americans living in Argentina on the rise

North Americans, mainly from the United States, are flocking to South America, especially Argentina, in search of better health care and a better economy.  Economic life in the United States has been difficult these past few years, and many have found life easier in Argentina. Some are drawn to the country because of the culture […]

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The Expansion of China in Latin America

•A study by Cepal states that China invested $15.251 billion USD in 2010, which was 9% of Latin American income making it the third investor in the region per opinon.eluniversal.com. •99% of Chinese investment was focused on Argentina and Brazil in 2010. •In 2011, China is planning to invest $22.74 billion dollars with Brazil receiving […]

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