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Ecuador has loaned 644,000 ounces of gold to the financial services company Goldman Sachs in exchange for short-term liquidity and support for public accounts. President Rafael Correa has reached an agreement with Goldman Sachs to receive $580 million. Ecuador, unlike...
The first effects of the U.S. Foreign Account Tax Compliance Act (FATCA), which goes into effect July 1, are beginning to felt around the world and they could have a big impact on U.S. expats. FATCA requires foreign banks to report all accounts of more than $50,000...
Quito police get tough with speeders Beginning Wednesday, June 4, Quito traffic police are stopping speeders on the city’s streets and highways. The city says that more than 400 vehicles were pulled over in the first two days of the operation. For first offenses,...
In the past 15 years, China has gone from being a relatively insignificant economic partner in Latin America to the number-one trading partner of some of the largest economies in the region. In many cases, China has unseated the United States in its own backyard. As a...
By Jorge Familiar It is no coincidence that the Globe International network of legislators has chosen Mexico as the venue for the Second World Summit of Legislators on climate change that takes place in the Mexican Congress this coming weekend. Five hundred...
Although the use of taxi meters became mandatory on Sunday, many drivers were refusing to turn them on and arguments between Cuenca drivers and riders were common in the city. Some taxistas maintain that they are not required to use the meters until Monday, June 9,...
A member of the British Parliament ignored Foreign Office advice about travelling to Ecuador and paid the price when she had her purse stolen after a thief in Quito slashed her rucksack. Tracey Crouch, the Conservative party member from Chatham and Aylesford in Kent,...
A court in Ecuador has sentenced former President Jamil Mahuad in absentia to 12 years in jail for embezzlement. The ruling comes two days after Interpol issued a warrant for his arrest. Mahuad denies any wrongdoing. Mahuad fled to the United States in 2000 after he...
The end of a decade-long boom driven by cheap money and strong commodity prices has deeply divided Latin America between fast-growth countries along the Pacific coast and stragglers on the Atlantic. Venezuela, Brazil and Argentina, which make up 98 percent of the...
Interpol has issued an international alert for the former President of Ecuador, Jamil Mahuad. Mahuad, a lecturer at Harvard University, is wanted in Ecuador over allegations of embezzlement during his time in office in the 1990s. The former president, who denies the...
A new report by four weather organizations have increased the likelihood of an El Niño later this year to 70%. Two weeks ago, one weather model said there was a 60% chance of the weather phenomenon caused by higher water temperatures in the Pacific Ocean. President...
Latin America has the world's highest murder rates, deep poverty and big gaps between rich and poor. But that doesn't seem to be getting in the way of the region's residents having happy feelings. The region has nine of the top 10 highest among 138...
Ecuador’s customs service is stepping up enforcement efforts on the country’s highways. Customs says that 70% of smuggled goods come in over the Colombian and Peruvian borders, most of it going by car or truck to Quito, Guayaquil and Cuenca. In the Cuenca area,...
Cuenca television manufacturer Motsur is entering a new production phase, incorporating the lastest technology into its new models. It has announced plans to produce a high-definition 55-inch television that can be operated by voice and hand and eye movement instead...
Following four hours of deliberation, the Second Criminal Trial Court in Cuenca found seven managers and officers of Coopera guilty of embezzlement. Prosecutors have asked the court to impose the maximum 12-year prison sentence on the group. Among those found guilty...
Although there could be short delays to deal with traffic problems caused by construction, Cuenca’s new light rail project will continue as originally planned. Gerardo Fernández, appointed by new Cuenca Mayor Mercelo Cabrera, said his staff has reviewed technical...
By April Holloway In 2012, a team of explorers and researchers discovered what they believed to be an ancient pyramid complex in a remote area of the Ecuador Amazonian jungle, one not known to the general public internationally or even within the country. Bruce...
Following the rejection of the Alianza País choice for Cuenca vice mayor, President Rafael Correa says he has lost confidence in Mayor Marcelo Cabrera. On Friday, the city council chose Ruth Caldas for the position over Pais’s Leonardo Berrezueta when Caldas voted for...
For as long as anyone can remember, Latin America has been a region where it was easy to avoid paying taxes, particularly for businesses. Making sales off the books and double bookkeeping were common practice and some governments openly admitted that they collected...
By Ramiro Crespo Recently, we noted that the year-long slide of the dollar compared with the euro, the second biggest market for Ecuadorian exports, as well as the surprising resilience of oil prices provide some solace to the Ecuadorian economy. After some criticism...
