News
By Sylvan Hardy Although it appears that the final obstacles for Cuenca’s new electric tram system have been overcome, controversy surrounding the project continues. As one city transportation official put it, “The train has left the station, but there are still some angry people who are not onboard.” The last major hurdle for the Tranvía...
By Ruxandra Guidi Last April, Ecuadorean President Rafael Correa took his weekly radio show “Enlace Cuidadano” on the road to the Italian city of Genoa. He wasn’t there for the salami. Instead he implored Genoa’s Ecuadorean expatriate population – the largest in Italy – to come home. “Our government of the Citizens’ Revolution, is your...
The city has agreed to the demands of the Cuenca Civic Collective to reroute the tram outside of the historic district. City transportation director Gerard Fernandez said on Saturday that the decision was made to move the tram lines north to Av. Las Amercas from the original plan to use Gran Colombia and Mariscal La...
Ecuador has halted environmental cooperation deals with Germany worth some 43 million euros to the Latin American country after German lawmakers tried to visit an Amazon rainforest recently opened for oil production, the foreign minister said on Friday. President Rafael Correa in 2007 asked wealthy countries to donate $3.6 billion to help protect the environmentally...
Bar owners in Cuenca’s historic district are asking for a change to a 30-year-old ordinance that has been used to shut down eight bars and night clubs. Last week’s closures were ordered under an ordinance adopted in 1985 that stipulates that bars and night clubs cannot be located in close proximity to churches, schools, hospitals,...
By Nathan Vardi GMO Trust, the Boston investment company co-founded by prominent investor Jeremy Grantham, has sued the Republic of Ecuador in Manhattan’s federal court over the default of Ecuador’s foreign bonds in 2008, setting the stage for a second big U.S. court fight between a large U.S. financial firm and a sovereign South American...
By Eduardo Porter Few people are as intensely worried about the slowing Chinese economy as Latin Americans. Not only does China buy nearly 40 percent of Chile’s copper, but its once-insatiable demand helped push copper prices from $1 to $4 a pound. Meanwhile, Beijing plowed billions into Peruvian mines and fisheries and spent billions more...
Ecuador’s Central Bank began opening customer accounts on Christmas Eve for its new electronic money transaction system. The bank said that that the system will begin offering banking services, via cell phone, in mid-February and will begin accepting payment for government services, fees and taxes beginning in August. All citizens and legal residents over the...
Telecom giants Claro and DirecTV are complaining about new rules that will take a bite out of their income. Ecuador’s National Assembly has passed and sent to President Rafael Correa a telecommunications act that would tax income based on market share and would change the way cell phone minutes are charged. Correa is expected to...
Ecuador’s appliance manufacturers say they have been “ambushed” by provision in new legislation that would levy a 100% tax on gas stoves and hot water heaters. The tax was added shortly before the final vote on the Production Incentives and Tax Fraud Prevention law. The legislation, which also eliminates the 12% VAT tax on electric...
Ecuador’s National Police statistics show that crime in Azuay Province declined more than 14% in 2014 with a similar drop for the city of Cuenca. Azuay home burglaries dropped 23% while crimes against persons were down by 26%. The number of murders also declined, from 44 to 37, a drop of 19%. Germán Cevallos, regional...
Cuenca’s transportation office says it will have professional archeologists on site when tram construction begins in the historic district in January. In announcing steps it will take to reduce the impact on the district, Gerard Fernandez, transportation director, said that making sure that historic relics are saved and that the integrity of the historic district...
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