News
Much of Latin America’s identity is shaped by coffee; its importance is difficult to overstate. Beyond being a delicacy and a morning-time motivator in Latin America and abroad, it is one of Latin America’s major exports, sustaining independent farmers in rural areas as well as corporate bankers in metropolitan areas. But the last decade has...
Manabi Province gets most of poor payments Coastal Manibi Province is the country’s poorest province based on the number of people who receive poverty payments. The payments of $50 a month, started in 1998, go only to citizens in severe need. In Manabi, which includes the cities of Manta and Portoviejo, 26.8% of the population...
Although there are dozens of construction projects underway in Cuenca, there will be far fewer new ones taking their places in the foreseeable future. Some local professionals, citing a huge backlog of unsold properties, have suggested the possibility of a U.S.-style “bubble” but most say that won’t happen. Builders and real estate agents say there...
Ecuador is preparing to return to the bond market for the first time since the country defaulted in 2008, taking advantage of robust demand for emerging-market debt in a low-yielding world. The country, whose debt is rated Caa1 by Moody's Investors Service and B by both Standard & Poor's and Fitch Ratings, is due...
After nine years of research, scientists have confirmed that a snake found in the Cajas National Park west of Cuenca is indeed a new species. The non-venomous snake, which can grow to five feet in length, is called Philodryas Amaru. The discovery in 2005 was surprising due to its high altitude habitat, scientists say. It...
AG denies favoritism in Coopera case Ecuador Attorney General Galo Chiriboga says that judicial delays in the case against officials of the failed financial cooperative Coopera are not the result of government interference. Chiriboga was in Cuenca last week to meet with court officials and attorneys for Coopera members who lost money in the failure....
Julian Assange, living inside the Ecuadorian embassy in London for almost two years, may remain there indefinitely, the Ecuadorean ambassador said, adding “it’s a pity” that UK citizens have to cover the growing policing bill. The 67 year old diplomat, Juan Falconi said that Assange was “suffering” in custody but could remain there for a...
Cuenca Mayor Marcelo Cabrera says work will continue on the Tranvia de los Cuatro Rios, Cuenca’s light rail system, but says he still needs more budget and construction schedule information. In a Friday press conference, he also said that he is concerned about the project’s impact on Cuenca’s historic district. Cabrera returned from Europe last...
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 most other Latin American countries, cannot finance deficits by printing money since its official currency...
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, police are attaching a “slow down” sticker to offenders’ windshields. Repeat...
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