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Prosecution investigates three cases arising from the “Panama Papers”

  Following the worldwide scandal called “Panama Papers,” the Ecuadorian Prosecutor´s office opened three investigations to determine crimes related to money laundering, tax fraud and influence peddling. The first case is a possible tax fraud committed through...
Posted On 14 Jul 2016
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Mexican raw material for the plastics industry

The first container of raw material for the Ecuadorean plastic industry, distributed by the Nutec company, arrived in Guayaquil. The company represents Braskem-Idesa of Mexico, which has started with a huge investment of 5,500 million dollars to produce 1,500,000 metric tons of...
Posted On 14 Jul 2016
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Nine Ecuadorian companies stopped assembling cell phones

  Since early this year, nine companies stopped assembling cell phones. They moved their operations to another country or are looking for a partner to continue carrying out the activity. Since last week Henry Aguilar, manager at Hipertronics, is in Mexico. The executive...
Posted On 14 Jul 2016
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New request to suspend the frequencies contest

A new request for suspension and a new citizen observatory were made regarding the frequency distribution bid for radio and TV. The first was made at the Assembly. The head of the Pachakutik block, Cesar Umajinga, asked the Council for the Regulation and Development of...
Posted On 14 Jul 2016
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$ 10,000 million for loans

  The Association of Banks of Ecuador believes that the ideal time to invest is now. Yesterday, at a press conference in Quito, representatives of the sector said they will invest 10,000 billion for loans during the second half of the year. A lot more than the nearly 2,000...
Posted On 14 Jul 2016
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Two universities contradict the IRS

Two universities yesterday rejected the statements made on Tuesday by the director of the Internal Revenue Service (IRS) Leonardo Orlando at the Justice Commission of the National Assembly. According to the official, the San Francisco de Quito University (USFQ), International...
Posted On 14 Jul 2016
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After complaint, IAEN asks National Audit Office to audit salaries

Director (e) of the National Institute of Advanced Studies (IAEN) Analia Minteguiaga asked the National Audit Office to initiate a special examination after the complaint of a double compensation in her favor. Minteguiaga is the Vice President of the so-called Postgraduate State...
Posted On 14 Jul 2016
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Gabriela Rivadeneira said that Ecuador is obliged to pay Chevron´s compensation

President of the National Assembly Gabriela Rivadeneira said in the “Contigo de Ley” show that Ecuador is obliged to pay the debt of 96 million to Chevron, according to the judgment of an arbitration tribunal in The Hague. Rivadeneira said “it is...
Posted On 14 Jul 2016
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Steve Hanke: “Electronic money leads into bankruptcy”

“Ecuador has done something inappropriate with the electronic money. We are creating money and that is a danger. It leads to bankruptcy,” said Steve Hanke, professor of Applied Economics at the Johns Hopkins University to daily Expreso. Also known as the father of...
Posted On 14 Jul 2016
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Military retirement pensions shall be determined based on the last 5 years, says Ricardo Patino

The Social Security Act of the Armed Forces would experience changes in the calculation of the retirement pension; while the military unemployment fund will undergo an analysis by the Institute of Social Security of the Armed Forces (ISSFA), the Ministry of Defense and the Joint...
Posted On 14 Jul 2016
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