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Commercial Firms cannot Issue Credit Cards

The shops that issued credit cards as a financing option for its clients must quit doing so, according to a decision issued on July 5 by the Banking Board and published yesterday by the Superintendency of Banks. The provision JB-2012-2225 indicates that only financial...
Posted On 13 Jul 2012
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Guayaquil, Quito and Cuenca will Receive Resources with Competence Transfer

The cities of Quito, Cuenca and Guayaquil, will receive about $ 182 million, with the competence transfer for transportation. These funds are nationally destined to all councils and distributed according to the proportion of the territory. State Democratization general secretary,...
Posted On 05 Jul 2012
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Ecuador is Between Countries of Lower Levels of Innovation, Report Says

Most Latin American countries have lower levels of innovation than others with the same gross domestic product (GDP) per capita, although there are some exceptions such as Chile, which has the greatest capacity for innovation in the region. This follows the report on the Global...
Posted On 03 Jul 2012
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MAGAP output Controls of Banana Boxes that Have no Contracts

Several banana exporting companies were unable to export about 180,000 boxes of fruit, because it exceeded the licensed capacity in contracts with producers, said Carlos Velez, coordinator of Zone 5 of the Ministry of Agriculture, Livestock, Aquaculture and Fisheries (MAGAP). A...
Posted On 03 Jul 2012
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GDP Growth this Year is 3.95% Lower than 2011

In the first quarter of 2012, Ecuador registered a fall of 3.95% less in Gross Domestic Product (GDP) compared to the same period last year. This year, GDP rose 4.84% Ecuador, while in 2011 grew to 8.80% in the first quarter. Of fourteen economic activities that contribute to...
Posted On 03 Jul 2012
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Rafael Correa Orders Money Repatriation to Invest

Ecuadorian President Rafael Correa said today that Ecuador is not in danger of an economic recession. Despite the claim, the Ecuadorian government revealed that precautionary measures will be taken in case of facing a recession. Because of it, Correa ordered today, the Central...
Posted On 30 Jun 2012
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Guayaquil will add Five More Shooping Malls to its List

Five new stores will debut this year in Guayaquil: Blue Coast Business Center, La Piazza Ciudad Celeste, La Piazza La Joya, Plaza Colonia and Global Center, of which the first two are currently operating. The remaining three are still under construction. On the way to the coast,...
Posted On 25 Jun 2012
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Ecuadorian Tariff Increase on Internet Shopping

The Ecuadorian government has determined that retail purchases made ​​online with a cost of over $400, must follow the new tariff adjustment. If a person made an acquisition by the web of less than $ 400 and weights less than four kilos, he didn’t have to pay a tariff. But...
Posted On 21 Jun 2012
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Ecuador and Czech Republic Begin to Approach in Foreign Trade

For the first time ever, a Czech Industry Minister visits Ecuador. A memorandum of understanding was the first result of this visit, which was signed by Ecuadorian Minister of Industries, Veronica Sion, and her European couple, Martin Kuba, in Quito yesterday. This first dialogue...
Posted On 19 Jun 2012
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Alvaro Noboa: “Social Security in the City is Working. Rural Security is Not”

The Ecuadorian banana industry is being affected “by the critical situation in the business (… and) the main victims are coastal farmers and producers,” said today the pre-presidential candidate, Alvaro Noboa. Noboa claimed that there are many farms that are not...
Posted On 15 Jun 2012
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