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Princes of Asturias visit Ecuador

Today, Prince Felipe and Letizia of Asturias start their official visit to Ecuador, as a new stage of major economic content in the relations between the two countries. The successor to the Spanish crown will take part in the First Hispanic-Ecuadorian Business Encounter among...
Posted On 04 Oct 2012
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Internal Revenue Service resolution invalidates the proceeding against Bananera Noboa

The resolution was issued on September 27, 2012 and annuls the process, began on May 19, 2010 against Industrial Bananera Noboa, to collect an alleged debt of $ 98 million. The resolution also lifted the precautionary measures imposed on real state and personal property of...
Posted On 02 Oct 2012
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National Assembly removed the Banking Risks Office

The National Assembly approved the creation of credit data registry, which will replace the Banking Risks Office, with a majority of 100 votes in favor and 17 abstentions. This amendment of the Repeal Act to the Law of Credit Information Bureaus and Amending on the National...
Posted On 02 Oct 2012
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Ecuadorian products must change their labels

Industrialized food labels must implement warnings of concentrations of certain elements (fat, sugar and salt). Labels shall use the colors of traffic lights to warn buyers, ie, red (high level), yellow (moderate) and green (lower level). The legislation raises concerns in the...
Posted On 26 Sep 2012
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U.S. merchants ask their Government not to renew ATPDEA to Ecuador

Today, the Chamber of Commerce, the National Association of Manufacturers (NAM) and the U.S. Council for International Business (USCIB) asked to their Government to suspend, limit or withdraw the tariff benefits to Ecuador due to breach of conditions. These American business...
Posted On 21 Sep 2012
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Mayor of Guayaquil Offered Stability to New York Investors

Jaime Nebot, Mayor of Guayaquil, attended the investment and tourism forum Guayaquil Roadshow, carried out in the Hyatt Grand Central in New York. Nebot participated as a central speaker to give details about the tourism in Guayaquil and explained the potential to perform...
Posted On 19 Sep 2012
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Social Security Officials Must Pay a $ 7 Million Gloss

Thirteen officials of the Social Security Institute (IESS, for its Spanish acronym) were charged by the Government Financial Office, to pay a “solidarity”  gloss of $ 7 million, due to irregularities in the pre-contractual and contractual processes for providing...
Posted On 19 Sep 2012
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SRI Established Maximum Amounts for ISD Exemption

In the resolution of September 6, the Internal Revenue Service (IRS) introduced new limits for tax exemptions to foreign exchange outflow (ISD for its Spanish acronym). The institution stated that the money is sent abroad ISD will not pay, provided they do not exceed one thousand...
Posted On 18 Sep 2012
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Esmeralda’s Refinery Threatens the Live of Its Workers and the Citizens

Esmeralda refinery continues to present incidents. The most recent occurred last week (second incident in less than three months) when a gas leak caused the evacuation of 500 employees. Besides the damages that have been generated, the repeated spills fuel oil on the ground...
Posted On 17 Sep 2012
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The State Grows and Spending on Salaries of the Bureaucracy is Doubled

In 2012, the cost of the salaries of public servants surpassed the collection of income tax and value added tax (VAT) together. Experts say this trend could be repeated later this year. Jaime Carrera, secretary of Fiscal Policy Observatory (MRO), discussed the factors that have...
Posted On 17 Sep 2012
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