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Mortgage credits decrease in the private sector

The new requirements for the mortgage credits, in order to avoid non-payment, decreased the volume of approved mortgages by 15% in the private sector. The Ecuadorian Central Bank (Spanish acronym BCE) indicated that $656,9 million of mortgage credit were approved in 2011 against...
Posted On 06 Feb 2013
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Vanguardia exposes the involvement of Vera attorneys in the sale PNB

Gutemberg Vera and his son Alembert Vera, defence attorneys of the Ecuadorian President Rafael Correa, have been involved in the sale of the Pacific National Bank (PNB), which should materialize in March this year, and in the eventual sale of Panama’s Pacific Bank. The...
Posted On 05 Feb 2013
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AFP Genesis has new owners

The Spanish group BBVA sold 64.3% of its shares in the company AFP Provida de Chile, this operation includes the delivery of the subsidiary AFP Genesis Ecuador, which manages about $ 122 million in assets. The new owner is the United States company MetLife, which seeks to...
Posted On 04 Feb 2013
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Ecuadorian Flowers travel to the U.S. for Valentines

From Monday, Ecuador will start the export of flowers to the U.S. market because of Valentine’s Day. On the day of love and friendship, people all over the world will express their love with  gorgeous Ecuadorian flowers. The Ecuadorian flower sector  began last Monday with great...
Posted On 23 Jan 2013
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Journalists analyze subsidy offer of their salaries on behalf of Correa’s government

After last Monday, the candidate-president seeking for a third term, Rafael Correa, announced that his government will subsidize the salary increase of small media journalists, the Ecuadorian Association of Broadcasters (AER for its Spanish acronym) analyzes the extent of that...
Posted On 23 Jan 2013
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Ecuador’s public spending is 30.5% of GDP

  According to the Preliminary Overview of the Economies of Latin America and the Caribbean prepared by the Economic Commission for Latin America and the Caribbean (ECLAC), Ecuador is one of the Latin American countries with higher levels of public spending over its Gross...
Posted On 21 Jan 2013
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PNB gets harder to sell

For the Pacific National Bank (PNB) belonging to Banco del Pacifico de Ecuador, based in Miami, to be sold properly, they will have to resolve pending intervention measures with U.S. regulators It should be noted that next March 28 is the deadline for the sale of the PNB, after...
Posted On 16 Jan 2013
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Crabs ban began today and will last a month

To ensure reproduction of the red and blue crustacean type, the crab ban started today and it will be in force for a month. In Guayaquil, the crabbers began their working day, yesterday, early in the morning in the mangroves of Puerto Rome and from the port of Caraguay, for the...
Posted On 15 Jan 2013
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Pacific National Bank forced to sell due to lack of control in money laundering

PNB fails on laundering After that on March 23, 2011 the Pacific National Bank or PNB (Part of the Banco Pacifico Ecuador) failed to establish and maintain procedures to ensure control of money laundering, according to the Office of the Comptroller of the Currency (OCC) of the...
Posted On 14 Jan 2013
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The State collected 17,84% more on taxes than 2011

The Internal Revenue Service (SRI for its Spanish acronym) announced yesterday that effective tax revenues (excluding returns) in 2012, went up to $ 11,267 million. Such collection represents a 106.7% fulfillment compared to the target set for the period stood at $ 10,560...
Posted On 09 Jan 2013
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