Eduardo's Feed
Nov 10, 2012

Ecuador’s Correa to seek re-election, clear favorite

QUITO (Reuters) – Ecuador’s President Rafael Correa launched his re-election bid on Saturday for a February vote likely to give him a new four-year term to continue boosting state control over the Andean nation’s economy.

Government spending on roads, hospitals and schools has made the 49-year-old, U.S.-trained economist very popular with the majority poor, and he is well ahead of rivals in opinion polls.

Nov 8, 2012

Argentine judge embargoes $19 bln Chevron assets

BUENOS AIRES/QUITO, Nov 7 (Reuters) – An Argentine judge has
embargoed up to $19 billion in Chevron assets in connection with
an environmental lawsuit by Ecuadorean villagers, a lawyer for
the plaintiffs said on Wednesday, the latest volley in a
two-decade-long legal saga that now spans several countries.

An Ecuadorean court last year ordered Chevron Corp
to pay the enormous sum for contamination of watersheds over
nearly 30 years that the plaintiffs say sickened indigenous
tribespeople and farmers in the Ecuadorean Amazon.

Oct 31, 2012

Ecuador plaintiffs to file lawsuit against Chevron in Argentina

QUITO (Reuters) – Ecuadorean plaintiffs plan to file a lawsuit against Chevron in Argentina, their third legal attempt outside the Andean country to enforce a $19 billion ruling against the U.S. oil company for pollution in the Amazon, a source with direct knowledge of the case said.

The 2011 judgment against Chevron is one of the biggest rulings for environmental damage and is being tracked closely by the global oil industry.

Oct 26, 2012

Ecuador’s Correa pushing for higher bank taxes as election nears

QUITO, Oct 26 (Reuters) – Ecuador’s government has unveiled
a bill that would increase bank taxes to finance a welfare
program, a move that has rattled banks, but would fuel support
for President Rafael Correa ahead of a Feb. 2013 election.

Correa, who is expected to announce a re-election bid in
early November, wants banks to finance an increase in his
government’s Human Development bonus scheme that pays about 2
million people a monthly stipend of $35.

Oct 19, 2012

Ecuador upbeat on oil blocks auction, sees $1 bln in investment

QUITO, Oct 19 (Reuters) – Ecuador is upbeat that it will
attract investments worth around $1 billion in oil exploration
projects from state-run and private companies for some 16
blocks, most of which will be offered in auction, Oil Minister
Wilson Pastor said on Friday.

Ecuador, an OPEC-member whose oil output has hovered around
500,000 barrels per day in the past few years, has put aside
three blocks for state-run oil company Petroamazonas, which
could decide to team up with other state companies to explore
the areas.

Oct 6, 2012

Ecuador ordered to pay Occidental $1.77 bln in damages

Oct 5 (Reuters) – The World Bank’s arbitration center
(ICSID) has ordered Ecuador to pay nearly $1.77 billion in
damages to U.S.-based Occidental Petroleum for seizing
the company’s assets in 2006, but the Andean country said it
would appeal the decision.

It also ordered Ecuador to pay pre-award interest on the
amount at the rate of 4.188 percent per annum, compounded
annually from 16 May 2006 until the date of the award.

Oct 3, 2012

Colombia’s Santos recovering from successful cancer surgery

BOGOTA (Reuters) – Colombian President Juan Manuel Santos’ surgery for non-aggressive prostate cancer was successful and the 61-year-old is recovering in the hospital, his medical team said on Wednesday.

Midway through his four-year term, Santos surprised the Andean nation on Monday by announcing that doctors had discovered a cancerous growth. He said the disease had been caught in time and there was minimal risk.

Oct 2, 2012

Colombia unveils tax reform to create jobs, close loopholes

BOGOTA (Reuters) – Colombia unveiled a tax reform bill on Tuesday aimed at creating jobs, closing loopholes and simplifying the tax system, but not increasing the tax take as the Andean country was on track for record collections this year.

Colombia’s battle against corruption and evasion helped boost tax revenue 25 percent last year, to about 86.3 trillion pesos ($48 billion), and Colombia’s tax office will likely collect a record 103 trillion pesos this year.

Sep 13, 2012

Moody’s raises Ecuador to Caa1, outlook stable

NEW YORK/QUITO, Sept 13 (Reuters) – Moody’s Investors
Service on Thursday raised Ecuador’s long-term government bond
rating to Caa1 from Caa2 with a stable outlook, keeping the
default-prone Andean country deep in junk bond territory but
noting its improved ability to find financing.

About half of sovereigns rated Caa1 end up defaulting, as
OPEC-member Ecuador did in the late 1990s and 2008.

Sep 10, 2012

FCC revamp at top Ecuador refinery pushed to Sept 2013

QUITO, Sept 10 (Reuters) – Ecuador’s biggest refinery, the
110,000 barrel per day Esmeraldas, will stop its fluid catalytic
cracking (FCC) unit for an overhaul in September 2013, almost a
year later than planned, state-run company Petroecuador said on

Esmeraldas was expected to cut its crude runs for a year
beginning in August 2012, when the facility’s FCC unit had been
scheduled to go offline.

    • About Eduardo

      "Eduardo has been reporting from Ecuador since November 2011. He has written about the Andean country's oil industry, tensions between the government of President Rafael Correa and the media, and efforts by Ecuadorean plaintiffs to enforce an $18 billion ruling against U.S. oil company Chevron for polluting the Amazon. He was previously posted in Argentina where he covered the country's grains industry and in Bolivia where he wrote about President Evo Morales' efforts to give the majority Indian population more political power. Eduardo is a Spaniard who has also lived and reported in Guatemala and Britain."
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