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On July 29th, Ecuador modified its banking laws by requiring financial institutions to invest a small portion of their reserve requirements in government debt, according to Klever Mejia, the Central Bank of Ecudaor director of risks. Private banking institutions must now put a minimum of 1 percent of their reserves in government debt bonds, Mejia said to Bloomberg News. A reserve requirement is an amount of capital that a bank must have on hand, usually a percentage of it’s overall holdings. The percentage is almost always set by the central bank, and ensure that the bank has cash on to pay depositors, and is not overextended. On July 13 the central bank stated it was changing banks’ reserve laws to “establish global liquidity levels that guarantee adequate margins of financial security.” Meija responded to this on the 29th saying, “At least 1 percent of the securities must be issued by the public sector.”
July 29th, 2011 | Posted in Global Finance,Headlines | Read More »
The tiny, struggling nation of Zimbabwe has announced plans to import U.S. currency in the form of small coinage for shops, which are otherwise unable to give customers change, according to finance minister Tandai Biti. In 2009, Zimbabwe officially allowed domestic trade in U.S. dollars, after soaring hyperinflation made the Zimbabwean dollar worth less than the paper it was printed on. Street-side walls are littered with fliers and broadsides against the government printed on the defunct notes. The US dollars most people deal in are abundant, but there is a desperate need for small coins, pennies in particular, according to the BBC.
July 28th, 2011 | Posted in Global Finance,Headlines,International Real Estate | Read More »
Proponents of same-sex marriage in the United States, struck a blow against injustice on July 24th, when New York state formally recognized the unions, a month after lawmakers signed a bill to that effect. But the issue of same-sex marriage is also being hashed out in other countries around the world, and on July 27th, Colombia jumped to the fore. In it’s final decision, the Supreme Court of Columbia has ruled that it is up to congress to decide the fate of same-sex marriage in Colombia. Equality activists are celebrating the landmark decision as a victory, but the decision of the Congress remains uncertain.
July 27th, 2011 | Posted in Headlines | Read More »
Rangers at Galapagos National Park and an Ecuadorean navy ship detained a fishing vessel with 357 shark carcasses found on board. The ship was found inside the marine reserve found inside the marine reserve in mid-July. There were about 30 fisherman apprehended with the dead sharks, they now face criminal charges for poaching. Commercial-scale fishing, especially for shark, is totally illegal within the parameters of the Galapagos Islands. Commercial fishing has made one third of all sharks at risk of extinction.
July 26th, 2011 | Posted in Global Finance,Headlines | Read More »
Uruguay recently filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to issue up to $560 million in government bonds. The bonds are part of a $2.9 billion securities program, according to the document, which was filed July 25th. Uruguay has had an overall positive outlook in recent years, despite some small political hiccups in recent months relating to it’s bloody past. Uruguay may be small in area, but recently it has seen a surge in investment. Fitch Ratings issued a small rating increase for Uruguay mid-July, and upgrade to BB+, a rating which is “speculative”. The rating stopped just short of investment grade. Uruguay’s growth performance and outlook are still “quite favorable,” the rating agency said.
July 25th, 2011 | Posted in Global Finance,Headlines,International Real Estate,Real Estate News | Read More »
Ecuador’s electricity minister has signed an agreement which could turn out to be worth more than $100 million in sales for foreign suppliers of energy generators to Cuba. Official media are reporting that the agreement states that Cuba will provide 110 megawatts of thermal power for Ecuador in the future. A pair of other agreements, recently signed by Ecuadorean Electricity Minister Esteban Albornoz and Cuban Basic Industries Minister Tomás Benítez in Havana, establish “efficient ways for training in the electric sector” and collaboration on energy efficiency. Both countries are being rather tight-lipped, and neither has come forward with any details.The agreement apparently amends a 2009 “memorandum of understanding” on energy cooperation. Under the 2009 contract, Cuba has provided 390 mw of distributed energy produced by fuel-oil generators, biogas and biomass technology, and manages a substitution program which helps to convert Ecuadorean households to electric stoves. For it’s part, Ecuador makes it’s hydroelectric knowledge available to Cuba. Ecuador already uses Cuban help in training energy management experts.
July 24th, 2011 | Posted in Global Finance,Headlines,International Real Estate | Read More »
With it’s history of genocide, political turmoil, economic instability and hyperinflation, until quite recently, Zimbabwe has been a traditional “bad investment”. However, in early August a group of investors from Hong Kong will be coming to the tiny, land-locked country to explore investment opportunities in the hotel, leisure, mining and jewelry industries. This reflects the hopeful nature of the Zimbabwean economy, which at the moment, is stable and rising. DEAT Capital, a private economics firm partnered with the government and Confederation of Zimbabwe Industries (CZI) traveled to Hong Kong and Singapore to explore investment and venture capital sources in the two countries. CZI is a private industry interest group, which advocates for businesses in Zimbabwe.
July 23rd, 2011 | Posted in Global Finance,Headlines,International Real Estate,Real Estate News | Read More »
A recent cabinet decision in Kenya to legalize the importation of genetically modified organisms (GMOs) has sparked a heated debate in Parliament over the safety of the genetically engineered organisms. In mid-July, the Cabinet approved a bill allowing the importation of GMO corn with the stated intention of increasing food security and alleviating the ongoing food shortages the country has experienced for the past several years. However, Legislators Joshua Kutuny, John Pesa and Charles Keter are claiming that the bill merely uses hunger and food security to force GMO corn into a country which has historically resisted GMOs in all forms, like many other countries in the world. Mr Keter questioned the intentions of those who support the law, while Mr. Kutuny even went so far as to raise concerns that the government was complicit in the current food shortage, and Mr. Pesa suggested alternatives to GMOs, such as new technology, and farm subsidies.
July 22nd, 2011 | Posted in Headlines,International Real Estate,Real Estate News | Read More »
On Wednesday, July 20, a general strike of as many as 10,00 oil workers went into effect in eastern Colombia amid protests sparked by the dismissal of labor union spokespersons and hundreds of contractors. The work stoppage has resulted in violence, leaving six people injured, and seven vehicles in flames, said Puerto Gaitan’s mayor Oscar Bolaños. The inland town of Puerto Gaitan, located in Colombia’s Meta province is where Pacific Rubiales Energy’s massive Rubiales field is located, and field has become the focus of the protests. Bolaños told a local radio station that the violence has had an impact on the region’s oil exploration and production zones. Labor spokespersons have stated that the workers are “very dissatisfied” with working conditions in the region, and that national riot police deployed to quell the protests used excessive force against the otherwise peaceful protesters.
July 21st, 2011 | Posted in Global Finance,Headlines,International Real Estate,Real Estate News | Read More »
On July 18, Peru’s Congress approved a bill which would pay the country’s 40 year old land reform bonds which could be worth $1.4 billion or more. The bill, which has yet to be signed into law, instructs the finance ministry to establish a debt swap program which could consume 1 percent of the country’s GDP. The law allows owners of the old land reform bonds to swap their certificates for new sovereign debts. The law also specifically stipulated that the new bonds have up to 30 year maturities so that the next government would not saddled with the entirety of the debt. The bonds were issued in Peru’s bitter 1970’s, when leftist President Gen. Juan Velasco attempted a land redistribution by giving the land of the wealthy to the poor. However, many middle-class land owners were also ensnared in the scheme.
July 20th, 2011 | Posted in Global Finance,Headlines,International Real Estate,Real Estate News | Read More »
