A born and bred Guayaquile単o
God put on Gustavo Noboa's way, the Presidency of the Republic. Instead of confronting, he sought the union of Ecuador. Instead of filling his ego, he remained being a simple man at heart. Regardless of the ideology of each person, he supported development programs not only for Guayaquil but for the whole country. To Gustavo Noboa we owe the brave decision to keep the dollar in very difficult times of national life. This decision led to a climate of stability that has allowed the country to develop in spite of the mistakes of many politicians. Gustavo Noboa managed to dominate passion and prefaced reason. having been cruelly persecuted, he silenced and forgive.
Despite
Gustavo reflects a joyful but direct spirit, of a blooded guayaquile単o ... Thanks Gustavo for being a good example in a time when transformational leadership is needed for the good of the youth of Ecuador. So, it was well deserved that you were given the Star of October. Let's learn his simplicity and that you should not confront but unite.
PICTURES OF THE EVENT
Board of Directors of the opening ceremony of the event that took place at the Hilton Colon Hotel at Guayaquil. From left to right.: Eng. Giovanni Ginatta; FIE Executive Director, Eng. Carlos Falquez Aguilar; Mayor of Machala, Lawyer Domenica Tabacci; Vice-Mayor of the City of Guayaquil, Eng. Joyce de Ginatta; President of FIE, Eng. Paul Carrasco; Prefect of Azuay. Ismael Cala, BA; Presenter and producer of CNN in Spanish, Eng. Henry Kronfle; President of the Chamber of Industries of Guayaquil.
From left to right.: Mrs. María Pisarello, Mr. Alberto Medina (Argentine exhibitor), MBA, PHD José Luis Cordeiro and Eng. Henry Kronfle.
Lawyer. Domenica Tabacci and Eng. Paul Carrasco
Groups of students of many cities of the country attended the event.
Many personalities together with Eng. Joyce de Ginatta, President of FIE.
Great panoramic view of the Isabela lounge at the Hilton Colon Hotel
RECONOGNITION TO MR. ISMAEL CALA, BA, BY LAWYER JAIME NEBOT S., MAYOR OF THE CITY OF GUAYAQUIL
Eng. Joyce de Ginatta together with Ismael Cala
Board members.
From left to right.: Eng. Carlos Falquez A., Lawyer Jaime Nebot S., Eng. Joyce de Ginatta, Mr. Ismael Cala, BA, Lawyer Domenica Tabacci and Eng. Henry Kronfle.
From left to right.: Eng. Giovanni Ginatta, Eng. Luz Marina Rojas, MBA. Jose Luis Cordeiro, Eng. Joyce de Ginatta and Mr. Alberto Medina M.
CEAL EVENT (LATIN AMERICAN BUSINESS COUNCIL) MADRID, OCTOBER 1, 2014
From left to right: King Philip VI and Eng. Joyce de Ginatta, member of CEAL, Ecuador.
From left to right.: Stephanie Mcguiness Rigail, King Philip VI and Mrs. Mayiya Rigail De Mcguiness
El Rey Felipe VI De Borbón, recibiendo la Revista Mipymes que edita la Ing. Joyce de Ginatta, Presidenta de la FIE-Ecuador
MESA DE PRESENTACIÓN DEL EVENTO CEAL
LA ING. JOYCE DE GINATTA COMO MAESTRA DE CEREMONIA EN LAS CONDECORACIONES CEAL
AN ECONOMIC LIBERTY ENVIRONMENT IS THE KEY OF ENTREPRENEURSHIP
Pablo Arosemena Marriott, Econ. President of the Chamber of Commerce of Guayaquil, entrepreneur, founding partner of the Strategic Intelligence consulting firm and professor of the ESPAE graduate program
Entrepreneurs are people who face adversity daily, armed with desire to excel, have mood to compete peacefully, are eager to win the fair fruits of their labor. Being an entrepreneur is not easy. This attitude towards life makes entrepreneurs be constantly in a state of alert, seeking opportunities that have not been noticed by others to act and make a profit to make life easier for their peers. But it is not enough to have an entrepreneurial attitude for success. We need a favorable economic environment for opportunities can flourish and develop more projects, not only by necessity but of high added value. This environment will depend on the institutional framework of the country, and the government is primarily responsible for creating it. All government policies have unintended consequences affecting entrepreneurship. Its impact is evident in the ease of doing business in our country. According to the World Bank report, in 2014 Ecuador is located at 134 among 189 analyzed economies. In Latin America we are just over Bolivia and Venezuela. The main obstacle is the number of procedures (13) to be performed in order to legally constitute an entrepreneurship, for which you have to spend 55 days and it has an average cost of $ 1,300. Figure 1. Ranking of Ease of Doing Business
Source: World Bank. Doing Business 2014.
In addition to meeting procedures and other legal requirements, entrepreneurs must face the competitive market dynamics and changes in government policies. On one hand, you have to adapt, learn, innovate and even reinvent the market, so that your business project is sustainable by creating value for its customers. On the other hand, to changes in legislation, the entrepreneur must have the ability to predict the effects of public policies in both at short and long term and to note the impact on the sector and across the economy, in order to anticipate and act entrepreneurially.
To illustrate this last point, we mention two specific cases: 1) Resolution 116 of the Foreign Trade Committee that establishes technical requirements (certificates of recognition, quality standards, etc.) for the import of 300 tariff lines. This is a trade restriction which hampers business, distorts competition and harms consumers by limiting their choices to consume and artificially creating shortages and higher prices for consumers. 2) The orientation and redirection of credit under the new Monetary and Financial Code. Through a Board appointed by the Executive, the Government seeks to regulate both bank credit and the nonfinancial entities. Also, restrictions on consumer loans represent less options for entrepreneurs to access to seed capital to start their businesses. All these measures affect the ease of doing business and consequently the ability of our country to attract investment and thereby stimulate the private sector economy. Although foreign direct investment grew 20% in 2013, it does not exceed the threshold of $ 1,000 million and not even reach 1% of GDP. In 2013 entered the country a mere $ 703 million. In total, from 2007 to 2013 have entered Ecuador $ 3,653 billion in foreign direct investment. This amount is equal to the proceeds from Peru only in 2006. Compared to our neighbors, Colombia received $ 17,000 million and Peru around $ 10,000 million of foreign direct investment in 2013. Thus Ecuadorian entrepreneurs have to face three challenges for the future success of our projects. The first is to increase economic freedom with increased flexibility, increasing the incentive to invest and expand access to financial markets. Second, encourage private participation in the economy. Currently the nonfinancial public sector (excluding financial institutions) spends $ 41,607,000, i.e., accounting for almost half of what the economy produces. Currently, taxes account for 40% of revenues of the State Budget and this year is expected to fund the $ 14,000 million skirt. That is, increasingly the public sector draws resources from the private sector to operate. Figure 2. Total Expense of the Non-Financial Public Sector
Figures in billions of dollars. Source: Ministry of Finance. The public investment that the Government intends to build infrastructure has displaced private investment. This is known as crowding out. According to figures from the Central Bank of Ecuador, public investment increased between 2008 and 2013 from 11% to 15% of GDP while private investment fell from 2.3% to 1.3% of GDP.
Third, we must strengthen public policies to promote entrepreneurship. According to the Global Entrepreneurship Monitor 2013 report, the condition which most benefits the venture in Ecuador is infrastructure (roads, utilities, etc.). On the other hand, the lack of attention to entrepreneurship in the curricula of general and higher education represents the major failure to promote entrepreneurship, followed by the impact of taxes on small and medium enterprises. While Ecuador is the country with more entrepreneurs in Latin America, we must recognize that what prevails is the sort of necessity entrepreneurship. This means that our entrepreneurs are forced to start a business in the absence of other opportunities to generate income and also explains the high level of underemployment that in June 2014 reached 51%. Another aspect that is also important to consider is the quality of the development. According to the Global Entrepreneurship and Development Index (GEDI for its acronym in English), Ecuador is underperforming due to its low level of internationalization, low percentage of firms with significant expansion strategies, lack of investment in innovation and development and shortage venture capital for startups. Given the above, the Chamber of Commerce will become the bridge between the private sector and the public sector. From the Chamber we will proactively contribute to the construction of proposals to promote free enterprise, easy to trade and do business in our country, defending merchants and especially entrepreneurs. Furthermore, our educational system, at all levels, do not prepare future entrepreneurs with the knowledge of the true meaning of money, or worse, to manage it to get financial freedom. Our administration will be particularly committed to develop a continuous training program focused on financial education. Finally, with a more favorable environment for the creation of new businesses and ventures, greater incentives for private investment and appropriate policies that encourage entrepreneurship, you can take advantage of this natural attitude that Ecuadorians have to to undertake. Thus, Ecuador will become a country of greater freedom and opportunities for all, creating productive jobs, innovating and competing with the world, and most importantly making Ecuadorians become masters of their own destiny.
EVERYTHING ENDS SOME DAY
Alberto Medina Mendez Journalist. Private communications consultant (Argentina
In politics, as in life itself, it all ends, finally all concludes. The delusion of some nefarious characters can make them believe that their present is eternal. The power clouds, the "red carpet" dizzy and certain circumstances can cause a human being to lose contact with the real world, to the point of believing a monarch, without considering that he is just a leader elected by a occasional minority citizen. The Story of Mankind empirically corroborates this view in many of its sections. Nor the strongest empires could survive over time and one day concluded their cycle, perishing invariably. Chronic show some continuity in these processes, but in reality they were moments of glory and overwhelming failures, intermittently. Fatalism can make believe that everything is wrong, that it will be even worse that societies are doomed to eternal suffering. That does not fit with what happened when past events are reconstructed. The fact remains that these periods of euphoria and subsequent deterioration may last, or sometimes a little less, depending on how society reacts. With more servile and resignation attitudes, they may last longer. When people reflect and puts limits on chaos, deadlines tighter leading to a new phase, not necessarily better, but it guarantees to be different with other ingredients. The populists have already proven its ability to mutate, have exhibited their talents to reappear from time to time, though not necessarily with the same characters. Its action is not extinguished forever, but only crouches to back on track. Probably that's because people believe that the problem is their circumstantial ruler, not realizing that the underlying issue involves their own ideas applied to the everyday. It assumes, naively, that if it detaches from the character of the day, everything will work magically, without understanding that it is very likely that soon it will arise another leader to continue the dynamics of its predecessor, without even mentioning it, taking on a new foundation stage, for more of the same. Several countries are experiencing this inexorable process of an exit of a political stage. The current leaders are reluctant to accept it and their followers too. Impotence invades them and so they take measures that are more foolish than usual. These figures assume, wrongly, that deepening the selected line action, redoubling the bet, they will avoid its inevitable direction. The future of many nations is better than its present. It is likely that a share of good sense and common sense arrive soon. It is not that they have understood the magnitude of the errors, but the inherent infeasibility of populism require new leadership to correct paths. This is not for conviction but because they have no other chance against the vagaries of the past and the inheritance to be administered. Whatever the reason, the fact is that contemporary leaders culminate their mandates, and that it will inevitably occur, although they can not accept it. Surely, their sick minds of authority, can not deal with the grief caused by the loss of power. It is that its excesses cost because nothing is free. One day the same that cheered them, will request their retirement and even will also wish to imprisonment them for abuses.
What is coming will surely be better. Not because people have understood the magnitude of the problem nor the implications of past decisions, but because certain rationality is essential to return to the trail as possible, of what is acceptable and achievable. Populism can build a fantasy for a while, but sooner or later, their absurdities become inconsistent contradictions, constituting the central cause of the debacle. Populists are always those who have dug their own graves. Its blunders and absurdities, its disconnection from reality, are the main reason for its decline and of this humiliating way of relinquishing power. For some time, they thought they were enlightened, gifted individuals, that were the "chosen", not realizing that they were only summoned by the citizens to manage a portion of the present and always with an expiration date. They have lacked the humility of the great. Their egos have betrayed them, placing them in a place where they never were. The clappers of always were the ones who have praised them disproportionately into believing they were superior. Reality is doing its part and now it's time to live on the stage of decline, of that cruel phase in which the same that supported them reprove them, to the point to get in the enemy's ranks to cause its decline. It's just the price of mistakes. People know it, or at least sensed it, although pessimism sometimes plays tricks. Everything ends at some point. Even what will come will also be exhausted sometime. Although the governing resist, get angry and kick like a tantrum child, they can not avoid it. Everything ends someday.
PART II THE MISERABLE OFFICIAL CONDUCT That politics decides with the mean parameters of the short-term is not new. At least not in recent decades in which the dynamics of a misunderstood and poorly interpreted democracy pushes to prioritize the closest electoral future scenario without too much concern for the future. It wonders how it begins to naturalize in the community, to be considered not only normal but also regular, this rabble logic that seems to go through politics in all its estates and jurisdictions. This is not an exclusive phenomenon of populism, but it is fair to recognize in them that this brutally inadequate attitude is exacerbated by taking power and showing their worst side. It is worrying that this scheme of "every man for himself" has penetrated so deep into the minds of the rulers who manage the situation regardless of what happens later. It is exactly the opposite of what happens in family life. Parents always try to think about the future of their children transcending time of life they happen to accompany. Rulers understand very well what they are doing, they understand the power and the impact that their policies generate in the medium term. They know that the money they are spending today, have to be paid when they get their debt maturities, those that they assume now knowing that other governments will have to cancel them later. They also know the impact of their inflationary practices of artificial printing of money. They know that the ones that will happen in the power will have to make a huge sacrifice and will be "the bad guys" when they must accommodate the cash box, cut costs and eliminate waste. They realize that they have committed blunders designating officials and employees in cold blood, increasing government spending and compromising future generations to take over a huge cost.
This does not happen accidentally. There is little to justify their ignorance. They do it thoroughly, what makes them truly miserable. The political class, who often works as a breed, does not say much about it because each of the members of that activity, has done it in the past, perhaps in less relevant magnitudes, and you may also have to finish using mechanisms soon. Modern democracy has not yet found institutional springs to protect them from these despicable attitudes so prevalent in contemporary politics. There is talk of limiting government spending and avoid a deficit in the budget. But that has not happened. The state is still the spoils of winning elections, those who loot public coffers since they arrive until they leave. People are helpless against this corporate attitude that does not distinguish between parties, but shows hints of a uniform posture. Some seem more sensible and prudent, others more irresponsible and mean. Society must make a great effort and arousal. It seems not to record the events. It's probably been passively resigned, and understand that immorality is an essential part of the unalterable rules. The deification of democracy has made that situations like this be assumed as a mere collateral damage, a merely necessary evil and just part of the landscape. Perhaps there has been not enough time so citizenship finds counterweight gadgets that condition politics when making decisions involving the future. In this issue there are two levels. One is the factual, that where the institutional mechanisms must function like a real limit to avoid these traps that politics use to manage the present, leaving the adverse effects to the next one. On the other hand, morality has to be considered, and that is where the condemnation must be relentless on the part of the citizenry. If people do not forcefully criticize verbally but electoral, to those who exercise these practices, the political class will continue doing it because it has no deterrent signals that tell the acceptable threshold for society. It's too bad irresponsibly squander people's resources, but much worse is doing it knowing the real consequences of that action without stopping by lack of scruples. The challenge of society goes through discover soon formal gear that prevent these immoral actions. It is imperative to do it if you pretend to preserve democracy as a value of this time. But no less important is to begin to effectively punish these attitudes with clear signals, unambiguously, showing genuine repudiation before these explicit indignities. A great first step is to identify the immoral and not play their game, that invites you to follow because the others are worse. It should try to understand that the political processes involve steps that the eventual successors, are just a discard before the others and not the legitimate heroes who will do the necessary. The idea is to evolve. For it is not only necessary that rulers fulfill their mandate and leave discredited, but those who come, know that society is waking up and that some behaviors are unacceptable. It is possibly the only way to minimize this harmful tradition and banish forever the miserable official conduct.
Achievements and challenges of a dollarized economy
Alberto Acosta Burneo, Ec. Editor of Analisis Semanal Summary of the FIE event held on September 22, 2014 1. FORTUNATE SCENARIO Stability • Dollarization eliminated the possibility of covering fiscal imbalances using irresponsibly monetary policy to issue money. • The short-term results were: - Monetary stability - inflation reduction. - Increased importance of balance in public spending. - Change in economic expectations. Dollarization was accompanied by a favorable international scenario
2. ACHIEVEMENTS IN DOLLARIZATION Dollarization is a monetary scheme. It's not a goal in itself, but a tool for development. Dollarization has been a favorable scenario, but achievements depend on the economic policy. Without proper economic policy, the positive effects of dollarization cannot be utilized, nor can be sustained...
3. CHALLENGES Productivity and competitiveness For economic thinkers like Schumpeter, innovation is the real engine of development, capable of generating and maintaining long growth cycles in time. Innovation is the real impetus to changing production matrix. (Schumpeter). Productivity and competitiveness Therefore, the policy of supporting innovation should be closely linked to industrial policy. But Ecuador ranks #83 out of 142 countries in the 2013 Global Innovation Index. Currency flow Currency feeds dollarization. Should get more dollars than the ones going out. But, foreign income tax are prevented (ISD) and almost there is no progress in opening new markets. Fiscal stability Public spending goes up to unsustainable levels (21.2%/GDP in 2006 to 44.4% of GDP in 2013). The country is entering a new era of accelerated debt to fund an unsustainable "quality of life". (Total funding requirement including depreciation of 8% of GDP per year). Break time It urges a turnaround in economic policy that lead the main challenges of the economy before the current favorable moment disappears : weak dollar and high oil prices.
ECUADOR IS BROKEN
Carlos Sagnay De La Bastida, MBA The government propaganda at national and international level refers to an Ecuadorian miracle. However, is there a miracle in a country with more and more taxes, economic slowdown, elimination of subsidies, resurgent inflation, unsustainable fiscal deficit, growing debt and its main wealth squandered? The economic growth in 2011 was 7.8%; in 2012, 5.1%; in 2013, 4.5%; it is projected at 4% for 2014 and in the coming years it may not be sustained with the economic scheme of the present government, as the engine of growth in past years, the public spending, it can not be maintained, as it has been warned to this Government continuously and consistently, since, as it is evident, the boom is over, to the point that it is acquiring debt to pay off past debts (capital and interests). Furthermore, neither the international arena is favorable to Ecuador. The oil, which has led the government for 8 years, due to a price premium for the political risk due to constant threats of disruption of the normal oil flow and gas in sensitive areas to its price, such as Iran, Syria, Gaza, Ukraine and Russia, among others, now it presents a scenario where supply greatly exceeds demand, so most forecasts point to an era of more moderate prices than in recent years, as the excess of oil production can easily offset the price premium for political risk. To this we must add that the differential between West Texas Intermediate (WTI) and Ecuadorian crude, Oriente and Napo, which for several years remained favorable for our raw due to production problems of WTI which meant an increase in demand for less light or heavier than WTI, like ours, has returned to normal and now the quote has a discount for our crude at around $ 10 per barrel. With WTI at $ 90.73, our Oriente crude is around $ 80.73 per barrel, below the oil price in the the budget of $ 86.40. On the other hand, the rate of interest, very important for the government because of the high level of debt that we have, will begin to rise, perhaps from early next year, according to signals from the US government and Europe. This is significant not only because of the higher cost of money reflected in the interest rate, but for the signal to be sent to international markets when the first increase occur, that the time of cheap money, close to 0% finishes, with consequent change of preference in the type of investment that has prevailed over the years and that has led to raw materials or "commodities" such as gold and oil, to industries with high growth potential. With this scenario, it is much more likely that the price of oil goes down and hardly we will see prices of $110 a barrel and only with war would reach the level of $ 147 of a few years ago. The change in production matrix responds to the failure of the government's oil policy, which has been dedicated to produce and consume without investing in exploration and therefore without finding new reserves to replace the exploited ones. It has been emphasized on increasing production to have more resources and production that had hovered around 500,000 barrels per day has been increased to 560,000 and they expect to go up to 580,000 barrels per day by the end of this year, in another sign of desperation to obtain liquid funds. The changing in production model also reflects the need to obtain liquidity through the elimination of subsidies, which in turn exposes the error in the Government's economic policy to spend and spend without producing. But economic measures that are not taken in a planned way, but as a response
to despair, have side effects and the elimination of subsidies, affecting the poorest, will result in the increase of inflation in our country. The fiscal deficit is growing rapidly, as we can see with government figures, which until a few days ago marked the deficit in $ 5,000 million, and has now been changed to $7,272.9 million in December 2014, even accounting for the need for funding to cover debt repayments of $ 2.933.9 million and the payment of funds received for early oil sales by $ 1,090.1 million; the actual deficit is $11.296.9 million in 2014, similar to the 2015 deficit figure. It is clear that the government is trying to cover debts with more debt and in these circumstances the proposal of a public-private partnership is like throwing a buoy to someone who is drowning and reject it, is suicidal. On June 6, 2014, the Expreso newspaper published "The public debt reached $ 24.406 million, accounting the $ 400 million loan from Goldman Sachs, which involved the delivery of about half of our gold reserves. Since then the debt has grown quickly, issuing bonds in international markets by $ 2,000 million, FLAR loan for $ 295 million, loan from India for $ 142 million, loan from the Noble Americas group to Petroecuador for $ 1,000 million, order of the Supreme Court of the Netherlands to pay $ 106 million to Chevron, totaling $ 3,543 million in the last 3 months. The president continually repeats that the debt reaches 28% of GDP in 2014 and is manageable. However, the total debt should include everything that must be paid and then we notice that the debt is not as manageable as the Government said. You must include $ 650 million for the Global Bonds due beginning 2015, and the debt to Perenco for around $ 400 and Occidental for about $ 2,400 million, including legal costs and interest, determined in lost international trials and that are in appeal for over a year. Also the debt to China, whose exact amount is a mystery because the government do not tell the nation in a transparent manner and that for this year would be about $ 6,500 million. Given these figures, the amount of debt by 2014, total $ 37.899 million, around 40% of GDP. Our oil reserves are also committed to China since 2015, probably, until 2020 and possibly up to 2022. This is a debt whose payment is guaranteed by the funds resulting from the sale of our future oil production. Half of our exports oil production per year would be dedicated to the payment of the debt to China: The income from oil exports in 2013 was more than $ 13,000 million. Half of it, corresponding to $ 6,500 million, multiplied by six years amount to $ 39,000 million. When we add this figure to the 2014 debt, we borrow up to 2020 $ 76,899 million. If the debt with China is until 2022, the debt increases by $ 13,000 million and amounted to $ 89,899 million. This figure may be increased in subsequent years if the decisions of international litigation underway with Chevron, Murphy, Copper Mesa, Zamora Oro, RSM Production Corporation, Merck Sharp & Dohme, Arch Trading Corporation, Petrobras Argentina (TLC). are against Ecuador. On September 26, 2014, Albornoz reported in Teleamazonas the domestic debt at $ 11.153 million, including the IESS debt. To this figure it must be added $ 502 million for gold re-valuation, which despite being only an accounting entry, the Central Bank took liquid money from savings, current and affiliate to IESS and will have to be returned, so the domestic debt is $ 11.655 million. It is unclear how much is the domestic debt for the payment bonds to contractors and retirees. When considering the above figures, on which the Government does not inform clearly, the total external and domestic debt amount to $ 101,554 million. Obviously with our dilapidated wealth,
without finding new oil reserves due to the lack of investment in exploration, with no production in other areas, with financed budget deficit through new loans, acquiring debts to pay debts, we have a growing indebtedness and potentially a time bomb. In late 2012, the President admitted that we had oil reserves for another 10 years. Having committed our reserves, we are no longer an oil producing country. We must not confuse magic with miracle. Ecuador's magic, by the current government, has been to wipe our reserves and having no other sources of income to service the debt, we have stayed in a broken Ecuador. ANNEX: TOTAL AMOUNT OF THE DEBT $24.406 MILLION (SEE EXPRESO NEWSPAPER 6 JUNE 2014) $ 2.000 MILLION ( INTERNATIONAL BONDS) $
295 MILLION (FLAR)
$
142 MILLION (INDIA)
$ 1.000 MILLION (NOBLE AMERICAS) $
106 MILLION (CHEVRON)
$
650 MILLION ( 2015 GLOBAL BONDS)
$
400 MILLION (PERENCO)
$ 2.400 MILLION (OCCIDENTAL) $ 6.500 MILLION (2014 DEBT TO CHINA) _____________________________________________ $37.899 MILLION (2014 EXTERNAL DEBT) $39.000 MILLION (2015-2020 DEBT TO CHINA) _____________________________________________________________ $76.899 MILLION (EXTERNAL DEBT INCLUDING DEBT TO CHINA UP TO 2020) $13.000 MILLION (2021-2022 DEBT TO CHINA) _____________________________________________________________ $89.899 MILLION (EXTERNAL DEBT INCLUDING DEBT TO CHINA UP TO 2022) $11.153 MILLION (INTERNAL DEBT UP TO JULY 2014 INCLUDING DEBT TO IESS) $
502 MILLION (REVALUATION OF GOLD)
_________________________________________________________________________ $101.554 MILLION (EXTERNAL DEBT INCLUDING DEBT TO CHINA UP TO 2022 + INTERNAL DEBT + REVALUATION OF GOLD)
CARLOS SAGNAY DE LA BASTIDA. Reference: 1) Fiscal Policy Observatory, August 2014 https://dub113.mail.live.com/?tid=cmZy3skjtH5BGJIDxKkudJsA2&fid=fldrafts 2) Ecuador trimmed to 4% its expectations for economic growth in 2014, El Universo, August 16, 2014 http://www.eluniverso.com/noticias/2014/08/16/nota/3438181/ecuador-recorta-4-su-expectativacrecimiento-economico-2014 3) The budget already has 73.9% financing, El Universo, 22 September, 2014. http://www.eluniverso.com/noticias/2014/09/22/nota/4016941/presupuesto-ya-tiene-739financiamiento 4) 2014 Coded Budget Chart. September, 2014.
The Budget already has 73.9% financing,
El Universo, 22
http://www.eluniverso.com/2014/09/22/infografia/4017391/presupuesto-ya-tiene-739-financiamiento 5) Patricio Rivera: ‘What Noble do with the debt, it's their business’, El Universo, 30 September, 2014. http://www.eluniverso.com/noticias/2014/09/30/nota/4050291/que-haga-noble-deuda-es-asuntoellos 6) The public debt reached $24.406 million, Expreso newspaper, 6 June, 2014. http://expreso.ec/expreso/plantillas/nota.aspx?idart=6364472&idcat=19308&tipo=2 7) The country placed bonds for $2,000 million, El Universo, 18 June, 2014. http://www.eluniverso.com/noticias/2014/06/18/nota/3116426/pais-coloco-bonos-2000-millones 8) The Noble Americas Group provided September, 2014.
$1,000 million to Petroecuador, El Comercio, 27
http://www.elcomercio.com/actualidad/noble-americas-presto-mil-millones.html. 9) The Netherlands Supreme Court compensate Ecuador orders to Chevron, Panam Post, 28 September, 2014. http://es.panampost.com/panam-staff/2014/09/28/corte-suprema-de-paises-bajos-ordena-aecuador-resarcir-a-chevron/ 10) Ecuador will return to the capital market when he sees concessional, El Comercio, 24 June, 2014. http://www.elcomercio.com.ec/actualidad/ecuador-bonos-mercado-capitales-finanzas.html
11) Another American petroleum wins judgment to Ecuador, RadioEquinoccio.com, 21 December, 2012. http://www.radioequinoccio.com/inicio/item/3478-otra-petrolera-norteamericana-gana-juicio-aecuador.html 12) Ecuador accuses oil company Perenco for environmental damage in the Amazon, September 10, 2013. http://www.eluniverso.com/noticias/2013/09/10/nota/1422301/ecuador-acusa-petrolera-perencodanos-ambientales-amazonia 13) The thesis of Ecuador and Oxy collided in Washington, Expreso 01-07-2011 http://expreso.ec/expreso/plantillas/nota.aspx?idart=2326676&idcat=19308&tipo=2 14) “The Oxy millionaire trial has grounds for annulment "Expreso, June 18, 2013. http://expreso.ec/expreso/plantillas/nota.aspx?idart=2295767&idcat=19308&tipo=2 15) Ricardo PatiĂąo warns a 'failure' if Chevron wins, El Universo, October 23, 2013. http://www.eluniverso.com/noticias/2013/10/23/nota/1620636/patino-advierte-quiebra-si-ganachevron# 16) Arbitration demands outweigh debt, El Universo, November 5, 2008 http://www.eluniverso.com/2008/11/05/0001/9/6BCB8E3AC86A49C7AFE798E9418220B2.html 17) Breakfasts 24 Hours, Teleamazonas, 26 September, 2014. https://www.youtube.com/watch?v=8Iix7fUQ8xo#t=8
THINK BIG Miraflores 2014, THIRD EDITION
The students of the Casa Grande University conducted for the third consecutive year the third edition of the seminar Think Big Miraflores. On Tuesday, October 14th was launched the training seminar Think Big Miraflores. This is a seminar for small and medium businesses that are located in the area of Miraflores. The seminar hosted more than 30 people, including owners and employees of the Miraflores area of businesses such as Manny's, Tacos y jarros, Alfombras Yambay, Sports & Style, among others. Like every year, this event focuses its objectives on innovation by finding new themes and content to provide its attendees. This year, the theme was "Promotion in Social Networks," a suitable topic right now by the boom that is occurring in all ONLINE topics that will help them so they can introduce more businesses and expand its markets. Students in certification process were responsible for giving the talks with former college student Vanessa Barbery (Digi Marketing CEO). Also, to accompany the talks we had Leonardo "El Chino" Moreira, actor and alumnus of the university, with a monologue that fused experiences of the attendees with themes of the talks to build a better understanding, creating the perfect mix for an optimal and entertaining learning. The Showroom also contributed to the learning journey as students created this space for attendees to interact with the various social networks that were mentioned during the talks, providing a 360째 experience, innovation at the event, and fun time. With the training seminar Think Big Miraflores, students of Casa Grande University not only seek to exploit the commercial area of Miraflores, but also reinforce and strengthen the bond of friendship between the university and the community. The group of students say they are pleased to have completed this training to this sector and expect that next year the other sectors of Guayaquil open their doors. For more information: Maria maria.mateus@casagrande.edu.ec
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Students who organized the Seminar Think Big Miraflores
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Vanessa Barbery, seminar speaker and UCG alumna.
Daniel Borbor, seminar speaker of the practical workshop.
Students who organized the seminar: from left to right: Luis Ramos, Ricardo Sanchez, Karen Granja, Cecilia Cornejo, Maria de los Angeles Mateus, El Chino Moreira (invitado), Daniel Borbor,m Maria Fernanda MartĂnez. Debajo de izquierda a derecha: Erika Fernandez, Thalie Valencia y Carola Mancheno.
A CENTERED EDUCATION ON BEING AND NOT IN DOING P. Dr. Bolivar Jaramillo Azanza, SDB
Only an education centered on being and not in doing is worthy of man because, ultimately, education is "HELP HUMAN BEINGS TO UNDERSTAND THE COMPLEXITY OF HIS BEING" (Krishnamurti). In an interview conducted by a group of students to Mother Teresa de Calcuta in a school in Rome, she was asked which was, according to her, the main cause of poverty in the world. She replied: "Today there is much poverty because we do not divide it with others what others need." Every day, scientists are proposing some new discoveries, in which people are called to develop themselves. It goes from alarm to worry regarding the GM foodstuffs about progress towards human cloning and to hopes, so that the program of study of the human genome can reserve us in the future. Bioethics for years, is committed to giving a new ethical answer to the new challenges of biology. Science Education are less questioned than ethics for the new scenarios that Biotechnology is offering. Moreover, both being interested in the destiny of man, in this tidal wave of extraordinary technological, bioethics and Science Education development, it could study collaboration pathways, even at the level of research. In a culture where the holistic concept of man has been greatly weakened, which is not only biology and psyche, but also mind and spirit, it is legitimate to take increasingly radical manipulation of human life. The problem of education and training of university teachers inevitably involves the economic problem. We will not have qualified teachers if we do not qualify their salaries. Talking about education reform is to talk about teachers, professors and professional educators. It is not fair to unlink their job from the incomparable responsibility that they have; while we do not pay them their transcendental work, we will not have enough excellent professionals and educators. I want to focus on education in the world of tomorrow to keep hope in man: THE ONLY MACHINE THAT WE PUT IT TO WORK WITHOUT KNOWING IT. I feel a sense of vertigo with the dilemma of globalization whose manifestations are seen and suffered; and, and the pursuit of conceptual references of outsourcing. Humanity is increasingly aware of the threats to the natural environment, despite many international meetings and serious consecutive to natural phenomena or technological accidents. Universities will have to break the curricula and academic curriculum that become obsolete before they are approved. THE MEANING OF LIFE IS FOUND ONLY THROUGH BEING OPEN TO THE TRANSCENDENT SPIRITUAL DIVISION I do not want these concepts be saved on my computer, but I want them to be coded as processes to evaluate in continual communion with my students, my teachers and every human being that God puts in my path.
THE PEOPLE OF OLON BETWEEN ANTIQUITY AND MODERNITY
Gustavo Costa von Buchwald, Mgs. E-mail: gussy2013@outlook.com
Typical wooden house in the golden age of tagua and toquilla straw, land that now houses the new Catholic church in the village of Olon.
The discovery of Punta de Santa Elena. The pilot Bartolome Ruiz is the first Spanish to sight and land on the coast of Ecuador in the year 1527. Later in 1530, along with Francisco Pizarro he began his journey south to the conquest of the Incas. So say the chronicles, "Without much novelty, they called at the Bay of San Mateo and Esmeraldas, then they travelled through Rio Verde and other vast regions where the Esmeralda stones shined .... a few weeks passed and they are in Cojimies, Caraquez and Carapoti. After a few months, they arrived to Olon, which was a thatched enclosure houses crowned by palm trees ... the expeditionary ships continued further south to reach the coves of Salinas and Ballenita, named after Francisco Pizarro by the abundance of whales who traffic in such places. " On August 18, 1531, Francisco Pizarro discovered the Santa Elena Peninsula and baptized it coincidentally after Emperor Constantine's mother, Empress St. Helena who was celebrated on that date. Before, she was called Sumpa that comes from the adjective of the Chimu language that according to historians means the tip or grassland. The death of the Inca Atahualpa in 1533, ended the period of the Spanish conquest and the colonial period begins. In 1783 the mines of tar known as the "Santa Paula" mines within the jurisdiction of Salinas, in the same place where "La Carolina" is, were owned by Captain Juan Antonio Rocafuerte, who lived with his family and three hundred workers who were engaged in export this article to all Pacific ports and also caulk ships that flocked here. Our hero, Vicente Rocafuerte was Juan Antonio Rocafuerte's son. The activities in the Santa Elena Peninsula are multiple: livestock, farming, fishing and trade. While winters were plentiful and periodic, the land was dry; as such, livestock concentration was in Chanduy and El Morro. Deer hunting, fishing, salt, honey was abundant. Tagua and toquilla straw were export products in the nineteenth and twentieth century.
Olon house located in what is now the town park (1940). Right Merchant house of toquilla straw and dispatch way. Besides it is produced the scale-dye naturally, sugarcane, cereals, banana, fruits of all kinds, especially the exploitation of timber for construction. There was also a toquilla straw manufacturing industry. The peninsular historian Jose Buenaventura Navas talks about his people, "..his children are laborious, suffered, of simple manners and proverbial honesty; but the natives or natural people are somewhat suspicious and inhospitable." There are native last names as Pillasagua, Yagual, Orrala, Piloso, Tomala, Mejilon, Piguave, Borbor, Potes, Maquilon, Barzola, Carcache, Pincay, Pozo, Vanchon Quimi, Quijije, among others. The People of Olon and history. Many decades have passed, where the people of Olon was forgotten until the Republican era, when Olon became Precinct of the Manglaralto Parish founded in 1862.
Last picture of The Hotel Manglaralto, 1976.
The origin of this small town on the coast, that now in 2014 is located in the Province of Santa Elena, is lost in time. This does not mean that there is a long history of this town and its inhabitants. The word Olon has had some controversy because it is common to hear residents and tourists in general, that the name Olon = Waves of the sea. This is a big mistake because it has nothing to do with waves of the sea. In 1925, Engineer Otto von Buchwald: "The language of the Cara-Colorados or tribes does not have much presence in the province of Guayas, because the Yungas and the Spaniards moved them... Olon: is a small river of the coast and derives from Olio = hawk = raptor. We would have to do a study and search the area to know which could be the bird of prey, hawk kind.
Main street of Olon, 1923. The pre-Hispanic settlements are numerous, from the Valdivia culture to the Manteno-Huancavilca culture. Even today you can pick up pots of pottery, shell and bone in the streets of Olon because the old cemetery is on the modern town. So says the German archaeologist H.D. Disselhoff, "... during the last months of 1938, I discovered an old cemetery located in one of the areas of my digging, amidst a street of the town of Olon .." Sadly, the digging newspapers of Disselhoff HD were lost during the second World War. English archeologist Bushnell and Emilio Estrada also studied the Olon site. Estrada excavated the old church opposite to the park today. Sadly, to date many of the land are disturbed and looted by the modernity of the new people and their needs; making it almost impossible for a modern archaeological research of the Olon village.
House of the farmer Flavio Tomala, amphora for storing fresh water. The people of Olon towards the XXI Century modernity.
Group of New Hotels for domestic and foreign tourists. I visited Olon end of the 1960 decade. It was an isolated village, because the only access to the town was through the beach. There were no bridges, no light; and at night, the light were candles or a Petromax lamps. There were no refrigerators and food, bought in Santa Elena, could only be stored with ice. Natives ate part of the hunts deer, cattle and agouti. The village people bathed in the river because there was no drinking water. In its surroundings, the forest was virgin, there were many birds and trees of all kinds; seawater was transparent and fresh, the Olon river was full of fish and shrimp ready to go to sea; in raining season, the river broke to the sea. I met three extraordinary Catholic priests, Joseph-Joe M. Lauro whose book "Action Priest" talks about his work in Ecuador; Monsignor Luis Enrique Juhles and Othmar Staheli, who have contributed in extraordinary ways to Olon and its neighboring communities. Dr. Enrique Pino, who was the town doctor and apothecary; Mrs. Fanny Tomala de Gavino, the shopkeeper; John "Chicho" Reyes, cocoa merchant; Silvino Figueroa, carpenter.
Current residents of Olon
Today things have changed a lot in Olon. I do not know if it's good or bad. But we have to accept modernity, such as the small and medium infrastructure of hotels and restaurants; the countless vacation houses of many permanent residents or tourists, they all employ many people of Olon. In all parts of the world the beach is preserved as we have received it from our ancestors; contrary to what they want to do in Olon and other beaches in the Santa Elena Peninsula, to build a boardwalk with restaurants and places of amusement for tourists on the beaches; it is a real shame. I just wish to ask the old, new and future residents of this small town to take care of their nature; do not contaminate it with sewage addressed into the sea or river; to organize garbage collection and crew people to cleanup the beach.