Aurelia Butler

QUITO (Reuters) -Business scion Daniel Noboa will fulfill a long-held family ambition when he takes office as Ecuador’s president, after winning election on Sunday on promises to create jobs and bring crime gangs under control.Noboa, 35, who quit a job at his family’s sprawling conglomerate when he was elected to the national legislature in 2021, won more than 52% of the vote, beating leftist challenger Luisa Gonzalez, who had about 48%, with the initial tally nearly complete.”Tomorrow we start work for this new Ecuador, we start working to rebuild a country seriously battered by violence, by corruption and by hate,” Noboa told supporters in the seaside town of Olon after clinching victory in a campaign marred by the murder of anti-corruption candidate Fernando Villavicencio.”From tomorrow Daniel Noboa starts work as your new president,” he added.Gonzalez conceded defeat to her rival and congratulated him.Noboa grew up accompanying his banana baron father Alvaro during the latter’s multiple failed bids to become president, and was a surprise qualifier for the second round run-off.His campaign was a shift away from his father’s populist rhetoric and the cries from his rival to return to the social policies of her mentor, former President Rafael Correa.Noboa, a native of Guayaquil, has pledged to attract foreign investment and develop Ecuador’s business sector.His victory will be an immediate balm to markets, analysts have said, but his cabinet picks are still unknown and are likely to influence long-term market outlook.Noboa has also promised job creation, particularly for young people, and his supporters have touted the married father-of-two’s fresh perspective on the country’s problems.Ecuador’s economy has struggled to recover since the coronavirus pandemic, contributing to soaring crime – which outgoing President Guillermo Lasso blames on disputes between drug-trafficking gangs – and a sharp rise in emigration.Noboa has promised to create a new intelligence unit to tackle gangs, supply security forces with tactical weapons, and house the country’s most dangerous convicts in prison ships out at sea.The next president is due to assume office in December. More

TOKYO (Reuters) – Japan’s top financial diplomat said on Monday the yen was still perceived as a safe haven asset like the Swiss franc and U.S. dollar despite its recent weakness, and was benefiting from safe-haven demand due to the conflict in the Middle East.Masato Kanda, vice finance minister for international affairs at Japan’s Ministry of Finance (MOF), also said that if excessive moves occurred in the currency market, the government would take steps such as raising interest rates or intervening in the market.”We will firmly take appropriate steps when necessary,” Kanda told reporters during an ad hoc news conference.Kanda declined to comment when asked about recent remarks by a deputy bureau chief of the International Monetary Fund (IMF) who said that Japan had not put the necessary conditions in place for the government to conduct currency intervention.Various factors determine currency rates and long-term interest rates are “only one factor”, Kanda said.As for the ongoing conflict between Israel and Palestinian militant group Hamas, Kanda said he could not predict the impact as the situation was “fluid” and no one could know if renewed rises in oil prices might hit Japan’s economy hard.”Relatively speaking, global funds are still flowing into the dollar, yen and Swiss franc and pound, with many people describing the moves as ‘textbook-style’ moves,” he said, referring to safe-haven flows. More

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The IMF forecasts a 38.4% GDP growth rate for Guyana this year and 26.6% in 2024, reflecting the country’s positive trajectory. Dr. Singh attributed this progress to policies promoting private investment and trade, which have helped Guyana transition from a state of heavy indebtedness to a manageable debt-to-GDP ratio.As part of the country’s sustainability strategy, Dr. Singh pointed out several key initiatives. These include the Low Carbon Development Strategy (LCDS), jurisdiction-scale forest certification, and significant infrastructure projects such as a road to Brazil and a bridge to Suriname. He also referenced a $750 million agreement with Hess Corporation (NYSE:HES) under the LCDS that allows Guyana to sell carbon credits globally, marking it as the first country to certify its forests under the Architecture for REDD+ Transactions (ART).The finance minister also underscored Guyana’s shift away from an oil-dependent economy towards diversification. This includes focusing on food security and leveraging its comparative advantage in agriculture, alongside pursuing Caribbean Economic Integration.Dr. Singh compared Guyana’s current economic health with its struggles during the 1990s Economic Recovery Programme (ERP) when it was classified as a Heavily Indebted Poor Country (HIPC) with a debt-to-GDP ratio exceeding 600%.Kenji Okamura, IMF’s Deputy Managing Director, acknowledged Guyana’s robust economic performance and policies during the meeting. This recognition by an international financial institution marks a significant milestone for the country, which has been striving to create a stable and sustainable economic environment.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More