Chile’s Supreme Court has rejected an appeal for bail for former president of Peru Alberto Fujimori. Fujimori was arrested two weeks ago in Chile after arriving from Japan where he has been since resigning his presidency and fleeing Peru in 2000. Last week an Appeals Court rejected an initial request for bail. Fujimori faces charges in Peru of corruption and human rights abuses.
Category: Daily Brief
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Panamanian Global Bond Rated BB+
Panama’s newly issued benchmark sovereign paper has been rated BB+ by Fitch Ratings. Panama issued $980 million of the 20-year global bonds which mature on 29 January 2026.
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Peru and Thailand Sign Free Trade Agreement
Peru and Thailand have signed a free trade agreement at the Asia Pacific Economic Cooperation Forum in Busan, South Korea. Peru hopes the accord will add $500 million in annual exports and help create 300,000 new jobs.
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Peru’s Fiscal Deficit Narrows
Peru’s fiscal deficit in the third quarter dropped to 0.8% of GDP compared with 2.1% in the same period in 2004. The government has been targeting a deficit of 1% of GDP. The government’s primary surplus was 1.3% of GDP up from an even balance in 2004.
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Panama Offers 20-Year Global Paper
Panama has offered $980 million of new 20-year debt in exchange for four of its global bonds, maturing in 2008, 2011, 2012 and 2020. The new paper matures in 2026 and yields 7.295%. Panama said it wanted to extend its debt maturity profile and reduce its short-term debt burden. The swap is being managed by Citigroup.
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Venezuelan Spending Drives Economic Growth
Venezuela’s economy expanded by 9.8% in the third quarter of this year, driven by government spending, which rose by 38% between January and September. GDP grew by 8.8% during the first half of 2005. Analysts predict a recession next year should oil prices decline and government spending continue to increase alongside the lack of saving.
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Argentina Plans $318 Million Bond Buyback
Argentina plans to buy back up to $318 million in debt as part of its restructuring program. The government has designated 19 bonds for buy back, including local currency bonds given to bank depositors in exchange for accounts frozen after the sovereign default in 2001, as well as US dollar and local-currency discount bonds issued as part of the restructuring program. The buy back will reduce the country’s debt-to-GDP ratio.
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Colombia To Cut Corporate Tax To Under 30%
Colombia is planning to corporate tax from 38.4% to under 30% by the end of the year. Currently, Colombia has one of the highest rates of corporate tax on the continent. The move is aimed at boosting investment.
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Colombia’s Lending Rate Unchanged
Colombia’s Central Bank has left its benchmark lending rate unchanged once more. The rate of 6.0%, reduced in September from 6.5%, is the lowest in two years. Meantime inflation rose to 5.3% in the 12 months to October.
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Honduras Elections: Lobo Remains Favorite To Win
Profirio Lobo, the ruling-party candidate in the presidential elections in Honduras, remains the favorite to win on Sunday, according to a recent poll. Lobo remained ahead of his Liberal Party rival, Manuel Zelaya, with 38.6% of the vote against the latter’s 31%.