Panama’s Grupo Financiero Continental has bought Banco Atlántico, owned by Spanish group Sabadell. The deal, reported to be worth more than $96 million, must still be approved by regulators. Grupo Financiero Continental has assets of $3 billion and is one of Panama’s most important financial institutions. Banco Atlántico has assets of just over $500 million.
Category: Regions
Posted inDaily Brief
AMLO Lodges Complaint
The losing candidate in Mexico’s July 2 elections, Andrés Manuel López Obrador (AMLO) has filed a complaint of fraud and vote tampering with the federal electoral institute in Mexico City. AMLO and his party, the PRD, have called for a vote-by-vote recount. If the complaint is passed on to the electoral court, a final decision regarding Mexico’s next president could be delayed until September 6.
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Guatemala Inflation At 7.55%
Guatemala’s inflation was down to 7.55% in the first half of the year, compared with 8.80% for the same period last year. However, monthly inflation in June rose 0.6% against the previous month and the central bank, Banguat, chose to raise the benchmark interest rate from 4.50% to 4.75% to keep prices in check.
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Sodimac To Offer $32 Million Paper
Colombian home improvement chain Sodimac is planning to issue bonds into the local market worth $31.8 million. The money from the sale will be used to finance the company’s domestic expansion plans in the face of growing competition. Duff & Phelps rated the bonds AA+.
Posted inDaily Brief
Superfinanciera Gives Green Light To Market Regulator
Colombia’s financial watchdog, Superfinanciera, has given the go-ahead to the securities market to establish its own market regulator, the AMV. The entity, the first of its kind in Latin America, will monitor and prevent market misconduct among its members. The supervision commission has elected Mauricio Rosillo Rojas – former head of regulation at the ministry of finance – as its president.
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Mexico Inflation Below Forecast
Mexican consumer prices rose only 0.09% last month, below economists’ forecasts and took annual inflation to 3.18% as at the end of June. However, core inflation rose 0.33%, slightly above average predictions. Continuing election uncertainty may mean the Central Bank may wait to cut interest rates further.
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Palacio Appoints New Economy Minister; Trade Minister Returns
Ecuador’s president, Alfredo Palacio, has appointed Armando Rodas as the country’s new economy minister to replace Diejo Borja following a reshuffle of ministers on Friday. Rodas is a lawyer and former deputy economy minister. Borja, who had only been economy minister for six months, played a key role in implementing the controversial oil reform law. The same cabinet reshuffle saw the reinstatement as foreign trade minister of Jorge Illingworth who had been replaced at the end of May by Joaquín Zevallos.
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Peru Holds Rate Steady; Growth Cools
Peru’s Central Bank left the benchmark interest rate unchanged at 4.50% for the second month in a row, in line with market expectations. Meanwhile, preliminary figures showed economic growth for the first half of the year slowed to 6%, down from 6.8% recorded in the first quarter.
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AngloGold To Invest $14 Million In Colombia
South Africa’s mining company AngloGold Ashanti is to invest $14.3 million in various mining projects in Colombia. The world’s third-largest gold producer is hoping to discover gold and copper in 12 exploratory sites in the country.
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Costa Rica Rejects Parlacen, Again
Costa Rica’s government has chosen to keep the country out of the Central American parliament, Parlacen, saying it is a costly institution that brings no benefit. Guatemala, which plays host to Parlacen, had asked the new government of Oscar Arias to reconsider the country’s decision to remain out of the parliament. Costa Rica has earned criticism from its neighbors and has been accused of isolationism for its stance. Permanent members of the parliament are Dominican Republic, El Salvador, Guatemela, Honduras, Nicaragua, Panama.