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.
Category: Regions
Posted inDaily Brief
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.
Posted inDaily Brief
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.
Posted inDaily Brief
Mexico Sells Warrants In Bond Swap
Mexico has sold $65 million of warrants as part of a debt swap program to move more of the country’s debt into the domestic market. The warrants enable investors to swap $2.5 billion dollar-denominated securities for peso debt next year. Investors can hand over the warrants, as well as any of 14 Mexican dollar bonds, in return for three local-currency bonds: maturing in 2011, 2014 and 2024. The sale was managed by JP Morgan Chase & Co and Credit Suisse First Boston.
Posted inDaily Brief
Mexican Currency Derivatives Trading Up 55%
The value of Mexican peso derivatives rose by 55% in the first half of 2005 to $459 billion. The rise reflects the increasing hedging needs of foreign investors in the Mexican bond market, according to the BIS. The most rapidly growing sector of the peso derivatives market are currency swaps in pesos.
Posted inDaily Brief
Peru Economic Growth of 5.72% in September
Peru’s year-on-year growth in September registered 5.72%, slightly ahead of government forecasts of 5.5%, driven by increased activity in all sectors of the economy as well as healthy commodity exports. Economic growth for the year to September stands at 5.91%.
Posted inDaily Brief
New Share Offering From Grupo Mexicano De Desarollo
Grupo Mexicano de Desarollo, which is mainly involved in infrastructure projects, hopes to raise at least $50 million from a new share offering. The new shares will first be offered to existing shareholders.
Posted inDaily Brief
Grupo Banistmo To Buy Banco Salvadoreño
Panamanian investment bank, Grupo Banistmo, says that it plans to invest $145 million in buying 60% of Banco Salvadoreño of El Salvador. It says it is also looking to invest in Guatemala.
Posted inDaily Brief
Mexico and Venezuela Recall Ambassadors
Mexico and Venezuela have both recalled their ambassadors in a diplomatic row that has escalated. Mexico had demanded an apology from Venezuela following remarks made by President Hugo Chávez about Mexico’s President Vicente Fox after the recent Summit of the Americas in Argentina. Venezuela has refused to apologize, saying it is “unjustifiable”.
Posted inDaily Brief
Peru’s Flores Strengthens Lead
Lourdes Flores has strengthened her lead in the polls to win next April’s presidential elections in Peru. Her lead of 27% last month was up one percentage point in the most recent survey of voters, followed by former presidents Alan Garcia and Valentin Paniagua, now both at 17%.