Industries and markets

Fernandez/Bolsonaro summit in Montevideo in doubt, but both sides willing to meet

“A possible meeting of the Argentine and Brazilian presidents has created great expectations as a signal of appeasement between the two countries, since center left Fernandez was elected last October replacing conservative Mauricio Macri, a

Banco do Brasil Achieves Record Profit of R$17.8 Billion in 2019

“The result is 32.1 percent higher than in 2018. In the last quarter of 2019 alone, the banking institution had already achieved an adjusted net profit of R$4.6 billion.”

Institutional Investors Expect IBOVESPA at 135.000 Points by End of 2020

“Despite the start of a troubled year in the market, institutional investors remain optimistic about the Brazilian stock market.”

Cristina Fernandez: Argentina will not pay “even half a cent” of its IMF debt until the country exits recession

“Argentina needs to restructure US$ 100 billion in sovereign debt with creditors, including part of a US$ 57 billion credit facility that the IMF extended the country in 2018.”

Brazilian central bank cuts interest rate to 4.25%, but the easing cycle could be coming to an end

“In light of the lagged effects of the monetary easing cycle that began in July 2019, the Committee deems appropriate to interrupt the monetary easing process,” board members wrote in a statement accompanying the decision.”

Brazil: Confaz published 9 new ICMS Agreements

The National Council of Economic Policies (Confaz), published 9 new ICMS agreements on February 6, 2020:   ICMS AGREEMENT No. 1 Amends ICMS Agreement 190/17, which concerns tax credits arising from tax or financial-tax exemptions,

Colombia: New special import declaration for “zonas francas”

Zonas francas are free zones that profit from special tax treatments. Through Resolution 000007 of January 28, 2020, the Colombian tax authority DIAN created the Special Import Declaration requirement and repealed Resolution 059 of 2019

Brazil: Alignment with the OECD transfer pricing guidelines

A recently published joint report by the OECD and the Brazilian tax authority Receita Federal do Brasil (RFB) provides that the OECD expects Brazil to fully align with the OECD transfer pricing standards. This is

Social Tensions Halve Chile’s Economic Growth in 2019

“The Central Bank has revised its 2019 increase in GDP downward from 2.5 to 1.2 percent, the worst result in ten years.”

Mexican migrants send home $36 billion, remittances rise 7%

“It was the highest level of remittances on record, and is higher that the $25 billion in income Mexico receives from foreign tourism or the country’s $22.4 billion in annual petroleum exports.”