Industries and markets

LATAM: Corona-induced Tax Measures I

Corona is hitting the world economy hard. In fact, the IMF made it official today that the pandemic has driven the global economy into recession with possibly worse effects than the financial crisis of 2008/09.

Face masks mandatory in Buenos Aires as of next Wednesday

“Those who flout the new measure may be fined anywhere from 10,700 pesos to 79,180 pesos (or 165 U.S. dollars to 1,223 dollars), or risk having their businesses closed.”

Mexico President Faces Threats of Tax Revolts in Some States

“Mexico’s president is facing threats from some state business chambers to withhold taxes to protest the government’s refusal to provide aid to offset the impact of the lockdown, Reforma reported on Sunday.”

IMF: Latin America’s economy will fall 5.2% in 2020

“The largest economy in Latin America, Brazil, will have a contraction of 5.3%, Mexico of 6.6% and Argentina – amid the full restructuring of its debt – will have a fall in GDP of 5.7%

General Motors shut down factories in Brazil for at least 60 days

“GM’s plants in Brazil have been shuttered since March 30 when the company put its workers on furlough, but made employees use up vacation days.”

Argentina is readying to announce terms of the US$ 83bn debt restructure

“The Fernández administration had wanted to restructure its international bonds by March 31, but the spread of the coronavirus delayed negotiations as authorities shifted their focus to dealing with a worsening health crisis. The virus

Brazil: A new Corona Tax?

The pandemic that is plaguing humanity has changed habits and had an unprecedented impact on everyone’s life. Thus, Conona presents an authentic “black swan”, in the meaning that Nassim Taleb gives to the expression which

Chilean consumer prices rose 0.3% in March, and 3.7% in twelve months

“Chile´s economy has been hammered by mass protests over inequality that began in late 2019 and now, the coronavirus outbreak.”

Argentina’s YPF slashes oil production 50% as consumption slumps and depots are overflowing

“Fuel demand in Argentina, under lockdown since March 20, is tumbling, and YPF is running out of storage for its crude oil, so the state energy firm closed 50% of its producing wells in the

Peru launches economic stimulus plan equivalent to 12% of its GDP

“One reason it’s easier for Peru to fire billions of dollars at the pandemic is because it has accumulated savings in the past decade equal to about 15% of GDP, or 117 billion soles (US$