Milestones | Venezuela
Venezuela’s introduction of a marginal free-floating currency system that will freely trade the US dollar and the bolivar seems unlikely to enlarge the country’s foreign exchange reserves or stem its growing external debt.
Milestones | Venezuela
Frontier Markets Report | Costa Rica
Costa Rica has a long history of actively and successfully seeking outside investment. However, the country is dealing with high unemployment and an uncertain fiscal outlook, given that the government plans to ramp up spending on social programs, which could raise the debt level.
Brazil | Newsmakers
Joaquim Levy, Brazil’s newly appointed minister of Finance, will need to muster all his skills to navigate the rough waters of Brazilian domestic politics and restore the public budget surplus that made the country a darling of Wall Street investors.
Corporate Tax | Trends
By replacing cascading sales taxes with a value-added tax (VAT), Africa has succeeded in lowering its total tax rate to 46.6% from a peak of 72.2% in 2005.
Corporate Debt | Capital Markets
Euroclear will extend its cross-border settlement services at the end of January to Mexican corporate debt instruments known as cebures, or “bourse certificates.” This will enable Mexican companies to issue peso-denominated debt specifically targeted to international investors.
Corporate Tax | Management
Approximately 500 American companies operate in Argentina—but on November 3 that number abruptly decreased by one as the country’s tax authority, the Administración Federal de Ingresos Públicos (AFIP) revoked the company’s registration, accusing P&G of tax and accounting fraud.
Milestones | Colombia
The Organization for Economic Cooperation and Development (OECD) is a relatively small club of 34 countries. It seeks long-term social and economic development through data collection, analysis and discussions.
Newsmakers | Argentina
Argentine president Cristina Fernández de Kirchner in early October triggered the resignation of the head of the country’s central bank, Juan Carlos Fabrega, by criticizing him for not reducing manipulation of the country’s currency. His replacement, Alejandro Vanoli, formerly the head of the country’s securities regulator, CNV, doesn’t look likely to set Argentina on a better path.
MILESTONES | LATIN AMERICA
In Latin America, the outlook for private equity and venture capital remains bright. Despite a 10% fall in investments during the first half of 2014, local and global players increased the amount of funds raised.
TRENDS | SNAPSHOT: PANAMA
In this first installment of a two-part series, Global Finance identifies the top online corporate and consumer banks by country and then by region, according to product or service category.
The aftermath of Argentina’s so-called default on July 31 doesn’t at all resemble the catastrophe accompanying its earlier default in 2002, when the country was unable to repay $100 billion of debt and the economy collapsed, costing millions of jobs.
Juan Manuel Santos’ second term as president of Colombia might prove a bit harder than his first—and not only because he won this election with a lower majority.
SPECIAL REPORT: LATIN AMERICAN INVESTMENT BANKING
Small, but quite competitive, Latin America’s investment banking markets are upbeat this year, driven mainly by infrastructure growth.
Conservative Varela surprises with progressive social agenda.