Latam Navel Gaze: December 11, 2017

Ligia Vela-Reid  Follow

  • On Thursday, Argentine Federal judge Claudio Bonadio ordered the trial of former Argentine president Cristina Fernández de Kirchner (2007-2015) with preventive detention, and urged the Senate to remove the parliamentary privileges she enjoys as a senator that would prevent her arrest. The Argentine judge has accused the former President of orchestrating a "criminal plan" that would "endow impunity" to the Iranians under an international arrest warrant for the AMIA bombing.
  • On Wednesday, Brazil's Central Bank cut interest rates to an all-time low (from 7.5% to 7%). The reduction is due to the better behavior of inflation and the slight economic recovery that is expected for the rest of the year. Although in comparison with other countries the percentage is considered “high,” it’s the lowest interest rate since 1986, when the historical series of the Central Bank began.
  • In Chile, Scotiabank has agreed to buy a 68.19% stake in BBVA Chile for $2.2 billion in a move that would make it Chile’s third largest privately-owned bank. The “Said” family will be the new banking partners of Scotiabank in the region, with the possibility of selling its actions when the public offering of the acquisition is made.
  • Mexico’s Pemex prepares 40 new ‘farmouts’ after being awarded three partnerships with private companies. Pemex is already working with the Ministry of Finance to assign a new fiscal framework for these associations, and has asked the Energy Regulatory Commission (CRE) to organize the construction of new infrastructure to ease the transportation of fuels through Mexico.
  • Peru is the latest country to fall victim of the Odebrecht (Brazilian construction company) scandal, with four former and current executives of Peruvian construction companies detained pending trial, due to their efforts in planning with Odebrecht to bribe the former president. 

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