Argentina Clears YPF-Petrobras Swap
Argentina's antitrust regulator approved in mid-November the long-delayed $1 billion swap of refining, retail and other assets between Spanish-owned Repsol-YPF and Brazil's national oil company Petrobras. The two originally struck the deal a year ago. Argentina's YPF, which Repsol bought in 1999, can now hand Petrobras its EG3 chain of service stations in exchange for more than 300 Petrobras stations, plus refining and drilling businesses in Brazil.
Mexico Reforms Pension Fund Rules
Mexico is taking steps to boost the retirement funds of Mexican workers, to obtain higher returns on their savings. In late October, Consar, the commission regulating Mexico's $23 billion retirement savings industry, announced several changes to pension fund regulations giving funds greater investment flexibility. They allow fund managers to buy longer-term bonds and the country's 13 Afores or pension fund management companies may also for the first time buy bonds issued by the...
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