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Daily Brief

Dec 09, 2008 Issue

Sell Side Throws in LatAm Towel

LatAm’s last line of defence – sell side analysts – has fallen, indicating further weakness in market sentiment. “It is more of a corporate problem than a sovereign probl...

XL Re Sets Up in Sao Paulo

Brazil

XL Re, the global reinsurance operations of XL Capital, has received regulatory approval to serve the Brazilian insurance market as a local reinsurer incorporated in Braz...

Harney’s Adds to LatAm Team

Offshore law firm Harney Westwood & Riegels has announced the addition of Jonathan Culshaw to its LatAm practice. Culshaw has experience providing advice on transactions ...

Altra Seen Growing PE Fund

Colombia

Private equity fund manager Altra Investments has announced the partial closing of its Altra FCP I fund, which has secured commitments of $75m from Colombian investors. A...

Gigante Keeps 50% Office Depot Stake

Mexico

Mexico’s Grupo Gigante says in a letter to the BMV that it has agreed to keep its stake in Office Depot Mexico unchanged at 50%. The retail conglomerate had been trying t...

S&P Gives Telmex Program AAA

Mexico

S&P has rated AAA on a local scale the MXP10bn 5-year local bond shelf from Telmex Internacional, which it says will be used primarily to refinance debt. The agency also ...

Guatemala and Costa Rica Buck Trend

Central America

Despite the global economic slowdown, JPMorgan says Costa Rica’s tourism industry is expected to grow by 7.5% in 2008 versus the previous year and Guatemala is expected t...

Brazil Seen Keeping Rates Unchanged

Brazil

Brazil’s central bank will keep its Selic rate unchanged at 13.75% Wednesday, say Merrill Lynch, UBS Pactual and Goldman Sachs. On Wednesday, Copom will announce its last...

Positivo Jumps on Sale Rumors

Equity

Shares of Brazilian computer manufacturer Positivo Informatica jumped to BRL6.16 Monday from the BRL4.75 Friday close, a 29.7% leap, following media reports that Lenovo G...

Prolec Buys Stake in Indo Tech

Bonds Corporate & Sovereign Strategy

Mexico’s Prolec-GE, a joint venture between General Electric and Xignux, has agreed to buy a 54.35% stake in Chennai-based Indo Tech Transformers. It has also initiated a...

Deutsche Pares LatAm Team

Deutsche Bank’s LatAm franchise did not escape the shop’s global headcount reduction, understood to be going on through the middle of this week. A senior FX trader and tw...