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IRB-Brasil files for IPO; new BNDES CEO outlines focus

* Paulo Rabello Castro, the newly named CEO of state-run development bank Banco Nacional de Desenvolvimento Econômico e Social, said the lender should focus on national development interests and not serve as a "customer service counter" for businesses, Reuters reported. "Business leaders should not dictate what the BNDES does." he was quoted as saying.

* IRB-Brasil Resseguros SA filed for an initial public offering of shares with securities watchdog CVM, Reuters reported, citing statements from three of the company's largest shareholders. The three shareholders will sell a portion of their holdings in a secondary share offering.


* Mexican tax authority SAT said it is considering imposing a $90 million fine on companies involved in an undeclared shipment of $450 million worth of bearer negotiable instruments from the U.S. to Mexico in 2016, Reuters reported. Although the funds were clean, they were not properly declared. The SAT did not specify the names of the involved companies.

* Mexican Finance Minister Jose Antonio Meade said local authorities must be "cautious, careful and responsible" as the Mexican peso still faces volatility despite showing a "favorable" trend in recent weeks, Reuters reported.

* Banco del Ahorro Nacional y Servicios Financieros S.N.C.'s nonperforming loan ratio has now reached 5.8%, but the bank is working to bring it back down to historical levels of between 2.0% and 2.5%, El Economista reported, citing CEO Virgilio Andrade.


* Brazilian President Michel Temer called on the country's top electoral court to fast-track a case looking into alleged illegal financing in his 2014 campaign, Reuters reported. A decision in the case would help the economy's recovery by removing some political uncertainty.

* Brazilian Finance Minister Henrique Meirelles said he expects President Michel Temer to endure a corruption probe and serve his full term through the end of 2018, Reuters reported. Meirelles added that he is not even thinking about becoming interim president if Temer is removed from office. The finance minister also said Brazil's economy expanded around 0.7% in the first quarter of 2017 from the previous quarter and will probably record growth for the full year, the newswire reported separately.

* Banco Nacional de Desenvolvimento Econômico e Social signed a memorandum of understanding with the International Finance Corp. to incorporate social and environmental criteria in its lending decisions, Valor Econômico reported.

* A restrictive lending policy adopted by Banco Nacional de Desenvolvimento Econômico e Social has allowed multilateral organizations and foreign development banks to step in and finance infrastructure projects in Brazil, Valor Econômico reported, citing Hector Gomez, the International Finance Corp.'s CEO for Brazil.

* Brazilian pension regulator Previc has designated 17 of the country's largest pension funds as systemically important entities, meaning that they will be subject to higher levels of regulation, Valor Econômico reported.

* Roberto Olinto, the head of research at Brazilian statistics agency IBGE, is considered to be the frontrunner to replace Paulo Rabello Castro as the agency's head, Valor Econômico reported. Castro has been tapped to become CEO at Banco Nacional de Desenvolvimento Econômico e Social.


* Julio Borges, the speaker of Venezuela's opposition-led National Assembly, slammed Goldman Sachs Group Inc. CEO Lloyd Blankfein for making "a quick buck off the suffering of the Venezuelan people" after the bank reportedly bought approximately $2.8 billion in Venezuelan bonds. Venezuelan President Nicolás Maduro is in the spotlight for the country's economic crisis and widespread anti-government protests.

* Lenin Moreno, Ecuador's new president, called Julian Assange a "hacker" but said the WikiLeaks founder can continue to stay at the country's embassy in London, Reuters reported.


* Argentine President Mauricio Macri said Foreign Minister Susana Malcorra resigned as she is relocating to Spain for personal reasons, Reuters reported. Jorge Faurie, who is Argentina's ambassador to France, will replace Malcorra.

* Officials from Paraguay's ruling Colorado Party said Finance Minister Santiago Peña will run in the country's 2018 presidential elections, a decision that will require him to resign from his current position once his candidacy is official, Reuters reported.

* Moody's downgraded Banco de la República Oriental del Uruguay's baseline credit assessment and adjusted baseline credit assessment to "baa3" from "baa2." The downgrade reflects deterioration in the bank's asset quality, profitability and capitalization metrics over the last three years.

* Inversiones La Construcción SA posted a first-quarter profit of $51.2 million, down 86.2% from $371.2 million in the year-ago period. However, the company noted that the year-ago result included income of $335.6 million from its association with Prudential, which was discontinued in March 2016.

* Scotiabank Uruguay SA reached a deal with banking union AEBU to keep open two of its branches that were slated for closure by implementing automated services at both locations, El País reported.

* The number of ATMs in Chile fell 12% in the last three years, with only two banks increasing the number of ATMs they have, Diario Financiero reported, citing data from local banking regulator SBIF.

* Argentine banks plan to increase the commissions they charge on current accounts and other products by an average of 15% from June, although some banks will implement the hike later since they have to give clients a 60-day notice period, El Cronista reported.

* BlackRock Inc. may launch another exchange-traded fund in Chile depending on the performance of its existing ECH fund, executive Nicolás Gómez told Diario Financiero in an interview.


* Latin American banks generally tightened their lending conditions in the first quarter due to rising interest rates in the U.S. and their perception of higher political risk, El Economista reported, citing a survey by the Institute of International Finance.


* Asia-Pacific: Alipay extends US partnership; China Minsheng leads pre-IPO round of P2P lender

* Middle East & Africa: MedGulf douses sale rumors; Israel, Kenya central banks hold rates

Matthew Craze contributed to this article.

The Daily Dose has an editorial deadline of 8:00 a.m. São Paulo time, and scans news sources published in English, Portuguese and Spanish. Some external links may require a subscription.