* Manuel Medina Mora will step down as chairman of both andsubsidiary Banco Nacional deMéxico SA in mid-November. Valentín Díez Morodo will take over aschairman at Grupo Financiero Banamex, while Enrique Luis Castillo SánchezMejorada will become Banamex's chairman.
MEXICOAND CENTRAL AMERICA
* An IMFdirector said Mexico will continue to grow at a moderatepace until it reaches 3% growth, largely on the expansion of Mexico'sfinancial sector, according to ElEconomista. For 2016, the IMF revised Mexico's economic growth estimatedownward to 2.4% from 2.5%.
* Duringthe first half of 2016, Mexico's national housing commission, Conavi, issued4.87 billion pesos in subsidiesfor housing, or 53% of the total budgeted for the year, El Economista reported.
CARIBBEAN
BRAZIL
* Bank branches in Rio de Janeiro will be closed on threedays due to the Olympic Games next month, Brazil's banking federation,Febraban, announced.Banks in the host city will close on Aug. 5, Aug. 18 and Aug. 22, all whichhave been declared as municipal holidays.
* Porto Capital, the investment fund of insurer , plans to investin 15 companies over the next five years, DiárioComércio Indústria & Serviços reported citing fund manager FedericoMesnik. The fund, which was launched with 400 million Brazilian reais, willsubsequently look to grow the companies in which it invests before shifting toan exit strategy.
* Subsidies issued by Brazil's Fundo de Garantia do Tempo deServiço reached 10.5 billion reais in 2015, the highest amount in its history, Diário Comércio Indústria & Serviçosreported.Subsidies issued by FGTS should be even higher in 2016 due to an ongoing investmentin a housing fund.
SOUTHERNCONE
* Chile's senate approved a law allowing non-banking entities to issue pre-paidcards, and the measure is now being evaluated by the Chamber of Deputies, Diario Financiero reported. In this nextstep, the debate will likely focus on whether the central bank has the capabilitiesto monitor the new pre-paid cards, as well as the possibility that Chile'smetro operator will become a pre-paid card issuer.
PAN LATINAMERICA
* Natural disasters caused global economic losses of $98 billion and global insured lossesof $30 billion during the first half of 2016, making it the costliest firsthalf since 2011, according to Aon Benfield's Impact Forecasting. Earthquakeswere the costliest disaster category in terms of economic losses for the periodat $34 billion, while severe convective storms generated the highest insuredlosses at $12.3 billion.
IN OTHERPARTS OF THE WORLD
Asia-Pacific: Chinese firms to bid on ING Life Korea; SBI, Brookfield AssetManagement to form JV
Middle East & Africa: Iran seeks bond market return; Bank of Mauritius cuts rate;Mashreqbank Q2 profit down YOY
Europe: EBA'sMREL study results; Swedbank, Danske post Q2 results; S&P cutsTurkey
NorthAmerica: BNY Mellon in earningsspotlight; Yadkin, FNB reportedly in M&A talks
PaulaMejia contributed to this article.
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