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Brazil pension reform passes Senate; Panama set to finance entrepreneurs


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Brazil pension reform passes Senate; Panama set to finance entrepreneurs

* Brazil's Senate voted 60-19 to approve the main text of a pension reform bill on Oct. 22, and will resume debate on some more amendments to the bill later today, Reuters reported. The Bovespa stock exchange closed the day up 1.1%, while the Brazilian real was up over 1% in the same day to 4.06 reais to a dollar.

* Panama's government should launch a its so-called "Banca de oportunidades" in January 2020 with capital of $25 million to help finance small-scale entrepreneurs, El Capital Financiero reported, citing Samuel Bardayán, general director of the Ampyme association for small businesses.


* The number of online purchases using Mexican bank cards rose 57% yearly in the second quarter to reach 106 million, led by a 72% increase in the use of debit cards, El Economista reported, citing the latest data from the Condusef financial consumers' defense commission.

* Double-digit growth in lending by Mexico's Sociedad Hipotecaria Federal SNC Institución de Banca de Desarrollo has slowed considerably this year but is expected to pick up again, El Economista reported, citing Pedro Zorrilla Velasco, coordinator of the entity's institutional development strategy. During the first half of 2019, the SHF's loan portfolio rose just 2.1% yearly to about 71.96 billion Mexican pesos, while guarantees fell 9.0% to 46.5 billion pesos.


* Brazil's TCU audit court has given Banco do Brasil SA 15 days to explain stakes held by investment arm BB-Banco de Investimento SA in four companies, Valor Econômico reported. The court's intervention follows a complaint by the central bank over a lack of congressional approval for the investments by the investment unit.


* Corporación Financiera de Desarrollo SA will auction tomorrow sustainable bonds worth 100 million Peruvian soles. The bonds have a term of three years and will carry a fixed coupon rate.

* Colombia's government forwarded a revised tax reform proposal to Congress after the country's constitutional court rejected the old one, Reuters reported. Finance Minister Alberto Carrasquilla noted the new version has "exactly the same text" as the previous version, but removed provisions that apply to 2019.

* Antonio Costas, the vice president of Bolivia's electoral board, resigned, Reuters reported. Costas cited an interruption of election results that were being published following weekend elections, saying it had created "unnecessary social convulsion." Foreign Minister Diego Pary also said the government has also asked the Organization of American States to audit recent election results in the country where President Evo Morales was declared winner.

* Peru's government will miss its target fiscal deficit of 1.0% of GDP by 2021, El Comercio reported, citing figures from BBVA Research. It warned that tax income would not grow as quickly as expected following reform measures, saying the fiscal goal should be achieved in 2024.

* Pacifico Seguros, an insurance subsidiary of Peru's Credicorp, said Álvaro Correa had resigned as general manager and has been replaced by César Rivera, El Comercio reported.

* Colombian financial technology company Compañía de Financiamiento Tuya SA expects to reach three million customers by the end of the year as it adds new products and services including a QR code payment system, among others, La República reported, citing CEO Carlos Villegas.


* Chilean President Sebastian Pinera proposed a series of measures on Oct. 22 in an effort to quell protests, Reuters reported. The measures include a 20% increase in the minimum pension, a minimum monthly wage of $480, and lower medicine costs for poor citizens.

* More than half of Chilean ATMs and a third of bank branches were operating normally on Oct. 22 following closures and damage due to violent protests and looting at the weekend, La Tercera reported, citing the CMF financial markets regulator. Separately, Diario Financiero reported that JPMorgan had recommended its clients sell Chilean stocks due to the unrest.

* Argentine statistics agency Indec recorded a trade surplus of about $1.74 billion in September, Reuters reported.

* Argentina's government reallocated some $40 billion in budget spending to take short-term loans from state entities, the EFE news agency reported, citing a resolution published in the country's official gazette.


* Moody's holds stable outlooks on the insurance industries of Brazil, Mexico, Peru and Uruguay for 2020, with the four countries accounting for 65% of the Latin American region's $163 million in total premiums. Meanwhile, it holds negative outlooks on Argentina and Colombia, which together make up 13% of premiums in the region.

* Brazil is considering leaving the Mercosur trade bloc if Argentina rejects the sweeping reduction of the import tariffs that the group will implement within four years, Folha de S. Paulo reported. It said Uruguay and Paraguay, fellow members at the trade bloc, had already agreed with Brazil to cut import levies on 80% of the goods negotiated. Officials from the three countries believed Argentina would take a more protectionist stance if Alberto Fernandez wins this weekend's presidential election.


* Asia-Pacific: China considers replacing HK chief; India banks face US$50B shortfall says Fitch

* Middle East & Africa: UAE banks mull real estate lending cap; Commercial Bank's Q3 profit up YOY

* Europe: Fast-track Brexit rejected; Swedbank Q3 profit down; Handelsbanken to exit Asia

Helen Popper 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. Links are current as of publication time, and we are not responsible if those links are unavailable later.