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Banco de Bogotá's Q1 income up 9.2%; Jamaica cuts key rate

* Banco de Bogotá SA posted 609.8 billion Colombian pesos in first-quarter net income attributable to owners of the parent, up 9.2% from 558.4 billion pesos a year ago. Net interest income after provisions ticked 2.5% upward to 1.162 trillion pesos from 1.134 trillion pesos. Net fees and other services income grew 4.8% yearly to 964.8 billion pesos from 920.3 billion pesos.

* Jamaica's central bank cut the policy interest rate offered on its overnight deposits by 25 basis points to 2.50%. The regulator projects inflation over the next three quarters to fall below the lower end of its target of 4% to 6%, before rising toward the middle of the target in the next quarter.

MEXICO AND CENTRAL AMERICA

* The Mexican central bank's governing board unanimously agreed to maintain its target for the overnight interbank interest rate at 7.5%, in line with previous expectations. The regulator cited annual headline inflation of 4.55% in April, down from 5.04% in March. Meanwhile, year-end headline inflation expectations decreased to 3.98% in April from 4.09% in the previous month.

* Fitch Ratings noted that ongoing protests and violence in Nicaragua, which have led to dozens of deaths, pose risks to political stability and governance. The rating agency said continued political unrest may lead to weaker investment conditions and economic growth, as well as an elevated risk of confidence shocks to both the financial system and macroeconomic stability. Meanwhile, opposition leaders and President Daniel Ortega hurled barbs in a televised debate mediated by the country's Catholic bishops, BBC News reported.

* U.S. Trade Representative Robert Lighthizer said Mexico, Canada and the U.S. are "nowhere near close to a deal" to rework the North American Free Trade Agreement, Reuters reported. Meanwhile, House Speaker Paul Ryan said Congress could vote on a renegotiated NAFTA in December if the U.S. International Trade Commission speeds up its required review of a revised pact.

* BBVA Bancomer SA Institución de Banca Múltiple Grupo Financiero BBVA Bancomer Director General Eduardo Osuna said the bank and its clients were not affected by the recent cyberattacks on several Mexican financial institutions, El Economista reported. The executive added that he does not foresee the cyberattacks discouraging clients from moving to digital banking channels.

CARIBBEAN

* London-based savings provider Hansard Global Plc established Hansard Worldwide Ltd., a new insurance company in the Bahamas. Hansard Worldwide is expected to begin trading in the latter part of 2018.

BRAZIL

* Brazil's deposit guarantee fund FGC on May 18 will start transferring settlement payments to the customers of failed Banco Neon SA, which the central bank liquidated earlier in May. The FGC will cover deposits of up to 250,000 reais for a payment period running until Sept. 17, after which the remaining creditors will have to request payments directly from the bank.

* Following the central bank's recent decision to maintain its benchmark rate, short-term interest rate future contracts offered in the country saw higher yields, whereas yields on longer-term future contracts fell, Reuters reported. "Markets will take the surprising decision as a sign that the central bank is concerned with the current emerging market environment and its implications on the pace of depreciation," according to a Nomura Securities report.

* Banco do Brasil SA CEO Paulo Caffarelli said the bank will reduce interest rates on certain loans, including overdrafts, despite the central bank recently voting to hold its benchmark Selic rate at 6.50%, Diário Comércio Indústria & Serviços reported. The executive expects Brazil's improving economy to result in stronger demand for credit.

* Banco Central do Brasil has established a working group to help it create regulations for the country's instant payment network, Diário Comércio Indústria e Serviços reported. The group is due to submit a report on the topic in August.

* The volume of mergers and acquisitions in Brazil totaled about 52.3 billion reais in the first quarter, up 120% year over year, Diário Comércio Indústria e Serviços reported, citing financial and capital markets association Anbima.

ANDEAN

* Colombian President Juan Manuel Santos, citing intelligence sources, alleged that Venezuela has been giving identification cards to Colombians to have them support Venezuelan President Nicolas Maduro as he runs for re-election on Sunday, Reuters reported.

* Peru's economy is expected to grow 3.5% in 2018, according to a new survey of economists by Bloomberg News, down from a forecast of 3.8% in a previous survey, Gestión reported.

SOUTHERN CONE

* The International Monetary Fund may offer Argentina a high-access, standby financing arrangement, the details of which remain under discussion, Reuters reported, citing IMF spokesman Gerry Rice. The IMF's 24-member board is due to meet today to finalize a program for the South American nation, according to Bloomberg News.

* Sebastien Lieblich, MSCI Inc.'s global head of index management research, said Argentina's upgrade to emerging market status will depend on whether President Mauricio Macri can resist reintroducing capital controls in light of the country's recent currency crisis, El Cronista reported. Macri earlier declared the country's currency crisis to be over.

* Segismundo Schulin-Zeuthen, the president of Chilean banking association Abif, said antitrust court TDLC's recent order for banks to reopen the accounts of firms that trade cryptocurrencies is "strange" and "unusual" given that a decision on the issue is still pending with an appeals court, Diario Financiero reported. A number of Chilean banks closed the accounts of cryptocurrency platforms earlier in 2018, saying that they would only do business with such companies once their activities are regulated.

PAN LATIN AMERICA

* France's Société Générale SA named Jose Antonio Merigo and Luis Sainz chief country officers for Mexico and Brazil, respectively, Reuters reported. The appointments for Merigo and Sainz are effective July 1 and Aug. 1, respectively.

IN OTHER PARTS OF THE WORLD

* Asia-Pacific: Hong Kong fines Citi unit; Indonesia hikes rate; ANZ to exit Cambodian JV

* Middle East & Africa: Israel Discount Bank's Q1 profit up 5.3% YOY; Egypt's central bank holds rates

* Europe: iZettle sold for $2.2B; Lloyds cuts Irish exposure; BPCE, Natixis post profits

* North America: Hong Kong watchdog fines Citi unit HK$57M; PayPal buys iZettle for $2.2B

The Daily Dose has an editorial deadline of 8 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.