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BTG Pactual chairman says government dealings have always resulted in losses


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BTG Pactual chairman says government dealings have always resulted in losses

* BTG PactualGroup Chairman Persio Arida said at a conference in Chicago thatthe company has lostmoney in all of its business with the Brazilian government, Folha de S.Paulo reported. The executivedid not detail what BTG's strategy would be going forward.


* ElSalvadorian authorities raidedthe local offices of Panama-based law firm Mossack Fonseca after the firmgenerated suspicion by taking down its office sign, Reuters reported, citing ElSalvador Attorney General Douglas Melendez. The raid follows the Panama Papersleak.

* Juan CarlosVarela, the president of Panama, said his government will not retaliateagainst France for putting Panama back on its blacklist of uncooperative taxjurisdictions following the Panama Papers leak, Reuters reported. Instead,Panama will focus on diplomatic relations with the European country, Varelasaid.

* Panama, whichfaces $3.2 billion of debt maturities in the coming six years, is studyingliability management options,Thomson Reuters' IFR reported, citing Katyuska Correa de Jimenez, the country'shead of public credit.

* Costa Ricaninsurer Instituto Nacional deSeguros will restructuresome of its business lines in a bid to protect its profitability amidheightened competition from foreign players, El Financiero reported.

* Mexican federalcompetition commission Cofece namedlocal pension fund managers XXI Banorte, Sura, Profuturo GNP and Principal inan investigation into anti-competitive practices, El Economista reported.


* Puerto Rican Governor Alejandro Garcia Padilla announced an emergencyat Government Development Bankfor Puerto Rico ahead of the bank's $422 million debt payment dueMay 1, Reuters reported. The emergency declaration halts the bank's lendingoperations and freezes most withdrawals.

* In response to the global outcry caused by the Panama Papers leak, thegovernment of Barbados issued a statementto assert the economic benefits of its offshore structures. "In starkcontrast to a widely held label, Barbados is an example of an ethical, fullytransparent jurisdiction that enhances the functioning of the globaleconomy," the government said.


* hasrecommended that an ethics committee impose a 1 million Brazilian reais fineon Eduardo Cunha, the speaker of Brazil's lower house, for failing to declarehis overseas accounts and funds, ValorEconômico reported.

* Brazilian banksand government members are urging Banco Central do Brasil to ease banks' capitalrequirements amid the rising threat of default by large local companies, O Estado de S. Paulo reported.

* Under a pendingcourt ruling, Banco BMGSA may be held responsible for paying the liabilitiesof Banco Schahin, which BMG acquired in 2011, O Estado de S. Paulo reported.

* BTG Pactual Groupannounced plans to separate its commodities trading business into a newfirm to be called Engelhart Commodities Trading Partners. The newLuxembourg-based company will have $1.6 billion in shareholders' equity and$5.7 billion in total assets. The spin-off does not include BTG's energytrading desk.

* said it reached a cash-and-stock with tocreate a Latin American trading market powerhouse. Under the terms of the deal,Cetip shareholders will receive 30.75 Brazilian reais in cash and 0.8991 of aBM&FBOVESPA share for each Cetip share held. Following the transaction,Cetip shareholders will end up owning about 11.8% of BM&FBOVESPA's equitycapital.

* CEO SergioRial told Folha de S.Paulo thatembattled Brazilian President Dilma Rousseff can still regain marketconfidence if she implements the correct policies. The executive did notsay if he supports impeachment proceedings against Rousseff.

* Brazilian hedgefund Verde Asset Management SA posted a lossin March as a market rally in the country spoiled the firm's bets against thelocal currency and stocks, Reuters reported. "Without delivering asignificant, structural improvement, the country will resume the path ofinsolvency, contaminating risk, currency and inflation premia all along,"Verde said in a letter to investors.

* A parliamentarycommission in Brazil is investigating a fraudcase that resulted in more than 3 billion Brazilian reais of losses forfour of the country's largest pension funds, including those of andCaixa EconômicaFederal, O Estado de S. Pauloreported.


* Colombianfinancial institutions association Anif said it expects the local economy to grow2.5% in 2016 and 3.4% in 2017, LaRepública reported.


* Grupo SecuritySA said its board plans to propose a dividend payment of 7.25 Chilean pesos pershare through the capitalization of part of the firm's 2015 profits. Thecompany posted a total profit of 65.02 billion pesos in 2015, up 6.6% from theprevious year.

* Daniel Pollack, the special master presiding over debt negotiationsbetween Argentina and its bondholders, said the country reached settlementagreements totaling about $253 million with numerous bondholders, includingboth institutions and individuals.

* Argentina is looking to generate at least $12 billion from a bond salein April to repay its creditors, but the country could expandthe issuance to $15 billion depending on the pricing level, a source who saw afinance ministry presentation told Thomson Reuters' IFR.

* Three new complaintshave been filed against Chilean investment firm Capitaria, which was previouslyknown as Forex Chile, over the company's alleged violations of general bankinglaw, Diario Financiero reported.

* Spanish insurance firm Divina Pastora is looking to launch sales oflife insurance policies in Chile in collaboration with a local partner,El Mercurio reported.

* Analysts believe there will be lowdemand in the short term for a new form of inflation-indexed housing loansin Argentina, but demand could rise if there are signs of falling inflation andrising wages, Cronista reported.

* Banco Central de laRepública Argentina aims to publishits official inflation targets by the end of April, Cronista reported, citing Federico Sturzenegger, the central bank'spresident.


* Sovereign downgrades outpacedupgrades by 2 to 1 in 2015, compared with a benign 0.8 to 1 ratio in 2014,Fitch Ratings said. Eleven emerging-market sovereigns were downgraded in 2015,up from eight a year earlier, while upgrades totaled five, declining from nine.

* In a statement, People'sBank of China Governor Zhou Xiaochuan said he is confident thatLatin American and Caribbean countries can overcomethe global economic downturn in 2016 and secure sustainable expansion,Bloomberg News reported.

* The Inter-AmericanDevelopment Bank said in its annual outlook report that it expectsthe overall Latin American economy to shrink0.3% in 2016 before recovering to yearly growth of 1.5% through 2018, BloombergNews reported.


* TheAustralian Securities and Investments Commission has entered into discussionswith the Monetary Authority ofSingapore regarding a deal to make sure that regulation does not limitthe progress of financial technology startups looking to operate across the twocountries' borders, The Sydney MorningHerald reported.

* U.S.-based TPGCapital plans to raise a US$4 billion global infrastructure fundfor core destinations in emerging markets, which include India, The Economic Times reported, citing"people in the know."

* Amid the falloutfrom the Panama Papers scandal, the European Commission is proposingthat large multinationals be required to report profits and taxes in every EUcountry in which they operate, according to TheWall Street Journal. Separately, German Finance Minister Wolfgang Schäubleyesterday suggestedestablishing a global network of registers listing the actual owners ofcompanies in a bid to fight tax havens, Reuters writes.

* Former CEO BradyDougan is working on plans to launcha boutique financial advisory and investment firm, insiders tell The Wall Street Journal. The moves arestill at an early stage.

* is in talkswith potential buyers of approximately $1.4 billion in bad loans to Indianfirms and has also launchedthe sale of about $3 billion in assets in Asia as the bank attempts to cleanits balance sheet, insiders tell Bloomberg News. StanChart is also looking atselling part of its loan portfolio in the Middle East and Africa.

Matthew Crazecontributed to this article.                                              

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