* Panamanian banking regulator SBP said it is extending its administrative intervention at AllBank Corp. for another 30 days, El Capital Financiero reported. The SBP took control of the bank in September, citing possible "contagion effects" from deteriorating conditions at an affiliate in Curaçao.
* Brazil's benchmark IPCA inflation index increased 2.89% in the 12 months through September, down from a rise of 3.43% in August, Reuters reported, citing data from statistics agency IBGE. The reading, which is below the central bank's official 4.25% target for 2019, will likely boost expectations for another rate cut.
MEXICO AND CENTRAL AMERICA
* S&P Global Ratings downgraded Zurich Cia. de Seguros SA's financial strength rating to mxAA+ from mxAAA and revised its outlook on the company to negative from stable. The Mexican insurer has low capitalization levels and is dependent on injections from its parent company, the rating agency said.
* Mexico's national consumer price index grew 0.26% in September from the previous month, bringing inflation for the year through September to 3.00%, according to data from national statistics agency INEGI. The annual inflation reading is at the midpoint of the central bank's 2% to 4% target range.
* The recent departure of dozens of officials from Mexican banking and securities commission CNBV could affect the quality of financial sector supervision, analysts told El Financiero. More than 40 mid-level and senior officials have resigned from the CNBV due partly to wage reductions driven by a government austerity drive, according to the report.
CARIBBEAN
* The U.S. government is readying fresh sanctions against Cuba over its continued backing of Venezuelan President Nicolas Maduro, Reuters reported. "We're always looking to ways to squeeze [Cuba] because we do not see any improvement in their conduct either with respect to Venezuela or human rights internally," U.S. special envoy on Venezuela, Elliott Abrams, told the newswire.
BRAZIL
* Murilo Portugal, the president of Brazilian banking federation Febraban, said the country requires regulatory changes to address "a number of structural and cyclical factors" that have kept borrowing costs high for consumers, Valor Econômico reported. Banks are in favor of more competition, but competition alone will not be enough to lower rates, he said.
* Brazil's central bank will launch a public consultation on open banking regulation in November, Valor Econômico reported, citing presentation materials from the bank.
* Brazil's central bank is studying measures to boost real estate financing, including ways to make foreign investment in LIG covered bonds more viable, Valor Econômico reported, citing Otavio Damaso, the bank's director of regulation.
* Itaú Unibanco Holding SA announced an extension of its partnership with PayPal, allowing all of the Brazilian bank's credit card holders quick access to PayPal services, Valor Econômico reported. Previously, those services were limited to certain types of cards.
ANDEAN
* Protests continued in Ecuador on Oct. 9 against President Lenin Moreno's austerity measures, with clashes erupting in some cities, Reuters reported. Ecuador's March 2022 bond fell by nearly 6 cents to its lowest level since February.
* New Peruvian Economy Minister Maria Antonieta Alva said her ministry foresees 2019 economic growth of 3%, although she warned of a "downward bias" resulting from Peru's political crisis and a global slowdown, Reuters reported. Alva was appointed as economy minister after President Martin Vizcarra dissolved Congress in a move that triggered a constitutional crisis.
SOUTHERN CONE
* Arturo Tagle, the president and chairman of state-owned Banco del Estado de Chile, warned the Chilean Congress that a bill aiming to limit the responsibility of cardholders in cases of fraud could have a negative impact on the banking sector, Diario Financiero reported. In a letter to a congressional commission that is currently reviewing the bill, Tagle said the legislation will encourage cardholder negligence as it is almost impossible to prove serious fault or intent in courts.
PAN LATIN AMERICA
* Brazil, Colombia and Mexico lead other Latin American countries in terms of promoting sustainable finance in the region, according to the International Finance Corp. The three countries are in an advanced phase of implementing sustainable finance policies, the IFC said.
IN OTHER PARTS OF THE WORLD
* Asia-Pacific: RBI rejects Indiabulls-Lakshmi Vilas merger; Afterpay hires former Obama adviser
* Middle East & Africa: QNB Q3 profit rises; Afreximbank plots London IPO; stable outlook for GCC banks
* Europe: Banks' Brexit market mayhem plans; Tryg earnings; cum-ex conviction
Pablo Jimenez Arandia contributed to this article.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.
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