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Mexico central bank opposes wage law; Bolsonaro details pension reform


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Mexico central bank opposes wage law; Bolsonaro details pension reform

* Mexico's central bank said it filed a lawsuit with the country's Supreme Court challenging a law that limits public sector wages, Reuters reported. The central bank said it wants the top court to decide if the law, which is supported by Mexican President Andres Manuel Lopez Obrador, jeopardizes the bank's constitutionally guaranteed independence.

* In a television interview, new Brazilian President Jair Bolsonaro said his pension reform proposal will gradually raise the retirement age to 62 years for men and 57 years for women, the Financial Times reported. Brazil's costly pension system currently allows many people to retire in their mid-50s. Meanwhile, a senior aide to Bolsonaro said the government is still studying a privatization program, Reuters reported.


* Most of the board members at Banco de México highlighted upside risks to inflation at the central bank's most recent meeting policy meeting in December 2018, Reuters reported, citing the minutes of the meeting. The decision taken to raise the bank's key rate by 25 basis points to 8.25% was unanimous.


* Republic Bank Trinidad & Tobago (Barbados) Ltd. extended the expiry of its offer to acquire a stake of up to 74.99% in Cayman National Corp. Ltd. The expiry date was extended to Jan. 18 from Jan. 4.


* Outgoing Banco Central do Brasil chief Ilan Goldfajn argued that Brazilian President Jair Bolsonaro should sign a decree that would delegate the power to authorize foreign investment in the country's financial institutions to the central bank. In an interview with Valor Económico, Goldfajn said the measure would help facilitate foreign investments in the financial sector.

* IRB-Brasil Resseguros SA said its board appointed Fernando Passos deputy CEO. Passos will continue to serve as the company's vice president of finance and investor relations.

* BRB-Banco de Brasília SA's board elected Paulo Henrique Rodrigues Costa as the bank's new CEO, Valor Econômico reported. Costa most recently served as vice president of clients, businesses and digital transformation at Caixa Econômica Federal.

* Fitch Ratings published an "Excellent" investment management quality rating for Bradesco Asset Management SA Distribuidora de Títulos e Valores Mobiliários, with a stable outlook.

* Banestes SA - Banco do Estado do Espírito Santo said its board approved the election of Vasco Cunha Gonçalves as CEO. Gonçalves will replace Michel Neves Sarkis, subject to central bank approval.

* BB Seguridade Participações SA appointed Pedro Bramont director of governance, risk and controls, Valor Econômico reported. He replaces Antonio Rugero Guibo, who recently resigned from the position.

* Banco Inter SA said it raised 12 million reais through its first issuance of real estate financing instruments known as LIGs, Reuters reported.

* Banco Nacional de Desenvolvimento Econômico e Social's employee association believes investments in Brazil and the state-run bank's role in growing the economy will both suffer if the company follows through with a plan to return an additional 200 billion reais of debt to Brazil's Treasury, Reuters reported. The repayment "is unfeasible," said Arthur Koblitz, the association's vice president.

* Fapes, the pension fund for Banco Nacional de Desenvolvimento Econômico e Social's employees, has approved an adjustment plan to tackle a 1.96 billion reais defined benefit deficit it registered in 2017, Valor Econômico reported. The adjustment will involve reduced benefits and additional contributions from staff.


* A federation representing service stations in Argentina has launched legal action against card payment processor Prisma Medios de Pago SA in a bid to reduce allegedly abusive fees charged by the company, El Cronista reported.


* Asia-Pacific: Goldman Sachs veteran to head SoftBank investment unit; AMMB sells NPLs

* Middle East & Africa: Leumi mulls listing US banking unit; KCB to double home loans by 2020-end

* Europe: Italy may clear Banca Carige bad loans; ex-Credit Suisse bankers arrested

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.