The changes in the technical standards governing the Usury Act which will be in effect from June 27 detail the information that must be provided by financial institutions when lending.
The government will auction on the local stock market two series of debt titles with maturities of 325 and 337 days.
The auction will be held on the Stock Exchange of El Salvador, on Tuesday, June 28, and the settlement of securities will be done on Wednesday June 29.
The Superintendence of Competition has authorized the Honduran company Imperia Intercontinental and Inversiones El Salvador to buy Banco Citibank, five of its subsidiaries, Seguros e Inversiones, and Cititarjetas.
From a statement issued by the Superintendency of Competition in El Salvador:
The Board of Directors of the Superintendency of Competition has approved this day, the authorization request for a merger consisting of the purchase of Banco Citibank de El Salvador, S.A. and five of its subsidiaries, Seguros e Inversiones S.A. (SISA) and its subsidiary and Cititarjetas, by Imperia Imperia Intercontinental Inc. and Inversiones El Salvador S.A. de C.V. The deal involves a non-horizontal economic concentration of a conglomerate for most of its operations and a vertical relationship for the provision of financial services through ATMs at gas stations.
As a holder of concessions for duty free shops WISA contributes 7% of the revenues of Tocumen SA, and its inclusion in Clinton list has rattled investors.
An article in Prensa.com reports that yesterday "... the stock broker Citivalores informed the Stock Exchange of Panama that the initial purchaser of the issue, Citigroup Global Markets, decided that the original conditions set out in the purchase agreement had not been met and voided the bond offer made on May 4 and whose closing date was May 11."
As a result of the inclusion of both companies in the "Clinton" list drawn up by the US Treasury Department, the respective Superintendents have ordered interventions.
For its part the Administration of Supervision and Regulation of Non-Financial Subjects activated special supervisions in non-financial companies which are listed by the OFAC as part of the network, in this case those operating in Colon Free Zone: Grupo Wisa, S.A., Vida Panama S.A., Servicio de Equipo Rodante Incorporado and Grupo Cima S.A., among others.
The reduction from 20% to 3% in the tax on stock profits was not enough to prevent trading on the secondary market in the first quarter of the year falling by 94%.
Legal tax engineering is a mandatory business practice for anyone who wants to be competitive in today's globalized world, and only those who are not entrepreneurs can afford to refuse to acknowledge this fact.
EDITORIAL
With the same firmness that we criticize businesspeople who evade taxes or bribe officials to get a contract, we must defend every business practice which is framed within the law to pursue the best use of available resources to generate wealth through the production of goods and services, which is what businesses do.
A call is being made to professionals in the area of auditing and risk management to attend the first Latin American Seminar on Governance, Risk and Control on April 14 and 15 in Panama.
The Latin American Foundation of Internal Auditors (FLAI) and the Institute of Internal Auditors of Panama (IAI Panama), in partnership with the Institute of Global Internal Auditors (IIA Global) is convening the first Latin American Seminar on Governance, Risk and Control - SELAT GRC 2016 , on April 14 and 15 to be held in the Hotel Riu Panama Plaza, reported Panamaamerica.com.pa.
Noting the political system's inability to agree on fiscal issues, Standard & Poor's has downgraded, from BB to BB-, the rating for the country's long-term debt, giving it a negative outlook.
Costa Rica Long-Term Ratings Lowered To 'BB-' On Continued Fiscal Deterioration; Outlook Is Negative
25 Feb 2016
Source: Standardandpoors.com
OVERVIEW
The combination of growing spending pressures and lack of tax reform has weakened Costa Rica's public finances and raised its vulnerability to
On January 26, the Ministry of Finance will be auctioning in the local stock market $25 million in Treasury bills with maturities of between 316 and 346 days.
From a statement issued by the Stock Exchange of El Salvador:
The Central Bank, in compliance with Article 8 of the law against usury, published on January 15, 2016 in two national newspapers and on its website, the legal maximum rates that will be in effect during the period February 1 to July 31, 2016.
Details of the finances of the Costa Rican company dedicated to the development and marketing of beverages and foodstuffs, up to September 2015.
From the financial analysis report on FIFCO prepared by Aldesa Puesto de Bolsa:
Main results up to September 2015:
The net profit for the period between June and September 2015 was $11.016 billion, 2.5% less than in the same quarter last year, due to the fact that in this timeframe some real estate sales were made in the field of Coyol of Alajuela, which generated significant revenues. However, other items and products presented a very good quarter.
Lowering the tax on transactions for non-domiciled investors from 20% to 3% had a positive effect on the performance of the stock market in 2015, which grew by 6% compared to 2014.
The forecast made by Rolando Duarte, president of the Stock Exchange of El Salvador (BVES), is that this type of investment will continue to grow, thanks to the incentive which was first implemented in 2015.
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