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Scotiabank has appointed Pablo Elek, previously a top executive at HSBC's Mexico unit, as CEO of its Mexican operations, effective May 15. This move comes as the bank shifts its focus towards North America, having already transferred operations in Colombia, Costa Rica, and Panama to Banco Davivienda. Scotiabank's capital strategy reflects a significant emphasis on the U.S. and Canada, with Mexico contributing less than 10% to its earnings.
DLocal has partnered with ecommerce platform Temu to enhance payment options in 14 emerging markets across Africa, Asia, and Latin America. This collaboration addresses challenges posed by limited payment options and high unbanked populations, aiming to reduce cart abandonment rates that can exceed 70% in these regions.
UBS analyst Josh Silverstein has reaffirmed a Buy rating for ConocoPhillips (NYSE: COP) with a price target of $137.00. The analyst expressed confidence in the company's performance, indicating a positive outlook for its future prospects.
Nu Holdings is experiencing significant growth, with a 91% increase in customer count in Mexico and over 1 million users on its Marketplace platform. In contrast, Bank of America faces scrutiny over unrealized losses in its loan portfolio, despite a robust deposit base and projected record net interest income for 2025. Both companies are under Berkshire Hathaway's watch, with notable reductions in their stakes.
UBS has lowered its price target for Ecopetrol SA from $11.00 to $8.00, maintaining a Neutral rating as the stock trades near its 52-week low at $7.64. The company faces challenges including reserve replacement issues and rising costs, despite a projected 12% dividend yield for early 2025. Jefferies also adjusted its outlook, citing external pressures on net income, while Ecopetrol reported strong earnings growth and production levels not seen in nine years.
Colombian investors can now trade shares of the IBIT Bitcoin ETF, issued by BlackRock, in pesos, marking a significant development in the country's financial markets. This ETF, managing over 500,000 BTC and valued at $50 billion, offers regulated access to Bitcoin, facilitating portfolio diversification while lowering barriers for new participants in the crypto sector. Currently, IBIT shares are trading at an average price of 242,960 pesos, approximately 55 US dollars, reflecting its valuation in global markets.
Colombian finance chief Ricardo Bonilla has resigned amid corruption allegations, complicating the government's efforts to raise taxes. Following the announcement, Colombia's dollar bonds declined, erasing earlier gains, while the nation's five-year credit-default swaps increased by four basis points to 201 basis points.
Colombia's government has announced a 5.6% cut to the 2024 budget, equating to a reduction of 28.4 trillion pesos ($6.4 billion), in response to lower-than-expected tax revenue. This decision reflects the administration's commitment to adhere to fiscal spending limits, estimated at 5.6% of GDP for the year.
Colombian lawmakers have eased fiscal restrictions in a decentralization bill, raising concerns among investors. The constitutional committee of the lower house removed a requirement for the bill, which aims to allocate up to 39.5% of central government revenue to regional authorities by 2039, to align with the government's mid-term fiscal framework.
Colombia"s economy experienced a growth of 2% in the third quarter compared to the same period last year, according to data released by the government"s DANE statistics agency. This growth reflects the ongoing economic developments within the country.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Scotiabank appoints Pablo Elek as CEO of Mexico unit
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