News

Opening up of telecoms services

09 November 2001

New legislation opening up the provision of local and international telecoms services in Panama to competition is set to come into effect in January 2003, and the application process is already under way.

Intellectual property rights - transfer pricing rules in Brazil

09 November 2001

Brazil is currently discussing some changes to its legislation related to transfer pricing. The new Bill No. 4695 of May 16, 2001 proposed by Deputy Nelson Proença has been sent to the Foreign Relations and National Defense commission for its appreciation.

New 'public offering transparency system' for Argentina

09 November 2001

A General Resolution has been issued which further supplements the May 25, Law No. 25,414, issued Decree No. 677/2001 of the National Executive Branch, whereby the Public Offering Transparency System becomes effective.

Brazilian government changes income tax rules

09 November 2001

The taxation system governing the profits of Brazilian-controlled companies which operate abroad has been amended by the Brazilian Government. Under the former Law No. 9,249/95 (containing changes brought by Law No. 9,532/97), the profits of such companies were only taxed if effectively shared or made available to shareholders in Brazil.

International bar association continues to work for reform of global Competition policy

09 November 2001

The formal launch of the Global Competition Network (GCN) has been announced in New York. Competition agency heads from the European Commission, the US Department of Justice, Canada, Italy and Mexico have publicly endorsed the initiative, which was first discussed at a meeting in

Pérez Alati advises BG International in oil and gas concession

05 November 2001

Buenos Aires- Pérez Alati, Grondona, Benites, Arntsen & Martínez de Hoz (h) has successfully assisted BG International Ltd in relinquishing the hydrocarbons exploitation concession Los Tordillos Oeste in the province of Mendoza. The concession held by BG and Vintage Oil Argentina, Inc will now revert back to the State of Argentina.

Uruguayan health companies join forces

05 November 2001

Unidad Coronaria Movil (UCM) and IMPASA have initiated a joint venture in the health sector called Alianza Salud. A spokesperson says that, under the new structure, both companies will keep their businesses and clients but will encourage an affiliation (own clients and third parties) to this new structure. The purpose of the joint venture is to improve efficiency and reduce costs. IMPASA will focus on hospital treatment and UCM will focus on emergency and out of hospital health services.

New credit facility for Colombian petrochemicals company

05 November 2001

The Inter American Investment Corporation has structured a long-term credit facility of US$7 million to be made available to BIOFILM SA, the Colombian petrochemicals company. Posse Herrera & Ruiz Abogados, who represented the IIC, says the facility will allow BIOFILM to increase production by 75 per cent. The deal was closed on August 29th.

Panama tightens controls on credit rating agencies

05 November 2001

By means of Agreement 12-01 of October 17, the Comision Nacional de Valores de Panama (Securities National Commission) set forth the requisites for the operation of risks rating agencies (Entidades Calificadoras de Riesgos) in Panama.

Capin Calderon gains new partner from Renault

31 October 2001

Law firm Capin, Calderon, Ramírez y Gutierrez-Azpe has gained a new partner in Géraud Lecerf, bringing the total number of its partners to eight. The move came into effect in October.