Agustín Navarro has been appointed by President Vincente Fox of Mexico as the newest member of the Federal Competition Commission, the national antitrust authority. He is taking over from Javier Aguilar, whose term had expired.
The 18 lawyer-strong Brazilian firm Grebler, Pinheiro, Mourão e Raso Advogados, of Belo Horizonte is forming a strategic association with three other Brazilian firms: Albino Advogados Associados, of São Paulo, Bocater Camargo e Costa e Silva Advogados Associados, of Rio de Janeiro, and Marins Bertoldi e Efing Advogados e Consultores Associados, of Curitiba.
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.
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.
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.
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.
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
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.
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.
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.