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OI: Company Shares Fall More Than 6% After Vote On Recovery Plan Postponed

Brazilian telecommunications company Oi’s preferred shares are falling by more than 6% on news that a meeting of creditors scheduled for Monday was postponed once again. Also, Oi stock’s were affected by reports that the telecom sector regulator in Brazil (ANATEL) decided not to engage in a deal to convert the company’s fines in investments.

Last Friday, a Brazilian court upheld the request by Oi’s creditor banks and bondholders to postpone a vote on the company’s judicial recovery plan until November 6th. According to the creditors, it would be premature to hold the meeting once there is the intention to evolve in the talks on feasible alternatives.

The government has also been seeking more time to find a solution that may please public entities and other creditors and shareholders, in the face of conflicts over the company’s plan.

According to Coinvalores brokerage analysts, “the new delay makes clear the opposition of Oi’s creditors to the conditions of the new plan.” According to the analysts, Oi’s papers should react negatively in the short term.

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ARGENTINA: After Elections, Gasoline Prices Raised By 10% Nationwide

One day after the victory of the ruling coalition Cambiemos in Argentina’s legislative election, fuel prices were raised across the country. While gasoline prices increased by 10%, diesel oil was 9% more expensive on Monday.

YPF – which controls 55% of the market – raised the price by 10% on average. Shell adjusted its rates by 9.9%, while Axion and Petrobras are expected to announce their new prices in the coming hours.

The oil companies claim that the increase in fuel prices was needed after the devaluation of the Argentinean peso against the U.S. dollar and the rising crude oil prices abroad in the last quarter.

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YPF: Company And Chevron To Invest US$ 500 Million In Loma Campana Field

U.S. oil company Chevron and the Argentinean state-owned YPF agreed to the expand the activities at Vaca Muerta’s Loma Campana field in the province of Neuqu?n, with the inclusion of a third drilling rig as this month. The estimated joint investment reaches US$ 500 million by 2018.

In a statement, both companies highlighted the achievements at Loma Campana regarding efficiency and cost reduction. The operation at Loma Campana achieved a 50% reduction in the cost of horizontal wells, from US$ 16.2 million in 2013 to US$ 8.2 million in the second quarter of this year.

Two weeks ago, Chevron had announced that it would leave R?o Negro to concentrate its operations in Neuqu?n, for which it agreed the sale of the Estancia Vieja-Puesto Flores block to be transferred to President Energy, the local subsidiary of the British company President Petroleum.

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Japan Manufacturing PMI On Tap For Tuesday

Japan will on Tuesday see preliminary October results for the manufacturing PMI from Nikkei, highlighting an exceptionally light night for Asia-Pacific economic activity.

In September, the PMI score came in at 52.9 – above the boom-or-bust line of 50 that separates expansion from contraction.

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COLOMBIA: Government Authorizes ELN-FARC Meeting In Quito

The Colombian delegation in talks with the National Liberation Army authorized a meeting between the guerrilla group and the Revolutionary Alternative Forces of Colombia (FARC) representatives in Quito.

Scheduled to last until October 25, the meeting is aimed at allowing an exchange of experiences related to the peace talks that led to a definitive agreement between the Colombian government and the FARC group turned into a political party.

The transfer of FARC members to Quito will be coordinated by the International Committee of the International Red Cross and will be accompanied by the guarantor countries.

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BRAZIL: Economists Raise Estimates For 2017 GDP Growth To 0.73% From 0.72%

Economists surveyed by the Brazilian central bank raised their forecasts for economic growth in 2017 for the second week in a row, to 0.73% from 0.72% last week.

For 2018, the median forecast for GDP growth was kept unchanged at 2.50%, after six consecutive weekly increases.

Projections for Brazil’s debt-to-GDP ratio in 2017 decreased to 52.23% from 52.25% last week, while for 2018 forecasts increased to 55.90% from 55.72% last week.

Projections for Brazilian industrial output growth in 2017 were raised to 2.00%, from 1.18% last week, while for 2018 economists estimates was increased to 2.73% from 2.50% in the previous week.

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BRAZIL: Economists Raise 2017 Inflation Forecast To 3.06% From 3.00%

The median forecast for Brazil’s consumer price inflation in 2017 was raised for the third consecutive week, to 3.06% from 3.00% seven days ago, according to economists surveyed by the central bank.

For 2018, the median forecast was kept unchanged at 4.02% for the second week in a row. For the next 12 months, meanwhile, estimates for the annual inflation was raised to, 4.01%, from 4.00%.

Brazil annual inflation is currently at the bottom of the central bank’s target range, between 2.50% and 6.50% per year. The most recent data shows that in September the annual inflation accelerated to 2.54%, from 2.46% in August.

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ARGENTINA: Ruling Coalition Wins Election, Expands Presence In Congress

The ruling coalition Cambiemos won the legislative elections held Sunday in Argentina, with 40 percent of support nationwide, defeating Unidad Ciudadana, from former president Cristina Kirchner, which consolidated its image as the main opposition bloc.

Cambiemos won in the five larger electoral districts of Argentina and expanded its presence in the Argentinean Congress.

In the Buenos Aires province, where the race was particularly tight due to a technical tie in the primaries, both Esteban Bullrich from Cambiemos, and Kirchner were elected.

However, Bullrich amassed 42.18% of the votes, while the former Argentinean president reached 36.25% in the dispute. Likewise, in the Autonomous City of Buenos Aires, the ruling coalition managed to impose itself by getting 50.93% of the votes, compared to 21.74% for the opposition.

The results were in line with market expectations, even after recent doubts emerged when the appearance of a body floating in the Chubut river was seen as a threat to the government performance in the polls.

The body was found in the same region where searches for the 28-year old backpacker Santiago Maldonado were being conducted.

Maldonado is missing since August 1 and disappeared shortly after surrendering and being arrested by the Gendarmerie during the border guards repression to a Mapuche demonstration over the claim of Indian ancestral lands in the province of Chubut, in Southern Argentina.

The body found in the Chubut river this week was not identified yet but was enough to trigger social and political turmoil amid the electoral campaign and led opinion polls to raise the possibility of a technical tie in the dispute between Bullrich and Kirchner.

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ARGENTINA: Do Not Be Afraid Of Reforms, Macri Says After Electoral Victory

Argentina’s President Mauricio Macri said that people should not fear economic reforms. He was speaking at the first press conference after a victory from his ruling coalition in the legislative election held Sunday.

He also detailed the next steps that his government will take after expanding its presence in Congress and its efforts to pass labor and pension reforms.

“We do not have to be afraid of the reforms,” Macri said. “This is a long road, but that leads to a more just society,” he claimed. Also consulted on its actions’ pace, Macri said that his administration would try to balance “the highest speed we can with the greatest gradualism possible.”

Macri indicated that Argentina needs a labor reform and to verify how to grow and create jobs. He pointed out that the country must solve two main issues: “people who have no job and half of the Argentineans who work off the record.”

Regarding the pension reform, the president stated that “all the political forces must engage in the creation of a 21st-century social security system, which is being discussed all over the world.”

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ECOPETROL: Company Reaches Deal With Petronas For Exploration In The Americas

Colombia’s Ecopetrol and Malaysia’s Petronas signed a memorandum to negotiate trade agreements that allow them to develop exploration and production projects in the Americas. Both companies are already partners in an exploratory block in Mexico.

The collaboration agreement also extends to the evaluation of possible natural gas projects, as well as to analyze commercial opportunities for the negotiation and sale of oil and natural gas in the international market.

Ecopetrol and Petronas also committed themselves to exchange their best practices and technical and technological information on offshore exploration and production, natural gas and petrochemicals, product negotiation and crude oil, cost optimization and improved recovery projects, among other areas. The memorandum also extends the joint work of the companies in Mexico.

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