(Bloomberg) Oil price action has moved from a selloff to a collapse, with West Texas Intermediate plunging 7.1 percent in yesterday’s session. The latest leg-down in the price came after OPEC warned that demand for its crude is falling faster than expected. A barrel of WTI for December delivery was virtually unchanged at $55.75 by 5:45 a.m. Eastern Time as the International Energy Agency welcomed the oil market’s return to surplus.
Fitch has lowered its forecast for Mexico’s real GDP growth in 2019 to 2.1%, from 2.7% previously. Fitch expects economic growth in Mexico to slow over the coming quarters, as investors sour on President-elect Andrés Manuel López Obrador (AMLO). Investment is expected to remain weak in 2019, as uncertainty around policy formation under AMLO outweighs more clarity in US trade relations following an agreement on NAFTA 2.0. The service sector will remain the key engine of growth, but the pace will slow as weaker investment ways on payrolls and inflation remains elevated.
(Barbados GIS) The government of Barbados is on track to revise its current suite of international business legislation by year-end to ensure compliance with the Organization for Economic Cooperation and Development's (OECD) Base Erosion and Profit Shifting (BEPS) Action 5 on harmful tax practices. According to the Ministry of International Business and Industry, the work is ongoing and engaging the full attention of the Office of the Attorney General, the Chief Parliamentary Counsel, the Ministry of Finance, the Central Bank of Barbados and the Financial Services Commission. A new regime which replaces the existing International Business Companies (IBC), as well as the International Societies with Restricted Liability (ISRL), would be rolled out effective January 1, 2019. While this will effectively bring to an end the issuance of new IBC and ISRL’s licenses, the new regime will ensure that the main incentives currently available to entities engaged in global business will continue.