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Business and Economy
German carmaker Volkswagen (VOWG_p.DE) said late Monday it had severed ties with a distributor in Mexico City after a Twitter user posted photographs taken at the business showing a wall decorated with an image of a Nazi celebration of the Beetle car. In a statement, Volkswagen’s Mexico unit condemned the images from the salesroom in...
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Mexico’s factories were still hurting in August from the coronavirus pandemic, with production falling and firms cutting workers, though the pace of deterioration in business conditions eased for a fourth straight month, a survey showed on Tuesday. The IHS Markit Mexico Manufacturing Purchasing Managers’ Index MXPMIM=ECI stood at 41.3 in August compared with 40.4 in...
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Mexico’s economy could contract by almost 13% this year, the central bank warned on Wednesday, after GDP data showed the pandemic lockdown had thrown the country into the deepest slump since the Great Depression. Offering some rays of hope after lowering its economic forecast for the year, the Banco de Mexico suggested in its quarterly...
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Mexico’s economy contracted by double digits in the second quarter as the coronavirus pandemic ravaged Latin America’s second-largest economy and shut factories, kept shoppers and tourists at home and upended trade, data showed on Thursday. GDP fell 17.3% in the second quarter from the previous three months in seasonally adjusted terms, the sharpest drop on...
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Mexican business owners are trying to cling to life — often unsuccessfully — in an economic recession profoundly deepened by the COVID-19 pandemic and with almost no assistance from the government. Business owners report extending credit to clients while laying off workers, cutting their hours or reducing their salaries. The National Small Business Alliance said...
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As part of the entry into force of the trade agreement between Mexico, Canada and the United States, USMCA (T-MEC in Mexico), the off-road vehicle company Bombardier Recreational Products (BRP) announced that it will build a plant to produce four-wheel vehicles in Ciudad Juárez, Chihuahua. The investment includes a sum of $136 million US dollars....
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Mexican airline Aeromexico said on Tuesday it had begun restructuring under Chapter 11 proceedings, the latest Latin American airline to run into serious trouble as the coronavirus pandemic wreaks havoc on tourism and business travel. In a statement, Aeromexico categorized the Chapter 11 process as “voluntary” and said it was sticking to its goal of...
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Mexico’s economy posted a record contraction in April, official data showed on Friday, as the effects of the coronavirus lockdown devastated economic activity, particularly in manufacturing. Adjusted for seasonal swings, Latin America’s second-biggest economy contracted 17.3% from March, the biggest fall since modern data began being published in early 1993, according to figures put out...
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Raymundo, a handicrafts vendor and renter of tables, chairs and umbrellas on the beach in Puerto Vallarta, appreciates being away from home again, doing the job he has done for more than 10 years. “We were already seeing the reality as difficult, the savings have been gone for weeks and we no longer knew what...
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Starting this Monday, June 15, the shopping malls, outdoor spaces, gyms and sports clubs that were closed due to COVID19 may restart operations in Jalsico. According to the publication this Sunday in the Official Newspaper of the State of Jalisco, these activities may restart operations, complying with the sanitary measures, protocols, and commitments. In the...
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An irony of the coronavirus pandemic is that the idyllic beach vacation in Mexico in the brochures really does exist now: The white sand beaches are sparkling çlean and empty on the Caribbean coast, the water is clear on the Pacific coast and the waters around the resort of Los Cabos are teeming with fish...
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Mexico’s economy shed 344,526 formal jobs in May because of the novel coronavirus pandemic, pushing the number of lost jobs in the last three months above 1 million even as the pace of layoffs slowed down. Widespread confinement measures in place since late March have ravaged Mexico’s economy, second largest in Latin America. Economists predicted...
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One might think Mexican immigrants in the U.S. would be sending less money home to their families as a result of the coronavirus. The 11.2 million people of Mexican origin living in the United States together send upwards of US$38 billion to Mexico each year. This money, called remittances, supports the basic necessities and financial...
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Mexico received 78.5% fewer international tourists in April than in the same month of 2019, going from 3.6 million to slightly less than 780,000 travelers due to the COVID-19 pandemic, the National Institute of Statistics and Geography (INEGI) reported today. The main decrease, of 98.1%, was in tourists arriving by air, which last year represented...
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Mexico is facing its deepest recession in decades and prominent investors believe it could soon follow state oil company Pemex in seeing its credit rating relegated to “junk” territory as the COVID-19 pandemic rages on. Losing the investment-grade rating that Latin America’s second-largest economy has held for almost two decades would be a bitter blow...
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