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Business and Economy
International air reservations to Mexico fell 95% in the month of March 2020 due to the coronavirus pandemic, revealed the Anahuac Center for Tourism Research and Competitiveness (Cicotur). According to the information collected, the tourist destinations of Cancun, Los Cabos and Puerto Vallarta were the most affected with losses of 43.1%, 42.3% and 40.2%, respectively....
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Mexican President Andrés Manuel López Obrador said Sunday there will be no huge economic stimulus program as the country faces the threat of coronavirus-induced crisis almost certainly unlike any it has seen in the past century. Instead, the administration will expand social programs, continue to prop up the heavily indebted state-owned oil company, deepen the...
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Due to the closure of businesses in Puerto Vallarta because of the COVID-19 health emergency, which will temporarily leave thousands of workers unemployed in the city, the municipal president, Arturo Dávalos Peña, reiterated his call to employers to support their employees and not allow them to go homeless. The mayor recognized in the first place...
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So far during health emergency through COVID-19, at least 42 hotels in Puerto Vallarta and Rivera Nayarit have closed their doors, leaving thousands of people from both destinations without work. In Puerto Vallarta, there are at least 14 hotels whose doors have closed because occupancy has plummeted to less than 10% and some slightly more....
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Puerto Vallarta woke up Tuesday with a hotel occupancy of 15 percent; a restaurant and two hotels were closed as a result of restrictions by health authorities to prevent the spread of the Covid-19 epidemic. A three-star hotel and a five-star Hotel. “They have not fired anyone, they are holding on, they have an important...
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Mexico’s sunkissed beaches will lie largely empty during the peak “spring break” season that usually lures tens of thousand of young Americans south, as restrictions aimed at halting the spread of the coronavirus spurs widespread trip cancellations. Hotel occupancy in the state of Quintana Roo, home to popular Caribbean beach getaways including Cancun and Playa...
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Due to the spread of Covid-19, FCA de México (Fiat Chrysler Automobiles) announced the suspension of operations at its manufacturing plants starting tomorrow. Although he did not specify a precise date to resume operations, he said it could happen in late March. “Given the evolution of events related to Covid-19, at FCA Mexico we are...
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Microsoft (MSFT.O) Chief Executive Satya Nadella said the technology giant will invest $1.1 billion in Mexico over the next five years, according to a promotional video released by the Mexican government on Thursday. Nadella said the investment is “focused on expanding access to digital technology for people and organizations across the country.” Microsoft will build...
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President Andrés Manuel López Obrador said Wednesday that he held a meeting at the National Palace with businessmen from the United States, who promised to maintain and expand their investments in Mexico under the new trade agreement (T-MEC). When questioned about the meeting at a press conference, López Obrador said Wednesday that the dinner centered...
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Walmart last year launched its biggest expansion in Mexico since 2013, opening 134 new stores in its top foreign market and boosting its presence by nearly 5%, the retailer said Wednesday. Walmart now runs 3,407 stores in Mexico, where it has more locations than in any other country outside the United States, its Mexican unit,...
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Mexico threw troubled state oil company Pemex a lifeline in 2019 to stop $80 billion in bonds held by investors worldwide being labeled junk by credit rating agencies. Now, investors worry that the state itself is a risk for Pemex. Mexico’s creditworthiness came under increasing scrutiny in 2019, with two rating agencies flipping their sovereign...
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Mexico raised its national minimum wage 20% Monday, but it still doesn’t amount to even $1 an hour. The Labor Department said the lowest legal wage will be 123.22 pesos a day starting Jan. 1, or about $6.50 at current exchange rates. That is a boost from the 120.68-peso minimum wage prevailing this year. While...
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The growth of winter tourism in Mexico will ‘cool’ its performance for this year’s December season, as it is expected to barely increase 0.9 percent compared to 2018, which would be its worst data for the same period in the last 6 years. According to the forecasts of the Ministry of Tourism (Sectur), this slight...
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Canada, Mexico and the United States have reached an agreement on a new North American free trade deal and they will sign it on Tuesday, but the pact still needs the approval of U.S. and Canadian lawmakers, Mexico’s president said. President Andres Manuel Lopez Obrador said the three countries had agreed on tweaks to labor,...
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Mexico’s annual inflation fell below the central bank’s 3% target in November, according to official figures released on Monday, adding to expectations that the bank will cut rates further. The national consumer price index rose 2.97% in the year through November, according to the national statistics institute, INEGI. The rate fell below the estimates of...
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