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Business and Economy
Mexico’s anti-monopoly commission said Thursday it has begun a formal investigation into possible monopolistic practices in wholesale and retail goods distribution and sales, a probe that appears to involve Wal-Mart’s Mexican subsidiary. While the Federal Economic Competition Commission did not identify its target, Wal-Mart de Mexico told investors earlier this week that it had been...
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Best Buy Co Inc will close all its stores in Mexico, the company said on Tuesday, as it anticipates weaker Christmas-season sales amid a spike in COVID-19 cases. The electronics retailer operated as many as 49 stores this year in Mexico, its smallest market. The vast majority of Best Buy stores are located in the...
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During the first weekend in which the Emergency Button was applied in Puerto Vallarta, at least 5 establishments were closed for failing to comply with the regulations. José Juan Velázquez Hernández, head of the Directorate of Inspection and Regulations of the municipal government, explained that it is a taqueria, a bar, two restaurants, and a...
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A new economic shutdown would lead to the permanent closure of some 300 restaurants in Puerto Vallarta, according to Sergio Jaime Santos, president of the National Chamber of the Restaurant and Food Industry. According to national estimates, around 15 percent of the restaurants in the country will close permanently due to the negative effects that...
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Mexico’s government presented an almost $14 billion infrastructure investment plan on Monday as President Andres Manuel Lopez Obrador seeks to repair rocky relations with business leaders and lift the struggling economy. The package, mostly privately financed, is the first clear sign of corporate bosses’ readiness to invest under Lopez Obrador since the coronavirus pandemic plunged...
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Mexico’s unemployment rate was 5.2% in August, official data showed on Monday, the first time the figure has been published in five months after the statistics agency suspended the survey during the coronavirus outbreak. In July, the unemployment rate was 5.4%, the statistics agency said. In March, the last period for which the survey was...
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Mexican inflation was close to a 15-month high during the first half of September, authorities said on Thursday, feeding speculation that the central bank will make a smaller rate cut at a monetary policy meeting later in the day. Consumer prices were up 4.10% in the year through the first two weeks of the month,...
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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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