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Business and Economy
ikea mexico
IKEA, the world’s largest furniture seller, will open its first store in Mexico next year and plans to launch other stores around the country, the company said on Wednesday, as it expands in Latin America to counter growing competition in its core U.S. and European markets. The Swedish chain known for its modern and inexpensive...
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Mexican President Andres Manuel Lopez Obrador said on Monday his government will order an end to tax forgiveness for the country’s largest companies, saying $20 billion in exemptions given by his predecessors was akin to theft by gangsters. Of the firms that benefited from tax breaks totaling more than 400 billion pesos, 58 are listed...
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The economy of Mexico shows signs of a slowdown, which will lead the country to growth levels lower than last year, which was 2 percent. Analysts agree that the slowdown is due to the start of a new government administration, which is common to see since the new government is adopting, but also at a...
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Mexico’s annual inflation rate likely accelerated during April, lifted by price hikes over Easter linked to travel and tourism, as well as increasing costs for some goods, a Reuters poll of analysts showed on Monday. The median forecasts of 12 private sector analysts pointed to an uptick in consumer price inflation to 4.41 percent last...
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Mexico’s Senate approved a labor law overhaul Monday night aimed at ensuring workers can freely vote for their union representation and contracts. The new law requires secret-ballot union votes and proof of workers’ consent for contracts. The changes are needed to win approval of the new U.S.-Mexico-Canada trade agreement, which was negotiated to replace the...
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Amazon.com Inc is now accepting cash payments at Mexico’s top corner store chain, Oxxo, the two said on Monday, opening a major channel for the e-commerce leader to reach millions of people in the country who rely heavily on cash. Oxxo, owned by Mexican conglomerate Femsa, has nearly 18,000 stores across Mexico, where nearly 60...
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uber puerto vallarta
Mexico’s central bank is working to find a way for ride-hailing giant Uber Technologies Inc to participate in a new mobile payments system, the bank’s governor said on Friday. In an interview, Banco de Mexico Governor Alejandro Diaz de Leon said the bank was seeking to get more companies on board with the system aimed...
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Mexican consumer confidence rose in February for a third consecutive month, hitting its highest level on record, data from the national statistics agency showed on Tuesday. Adjusted for seasonal swings, Mexico’s consumer confidence index rose to 119.9 in February from 113.2 in January, continuing the upward trajectory it has taken since President Andres Manuel Lopez...
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Mexico’s central bank is in talks with Amazon.com Inc to launch a new government-backed mobile payment system that would allow consumers to pay for online purchases using QR codes, the bank’s head of payments said. It would be the first time the world’s largest online retailer offers such scanning technology in Mexico and could eventually...
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The Mexican government faces a one-in-three chance of having its credit rating downgraded over the coming year, as public finances struggle with mounting liabilities and slowing growth, rating agency Standard & Poor’s said on Friday. The New York-based agency maintained the government’s investment grade status at BBB+, but lowered its outlook from stable to negative...
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Mexican retail sales fell 3.2 percent in December from the previous month, data showed on Tuesday, the biggest such fall in more than five years for a sector that is a key to the country’s economic health. The figures published by national statistics agency INEGI marked the sharpest decline in sales since August 2013. Goldman...
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International lenders active in Mexico are targeting less risky companies to maintain some exposure in a country adjusting to sweeping new policies from the newly-elected left-wing president Andrés Manuel López Obrador. “There is still some uncertainty regarding the new public policies of the new administration, particularly those designed for economic growth. The market is still...
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Mexico’s annual inflation eased by more than expected in the first half of February to its lowest level since a liberalization of gasoline prices raised costs at the start of 2017, data from the national statistics agency showed on Friday. Consumer prices rose by 3.89 percent in the first half of February compared with the...
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Mexico’s new leftist government is betting on financial technology to help lift people out of poverty. The administration of President Andres Manuel Lopez Obrador recently announced measures aimed at making financial services more affordable in a nation where more than half the population is unbanked. It is planning a digital payments system run and built...
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Mexico will inject $3.6 billion into ailing state oil company Pemex, officials said on Friday, promising to strengthen its finances and prevent a further credit downgrade, although investors saw the plan as only a short-term fix. Falling oil output, corruption and high labor costs have contributed to the decline of the company that was once...
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