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Business and Economy
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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Mexico said Friday that it has made the biggest oil discovery in the country since 1987 at the Quesqui field in the Gulf coast state of Tabasco. Pemex said it first discovered the field in Tabasco state in May, before beginning studies to evaluate its viability. The site, called Quesqui, is a so-called 3P reserve,...
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Mexico’s economy entered a mild recession during the first half of 2019 and was flat in the third quarter, revised data from the national statistics agency showed on Monday, handing a setback to the plans of President Andres Manuel Lopez Obrador. The updated figures showed the economy contracted by 0.1% quarter-on-quarter in seasonally-adjusted terms during...
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Hackers demanded about $5 million in bitcoin from Mexico’s Pemex, they told Reuters on Tuesday, saying the state oil firm missed a special discount by not paying immediately after a cyberattack that fouled up the company’s systems. The hack, which Pemex said it detected on Sunday, forced the company to shut down computers across Mexico,...
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Mexico’s peso is headed for choppy waters in what remains of 2019 as the ongoing U.S.-China trade war and the uncertain fate of the new North American trade deal could cause the currency to fluctuate between 18.80 and 21 per dollar, analysts say. The peso’s immediate future ultimately depends on whether the world’s two largest...
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Mexico’s economy is not in recession yet but the federal government is trying to counter an economic slowdown with targeted infrastructure spending, Finance Minister Arturo Herrera said on Tuesday. Herrera said he was worried about a slowdown in the global economy, including in Mexico, and the prospect that the Mexican government could need to do...
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The Mexican peso could fall almost 9% to 21.30 per dollar next year if U.S. President Donald Trump again threatens the country during his re-election campaign, Mexican financial group Banorte said on Tuesday. Trump has repeatedly sent the Mexican currency and stock market tumbling after attacking Mexico over immigration and trade, mostly on Twitter, threatening...
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Mexico has made the first moves to launch its annual $1 billion oil hedging program by asking banks for quotes, sources familiar with the deal said, while buying in financial oil options contracts for 2020 has risen in recent days, consistent with the giant trade. A Wall Street source and a Mexican congressional source familiar...
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Activity in Mexico’s manufacturing sector shrank for a third consecutive month in August, a survey showed on Monday, as weakening domestic demand and subdued business sentiment weighed on Latin America’s second-largest economy. The IHS Markit Mexico Manufacturing Purchasing Managers’ Index MXPMIM=ECI stood at 49.0 in August, sliding to the lowest reading in the survey’s nearly...
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Believing that fraud can’t happen to us — because we’re too smart, logical or informed — may make us more vulnerable. Successful scam artists skillfully overcome our defenses and get us into emotional states that override logical thinking, says Kathy Stokes, AARP’s director of fraud prevention programs. “Scammers call it getting the victim under the...
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