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Business and Economy
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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Mexican President Andres Manuel Lopez Obrador launched an ambitious forestry program Friday to plant fruit and timber trees, as well as cacao and coffee, on nearly 1.5 million acres (570,000 hectares) in the country’s south. The government program will pay farmers a wage of about $250 per month to care for plots averaging about 6...
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Rating agency Fitch downgraded the credit rating of Mexican state oil company Pemex on Tuesday, sending the peso currency falling in early trading in Asian markets. Mexico’s deputy finance minister said the downgrade didn’t come as a surprise and that the country’s sovereign rating was not at risk. “It doesn’t surprise us, but yes, it...
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Grupo Vidanta, the leading resort and tourism developer in Mexico and Latin America, announced today the introduction of The Estates, a one-of-its-kind luxury development to debut at Vidanta Nuevo Vallarta and Vidanta Riviera Maya, two of the company’s seven resort portfolio destinations. Formerly under the name of ‘Jungle Estates,’ The Estates plays a significant role...
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Mexico’s main stock index closed out its worst quarter in over 17 years on Monday, dragged down by doubts about how the new leftist government will manage the economy as well as concerns over global growth and trade. The S&P/BMV IPC stock index .MXX lost 15.89 percent in the fourth quarter, its steepest drop for...
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Nervous bond holders will pore over Mexico’s budget like never before this weekend to see if leftist President Andres Manuel Lopez Obrador can pull off higher social spending, tax cuts and pricey oil ventures without increasing debt. On Saturday, Lopez Obrador submits his 2019 budget to lawmakers, with markets on tenterhooks to see how he...
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Lowe’s Cos Inc said on Tuesday it was looking to shed its retail operations in Mexico and two of its smaller U.S. businesses as the country’s second-biggest home improvement chain strives to compete with rivals including Home Depot. Shares of the Mooresville, North Carolina-based company fell nearly 3.6 percent in morning trading after Lowe’s blamed...
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Amazon announced Wednesday (November 7) that its voice-activated digital assistant Alexa and its smart speaker Echo are now available in Mexico. In a press release, Amazon said Alexa has learned to speak and understand Spanish tailored for the Mexican market. What’s more, the company said developers around the world are making skills and devices for...
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Investor confidence in Mexico was rattled last week after the president-elect abandoned a US$13bn airport project, raising fears that policy direction may soon take a more populist bent. The US$6bn bonds that helped fund the project slipped multiple points after a four-day consultation that resulted in Mexicans voting in favour of refurbishing existing airports instead....
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