Category

Business and Economy
The Mexican government will no longer limit the monthly cash deposits of U.S. dollars that border businesses can make if the companies allow authorities to monitor their financial transactions and meet other requirements, the president announced Friday. President Enrique Pena Nieto said the $14,000 monthly cash deposit limit set in 2010 by the previous administration...
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Mexico’s government will present a bill to stop using the minimum wage to calculate fines, levies and contributions Finance Minister Luis Videgaray said on Thursday, paving the way for a possible increase in base pay levels. Mexican policymakers have long favored lower wage increases to keep inflation in check and attract foreign investment. But Mexico...
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Toyota Motor Corp. (7203), the last of the world’s major automakers without a full assembly plant in Mexico, is scouting the country for possible factory sites, two people with direct knowledge of the matter said. The search spans several states, said the people, who asked not to be identified because the details aren’t public. Company...
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The National Survey of Occupation and Employment (ENOE) indicated in late August that 85% of youth between the ages of 20 and 29 earn the lowest wages in the country, at 6,000 pesos (US$450) or less a month. The youth unemployment rate nationally stood at 8.3 percent, equivalent to 349,000 young people between the ages...
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The news of Kia moving to Mexico was so important to Mexico’s economy that the president made the announcement himself. On the same day that General Motors Co. (NYSE:GM) said it would be calling home Cadillac SRX crossover production from Mexico in a deal worked out with the United Auto Workers union, South Korean automaker...
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The overhaul of Mexico’s banking laws, enacted as part of President Enrique Peña Nieto’s wide-ranging economic and business structural changes, is designed to increase credit to small and medium-sized businesses while enhancing regulatory oversight and transparency. Promises of wide-ranging structural reforms aimed at boosting long-run growth and economic development accompanied Mexican President Enrique Peña Nieto’s...
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Mexico’s government sees the economy accelerating further in 2015 to a 3.7% growth rate, according to a person with knowledge of the matter, as domestic demand keeps recovering from this year’s tax increases and a weak construction sector. The growth estimate for next year is included in the federal budget the Finance Ministry is sending...
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Washington is facing growing international pressure to ease its long standing ban on crude oil exports, with South Korea and Mexico joining the European Union in pressing the case for U.S. oil shipments overseas. South Korean President Park Geun-hye told a visiting U.S. delegation of lawmakers on the House of Representatives energy committee on Aug....
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General Motors Co and the United Auto Workers on Wednesday trumpeted the news that production of the Cadillac SRX would be shifted from Mexico to Tennessee, but Reuters has learned that GM also plans to move some other assembly work in the opposite direction. The company plans to shift some production of the Chevrolet Equinox...
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Mexico’s government said it will impose a tariff of up to 30 percent on footwear imports, part of a package of measures to combat what it says is unfair competition in that sector. During the Leather and Footwear Fair in the central city of Leon, Mexican Finance Secretary Luis Videgaray said all footwear imports will...
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Mexican factory exports rebounded in July, rising at their fastest pace in five months and raising hopes for a strengthening economic recovery in Latin America’s No. 2 economy. Factory exports picked up 3.81 percent in July from June, the national statistics agency said on Wednesday, after contracting by a revised 1.3 percent the prior month...
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Kia Motors Corp. will announce plans Wednesday to construct an assembly plant in Mexico, its first in the country, according to two sources with knowledge of the matter. A senior automotive industry source in Mexico City told Automotive News that Kia will unveil plans to build an assembly plant in the Monterrey area of northern...
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The United States is set to slap import duties as high as 17 percent on Mexican sugar in a victory for the powerful U.S. sugar industry but a blow to U.S. candy and soft drink makers who face paying more for the sweetener. Mexican producers urged a deal to end the spat while the government...
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Mexico has the 14th largest economy in the world, a humming manufacturing sector, a newly opened energy sector that’s drawing worldwide interest and, at $144 a month, likely the lowest minimum wage in Latin America. “It’s ridiculously low,” said Jonathan Heath, an independent economist. The wages that Mexican employers pay those on the lowest rung...
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Mexican economic growth was stronger than expected in the second quarter as industrial activity and domestic demand perked up, signaling a recovery in Latin America’s No. 2 economy is gathering pace. Gross domestic product grew 1.04 percent in the second quarter compared to the first three months of the year , as services and industry...
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