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Business and Economy
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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Kia Motors Corp. is in talks with Mexico to open a new auto assembly plant worth at least $1.5 billion, officials from Nuevo Leon’s state government said on Tuesday. Rolando Zubiran, secretary of economic development in Nuevo Leon, said negotiations on the plant were under way and involved Nuevo Leon, the Mexican federal government and...
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Low minimum-wage hurts the Mexican economy as many people make more money working “under the table”, an estimated 60% of working people, and not paying taxes. National attention in Mexico has focused on the country’s shockingly low minimum wage after the Mexico City government suggested it could act to increase the local minimum. The debate...
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Carlos Slim, the world’s second richest man and by far the richest person in Mexico, is advising Mexico’s young people to make their lives and fortune outside of Mexico, and he’ll even help pay for it, Newsradio 1200 WOAI reports. Slim, who made billions in telecommunications and marketing, has established a pilot program to help...
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Mexico’s state-owned oil company, Pemex, is poised to abandon a decades-old devotion to self-sufficiency in crude oil, entering talks with U.S. companies about importing light crude from its northern neighbor, where output is booming. Chief Executive Emilio Lozoya said in an interview late on Thursday that Pemex was very likely to start importing light crude...
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Mexico’s unemployment rate fell to 4.9 percent of the workforce in the second quarter of 2014, down slightly from 5 percent in the same period of last year, authorities said. A total of 2.5 million people were out of work in the April-June period in Mexico, whose workforce of 52.1 million people represents 58.6 of...
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Mexico’s Grupo Televisa said on Thursday it paid 8.55 billion pesos ($653.96 million) to acquire the remaining shares in Mexican cable company Cablecom it did not already own. Televisa, the world’s largest provider of Spanish-language content, last year paid 7 billion pesos to buy 51 percent of the company with an option to buy the...
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