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Business and Economy
The International Monetary Fund expects Mexico’s economy to show an upturn in the coming months and grow 3 percent in 2014, the director of that organization’s Western Hemisphere Department said. Alejandro Werner, a former Mexican deputy finance secretary, told CNNExpansion that there is a high probability of a “positive surprise” after the weak results in...
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BMW AG plans to announce in July that it will build its first assembly plant in Mexico and has earmarked two regions where the site could be built, Automobilwoche reported on Sunday, without citing the source of the information. With numerous free trade accords, a cheap and able labor force and proximity to the lucrative...
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Mexico welcomed 3.7 million foreign tourists in the first quarter, a figure that was up 10.1 percent from the same period in 2013, the Tourism Secretariat said. Some 3.4 million foreign visitors arrived in Mexico during the January-March 2013 period, the secretariat said, citing National Migration Institute, or INM, figures. The number of tourists from...
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Chevron Corp., the world’s third-largest energy company by market value, became the first major international oil producer to reveal partnership plans with state-run Petroleos Mexicanos since Mexico signed landmark legislation to reopen its doors to foreign producers. Chevron, (CVX) which operates several rigs on the U.S. side of the Gulf of Mexico, is in talks...
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Hyundai plans on entering the Mexican market with three vehicles manufactured in India, with a little help from Chrysler. Hyundai’s Elantra, Grand i10 and ix35 will be the first three vehicles to make it into Mexico, via 20 dealerships across the state. Hyundai has some very interesting introductory offers for customers, including tax benefits and...
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Mexican consumer prices fell more than analysts expected in April as fruit, vegetable and mobile phone service costs dropped, pushing annual inflation to its lowest level in six months. Prices slid 0.19 percent from the previous month, the national statistics agency said, compared with the 0.13 percent drop forecast by 23 analysts in a Bloomberg...
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Thousand Oaks-based agricultural biotechnology developer Ceres, which is developing biotech-driven sorghum seeds for use in renewable fuel and electricity production, said it has expanded its product development activities in Meixco. According to the company, it has opened up a new sorghum research site in the Mexican state of Jalisco, which will be used for developing...
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The Mexican government has released its much-anticipated new rules on its oil sector, putting some meat on the bones of major energy reforms it announced last year. The rules appear to be crafted with the intention of attracting quick investment from international oil companies, according to the Wall Street Journal. Mexican President Enrique Pena Nieto...
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Mexican GDP will “accelerate” towards 4.3% next year, partly because of infrastructure and energy plans detailed by the government this week, analysts say. Enrique Peña Nieto’s administration put forward secondary legislation on energy reform to the Mexican senate on Wednesday, spelling out the fine print of plans set out last year. That followed the government’s...
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A comprehensive research report, “From Border Barriers to Bi-National Promise,” by the Creative Class Group, in partnership with Global CONNECT at the University of California, San Diego found that in today’s increasingly global “borderless economy” both the U.S. and Mexico would benefit significantly from establishing a “frictionless border,” one that enables the border to act...
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Mexico’s exports totaled $90.8 billion in the first quarter, up 2.9 percent from the same period in 2013, the National Institute of Statistics and Geography, or INEGI, said. Oil accounted for $11.49 billion of the total, down 10.8 percent from the year-ago period, while non-petroleum exports came in at $79.37 billion, up 5.2 percent, compared...
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Construction of a new airport on land adjacent to the Mexico City international airport, AICM, is expected to cost $120 billion pesos ($1.2 Billion USD), said transport and communications (SCT) minister Gerardo Ruiz during a presentation of the country’s national infrastructure plan 2014-18. The 7.7 trillion-peso national infrastructure plan unveiled by the government Monday “does...
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There is nothing sweet in the sugar war that is unfolding between Mexico and the United States. The U.S. industry, sometimes called Big Sugar, simmers over soaring competition from Mexico and argues that a doubling of Mexican exports triggered a collapse in the market price of sugar. A reluctant Obama administration has opened a formal...
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Tremors that shook the small town of Ramones in northeast Mexico in October were a nasty surprise to residents, including many sorghum and cattle farmers, because the area of the country had little history of earthquakes. But they weren’t a freak occurrence. The vibrations grew more frequent into this spring, cracking the walls of some...
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Hyatt Hotels Corporation (NYSE: H) today announced plans to introduce its Hyatt House extended stay brand in Mexico with the signing of a franchise agreement between a Hyatt affiliate and Fideicomiso de Actividad Empresarial for Hyatt House Santa Fe in Mexico City. The hotel is expected to open in 2016, and it will be managed...
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