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Business and Economy
Spanish utility Iberdrola plans to invest at least $5 billion (3.7 billion euros) in Mexico over the six years through 2018, Chairman Ignacio Sanchez Galan said on Monday, as the country opens its traditionally sealed energy market to private investment. “A few days ago we signed a commitment to invest at least $5 billion in...
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Mexico is on the verge of overtaking Chile as the safest destination for bond investors in Latin America. It cost 0.03 percentage point more this week to protect Mexico’s bonds against default than debt from Chile, which is rated four levels higher at AA- by Standard & Poor’s. The premium is now the smallest in...
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Mexico is laying out the welcome mat for Canadian companies to participate in its energy sector, which is opening up to outside investment after more than 75 years of government control. A delegation of Mexican government and business officials came to Calgary on Monday to court Canadian expertise and investment. The country has huge untapped...
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Kia Motors Corp plans to break ground soon on a new plant in Mexico, two sources familiar with the matter said, a further sign that the company and its affiliate, Hyundai Motor Co, are easing an unofficial moratorium on capacity growth. The plant, to be built in Monterrey, will have a capacity of 300,000 vehicles...
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The central bank chief calls it a “temporary pothole.” Whatever the term, Mexico’s economy has hit some turbulence – despite the most ambitious overhaul to its business structure in decades. Tax hikes have dampened consumer confidence, retail sales remain stagnant, and low U.S. demand for Mexican-made cars and televisions slowed the economy earlier this year...
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Mexico posted a trade surplus of nearly $510 million in April, the National Institute of Statistics and Geography (INEGI) said. The country had posted a trade deficit of $1.22 billion in April 2013, the statistics agency said. The solid performance last month allowed Mexico to reduce its accumulated trade deficit during the first four months...
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Mexico’s stock exchange (BMV) should join the Latin American integrated stock exchange (Mila) by the end of the year, state news agency Notimex reported. Pedro Zorrilla Velasco, assistant director of corporate services and institutional relations at BMV, was quoted as saying: “The aim is for Mexico’s first operations with Mila to begin between October and...
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Mexico’s economy grew less than expected in the first quarter because of weak domestic demand and anemic expansion of industrial activity, and the figures suggest the government could significantly cut back its 2014 growth estimate later on Friday. Latin America’s No. 2 economy grew 0.3 per cent in the first quarter from the last three...
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MoneyGram MGI +1.21% , a leading global money transfer and payment services company announces a new channel to transfer money to Mexico at an unparalleled speed – in just 30 minutes. The launch of this near real-time service provides customers with a fast and secure option to send funds through the trusted MoneyGram network. This...
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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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