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...Read More
Approval for President Andres Manuel Lopez Obrador rose from 62.7 percent to 67.1 percent in his first three months in office, a surge enjoyed by only one of Mexico’s previous five presidents, polling firm Consulta Mitofsky showed on Thursday. As Lopez Obrador nears his first 100 days in office, he joined Mexico’s President Ernesto Zedillo,...Read More
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...Read More
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...Read More
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...Read More
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...Read More
Because Petróleos Mexicanos (Pemex) has not been able to comply with the supply of fuel agreed for Jalisco the previous week, the deficit in the hydrocarbon supply remains at 40%. However, consumer panic purchasing by motorists in the Metropolitan Area of Guadalajara have caused 85% of the service stations to close, according to the coordinator...Read More
Forensic experts attempted to separate and count charred heaps of corpses in central Mexico on Saturday after a massive fireball erupted at an illegal pipeline tap, killing at least 66 people. More than 85 other people on Saturday were listed as missing as relatives of the deceased and onlookers gathered around the scene of carnage....Read More
Fuel thieves in Mexico have grown so bold they are drilling illegal taps under warehouses in big cities and siphoning off the entire contents of pipelines, Mexico’s president said Wednesday. President Andres Manuel Lopez Obrador said that at one pipeline carrying gasoline, thieves didn’t just skim off part of the flow — they drilled so...Read More
According to the National Air Transportation Board (Canaero) and the Association of Pilots of Aviators of Mexico, airports have been affected since Sunday, and private airlines have reported the delay of two flights. This is due to the intermittent delivery of turbosine through pipes, the fuel that used to arrive more immediately via the pipelines...Read More
In a bid to eliminate years of mounting theft, state oil firm Pemex has changed its distribution, triggering shortfalls in at least six states, including Guanajuato, a major car-making hub in central Mexico. Guanajuato’s state government said that less than one third of the state’s gas stations were open on Monday. Lopez Obrador told a...Read More
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....Read More
Refining company Phillips 66 was awarded a tender to supply Mexico’s Pemex with at least four 350,000-barrel cargoes of U.S. Bakken crude for November delivery, the refining company said on Monday. The purchase, which will be the state-run company’s first crude import in over a decade, was requested last week to cover needed oil supply...Read More
Gas shortages in southern Mexico will reach a critical point in November as Pemex natural gas production continues declining and users lack access to LNG terminals, industrial users in southern Mexico told S&P Global Platts on Thursday. Pemex is not nominating gas for several industrial users in southern Mexico as a result of decreasing production,...Read More
Just two days before the United Kingdom ambassador, Duncan Taylor, leaves his post as diplomatic representative of the European country; he predicted that the next presidential term with Andrés Manuel López Obrador will continue to strengthen ties of friendship and investments in Mexico. “We can invest six thousand million pesos over the next four years...Read More
