AMLO Says Mexico Not Canceling Contracts Amid Fight With Goldman

05/21/2021

Source: Bloomberg

Mexican President Andres Manuel Lopez Obrador said his country isn’t in the business of canceling contracts with private companies even as he shied away from directly addressing a battle between Mexico’s state-owned power company and Wall Street giant Goldman Sachs Group Inc.

“We’re recognizing the contracts in all cases. I don’t have details about this operation. I’ll get information and I’ll provide it here, but they’re not canceling the contracts,” Lopez Obrador said, discussing the issue publicly for the first time. He spoke about the dispute between the utility he’s championed and the U.S. bank during a press conference Friday.

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Arizona looking to expand trade with Mexico

January 28, 2020
Source: KTSM.com Julian Resendiz

EL PASO, Texas (Border Report) — The State of Arizona is strengthening ties with its biggest trading partner through the planned opening of two business offices in Mexico later this year.

The new trade and investment office in Guanajuato will help Arizona companies crack into the supply chain of a thriving automotive-assembly market — as well as into agrobusiness — in a region of Mexico known as “El Bajio” (The Lowlands). The new Chihuahua state office will be a door to a robust aerospace parts and manufacturing center south of the border that includes suppliers for Honeywell and Bell Helicopter, Arizona officials say.

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To learn more about opportunities for strengthening economic ties between the U.S. and Mexico, innovation and development in key industries, check out our publications.

Mexico union threatens Home Depot strike, inspired by USMCA trade deal

Date: January 15, 2020
Source: Reuters
By: Daina Beth Solomon

MEXICO CITY (Reuters) – Spurred on by labor protections in the new North American trade deal, a top Mexican trade union has accused Home Depot of blocking union activity and threatened strikes next week if the U.S. home improvement chain does not improve pay and benefits for workers.

The Revolutionary Confederation of Laborers and Farmworkers, or CROC, is pressing for a 20% raise, benefits such as 20 annual vacation days and more contributions toward transportation, school supplies, food and savings funds.

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For more information and a deep analysis of the USMCA, don’t forget to visit our website.

At Least Three Chinese Automakers Eyeing Expansion in Mexico

January 13, 2020

Source: The New York Times

MEXICO CITY — At least three Chinese automakers are preparing to produce vehicles in Mexico or expand existing operations, the Mexican ambassador to China said on Monday, in what would be a boost to one of the Latin American country’s top export industries.

Jose Luis Bernal, Mexico’s ambassador to China, said that over the past year and a half his office has seen more interest from Chinese firms looking to make cars in Mexico.

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USD/MXN – US Dollar Breakdown vs Mexican Peso, Watch 2019 Low

January 7, 2020

Source: DailyFX
By: Paul Robinson

USD/MXN HIGHLIGHTS:

• USD/MXN big-picture triangle broke to end 2019
• A drop through 18.7433 need to give conviction

To end 2019, USD/MXN broke out of the three-year-long triangle it had been building as a result of declining volatility. The break so far has held minimal velocity which could change quickly if last year’s low at 18.7433 is broken. The lack of momentum could also mean we are in for a ‘fake-break’.

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U.S. Oil Company Confirms Big Find in Mexico

January 8, 2020

Source: The Wall Street Journal
By: Robbie Whelan

License All rights reserved by heikoos

Mexico City— One of Mexico’s largest oil discoveries of the last two decades, the Zama field in the shallow waters of the southern Gulf of Mexico, likely contains 670 million barrels of recoverable oil, according to new estimates released by a consortium of drilling companies that owns rights to it.

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Check out the latest Mexico Institute publications on Mexico’s energy reform debate, as well as opportunities for U.S.-Mexico cooperation on solar, wind and bioenergy projects.

Pelosi pushes to keep tech’s legal shield out of trade agreement with Mexico and Canada

12/05/19 – CNBC

By Lauren Feiner

House Speaker Nancy Pelosi, D-Calif., is pushing to keep a key legal shield for tech companies out of a new trade agreement with Mexico and Canada. The Wall Street Journal first reported the news on Thursday.

The effort could throw a wrench into progress Congress seemed to be making on the pact and would be a blow to tech companies who already fear losing the legal protection within the U.S. Just last week, Pelosi said House Democrats were “within range” of reaching a pact they can support for the United States-Mexico-Canada Agreement, or USMCA, which would replace NAFTA.

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Oil companies swap stakes in Mexico as government holds off on auctions

12/04/19 – Reuters

By Marianna Parraga, Adriana Barrera

With Mexico’s government insisting that energy companies increase oil and gas output before it auctions off more of the country’s vast reserves or offers more partnerships with state-run Pemex, firms ranging from foreign majors to local players are scrambling to buy and sell blocks they already own.

The negotiations are creating a dynamic secondary market for oil acreage, which could be the only investment opportunity left for firms until leftist President Andres Manuel Lopez Obrador unblocks his predecessor’s flagship energy reform that has seen no new licensing rounds since 2018.

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Postmates food delivery service leaving Mexico to focus on U.S. market

Photo by MOHI SYED on Pexels.com

12/03/19 – Reuters

By Diego Ore

U.S.-based online food delivery service Postmates Inc will close its fledgling operations in Mexico in order focus more on the U.S. market, the company said on Tuesday.

Postmates has offered meal deliveries in Mexico City since late 2017, but failed to notch the same level of growth achieved in the United States. According to the company’s website, the company’s service is available in more than 4,200 cities, covering 80% of U.S. households.

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Mexican business council blasts ‘unilateral’ labor reform push

12/02/19 – Reuters

By David Alire Garcia and Lizbeth Diaz

Mexico’s main business lobby sharply criticized a ruling party senator for what it described as a “unilateral” move to schedule a Tuesday vote on a labor reform that it described as a ban on subcontracting.

The Business Coordinating Council (CCE) said in statement issued late on Monday that Sen. Napoleon Gomez, a member of leftist President Andres Manuel Lopez Obrador’s MORENA party, had scheduled a committee vote on the measure without any dialogue with business leaders.

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