Mexico’s Pro-Business Candidate Wants to Double Minimum Wage

02/22/2018 Bloomberg

anayaPresidential candidate Ricardo Anaya is pledging to more than double Mexico’s minimum wage as he looks to extend a rally in his support that’s put him within striking distance of the leftist front-runner in this year’s election.

Hailing from the business-friendly National Action Party, Anaya appears willing to defy his conservative supporters to raise one of Latin America’s lowest minimum wages. Anaya is even willing to make Mexico one of the first countries to introduce a universal basic income, said Salomon Chertorivski, his economic adviser and platform coordinator.

Minimum wage “should aspire to reach the poverty line within Ricardo Anaya’s six-year term which today is about 190 pesos per day for an adult and one dependent,” said Chertorivski, who spoke from his new office in Mexico City.

 

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EMERGING MARKETS-Mexico peso firms on rate hike bets, weaker U.S. dollar

02/22/2018 Reuters

peso by Guanatos GwynLatin American currencies gained on Thursday as the U.S. dollar’s rally from a three-year low last week ran out of steam, with the Mexican peso strengthening more than 1 percent on strong bets Mexico’s central bank could again hike interest rates.

Minutes of the latest monetary policy meeting showed
Mexico’s central bank board members are concerned about
persistent inflation pressures and risks that the local currency
could be hammered, adding to consumer price pressures.

Mexico’s peso strengthened 1.15 percent on Thursday
even as consumer prices in Latin America’s second largest
economy rose less than expected in early February.
“The probability that Banco de Mexico keeps hiking the key
interest rate is still high,” said Gabriela Siller, head of
economic analysis at Banco BASE.

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Mexico’s Obrador Backs Private Oil Contracts, Top Adviser Says

02/20/2018 Bloomberg

Mexican politician Andres Manuel Lopez Obrador,  leader of the National Regeneration Movement (MORENA) gestures as he addresses the audience during a meeting at Plaza Zaragoza in Monterrey, Mexico
Mexican politician Andres Manuel Lopez Obrador, leader of the National Regeneration Movement (MORENA) gestures as he addresses the audience during a meeting at Plaza Zaragoza in Monterrey, Mexico February 25, 2017. REUTERS/Daniel Becerril

Two years after vowing to cancel them if elected, Mexico’s leftist presidential candidate Andres Manuel Lopez Obrador appears to be having a change of heart about the oil industry reforms of 2013 that opened the country’s energy sector to private investment.

The runner-up in both the 2006 and 2012 elections, Lopez Obrador, 64, has reviewed most of the oil tenders awarded to private drillers and found them to be beneficial for Mexico, his top business adviser, Alfonso Romo, said in an interview.
Amlo, as the current front-runner is known, found the auctions to be well-executed and transparent, Romo said at his Mexico City headquarters of Vector, the brokerage firm he owns. Romo added that not a single company would be nationalized if the candidate wins the election July 1.

The future looks bright for solar energy development in Mexico

02/19/2018 PV Magazine

Nellis_AFB_Solar_panelsMexico is set to become the largest solar PV market in Latin America, with around 2 GW of installs expected annually. Political and regulatory uncertainty do not appear to be affecting investor interest, with more opportunities than challenges present. pv magazine attended GTM Research’s Solar Summit Mexico last week to report on the latest developments in the Mexican market.

GTM Research’s Solar Summit Mexico, which took place in Mexico City on February 13 and 14, provided a comprehensive insight into the Mexican solar energy landscape.

All participants were in agreement that Mexico is on track to become one of the world’s most interesting solar markets in the coming years. Despite the challenges, which were highlighted during the conference by CEOs, analysts and government officials, the market presents an abundance of opportunities across all segments, chiefly due to its stable regulatory framework, which was created alongside the country’s energy reform three years ago.

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Mexico becomes first Latin American country to join the IEA

02/19/2018 United Press International

environment - energy - light bulb with paddy riceBy entering the “most important energy forum in the world,” Mexico is the newest, and first Latin American, country to join the IEA, its government announced.

Mexico deposited its signature on the treaty for the International Energy Agency in Belgium during the weekend, becoming the first member in Latin America.

“With this final step, Mexico enters the most important energy forum in the world,” Mexican Energy Secretary Joaquín Coldwell said in a statement. “We will take our part in setting the world’s energy policies, receive experienced advisory in best international practices, and participate in emergency response exercises.”

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Why So Many Shopping Malls Are Being Built in Mexico

02/13/2018 The Wall Street Journal

pexels-photo-374894.jpegOn a recent weekday afternoon in Iztapalapa, a hardscrabble neighborhood on the eastern outskirts of the Mexican capital, two sets of construction crews entered the final stages of work on a project that captures the current state of retail real estate here.

One crew hung doors, welded braces and finished floors for Parque Antenas, a brand new 1.1-million square foot shopping mall. Up above, workers hauled carnival rides and carousel parts for a rooftop amusement park the company said would be the world’s first atop a mall.

While U.S. malls are dying a slow, painful death, malls in Mexico are thriving.

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Mexico Finance Ministry official named banking regulator head

02/11/2018 Reuters
Image result for CNBVMEXICO CITY, Feb 11 (Reuters) – Mexico’s Finance Ministry on Sunday named Bernardo Gonzalez the head of banking and securities regulator CNBV, after the previous director left to work on a political campaign.

Gonzalez will move to the regulator from a senior position in the finance ministry where he coordinated regulatory policy of the banking sector, the government said in a statement.

Gonzalez, a public policy masters graduate from Georgetown University, has worked in the financial sector for 16 years, according to the statement.