Mexico’s Oil Regulator Approves BP’s Offshore Drilling Plan

6/25/19 – New York Times

By Rebekah F. Ward

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Photo by Life Of Pix on Pexels.com

Mexico’s oil regulator on Tuesday approved a $97 million (£76.4 million) plan for drilling in an offshore area operated by British supermajor BP in the southern Gulf of Mexico.

The four-year exploration plan approved by the national hydrocarbons commission (CNH) covers a 700,000 square kilometre shallow water block, located north of the coast of Tabasco state.

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Mexico Central Bank opens door to sub-1% growth this year

5/29/2019 – Bloomberg

By Nacha Cattan and Eric Martin

pesoMexico’s central bank cut its growth forecast for this year, opening the door to the possibility that Latin America’s second-largest economy will expand less than 1% amid weak industrial production.

Ikea plans to open first Mexico store in 2020

5/22/2019 – Reuters

ikeaBy Daina Beth Solomon

IKEA, the world’s largest furniture seller, will open its first store in Mexico next year and plans to launch other stores around the country, the company said on Wednesday, as it expands in Latin America to counter growing competition in its core U.S. and European markets.

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Mexico to stop forgiving taxes for big payers

5/20/2019 – Associated Press

CaptureMexico President Andrés Manuel López Obrador says that the government is ending tax forgiveness, which for years had been a gift to the country’s biggest taxpayers. According to the government, the pardons were abused under the previous administrations of Felipe Calderón and Enrique Peña Nieto to the tune of more than $15.5 billion uncollected since 2007.

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Mexico’s central bank holds rates, warns wage hikes could hit prices

5/17/2019 – Reuters

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BancodeMéxico

MEXICO CITY (Reuters) – Mexico’s central bank on Thursday said wage increases have outstripped productivity gains in some sectors, posing risks to inflation and employment, as it held its benchmark interest rate steady.

The Bank of Mexico’s (Banxico) board members voted unanimously to hold the overnight interbank rate at 8.25 percent, the level it has been at since Dec. 20. The rate is presently at its highest level since 2008.

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Mexico plans more Pemex tax relief, won’t rainy day fund

5/16/2019 – Bloomberg

http___com.ft.imagepublish.upp-prod-us.s3.amazonawsBy Amy Stillman

Mexico’s state oil company is set to receive added tax breaks to help reverse long-term production declines and avoid tapping the nation’s rainy day fund, according to its chief executive officer. The country’s Finance Ministry is opting for a new tax strategy for Petroleos Mexicanos starting next year that will provide an “important reduction” in the company’s contributions, Octavio Romero said in an interview, declining to give an estimate for the savings. The gradual cuts, to be spread over five years, would complement incremental tax breaks announced in February that were worth 90 billion pesos ($4.72 billion) over six years. He said the new tax regime will be announced in “the coming days” and it will be used instead of using about $7 billion from the Oil Revenue Stabilization Fund, known as FEIP, which had been previously proposed by the Ministry.

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Mexico Proposes Decriminalizing All Drugs, Working With US To Curb Deaths

5/13/2019 – Forbes

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lopezobrador.org.mx

By Janet Burns

Last week, Mexico’s President Andrés Manuel López Obrador released a plan calling for significant changes to the country’s drug policy, and inviting the United States to pursue the same.

In his National Development Plan for 2019-2024, President López Obrador (also known as AMLO) outlined the goals of decriminalizing illegal drugs in Mexico and diverting funds used for narcotics enforcement toward “massive, but personalized” treatment programs for drug abusers, CNBC reported.

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