Mexico’s Economy Picked Up Pace in First Quarter

04/30/2018 The Wall Street Journal

digital economyMexican economic activity accelerated in the first quarter, growing at its fastest rate in six quarters as industrial production recovered and services picked up pace.

Gross domestic product, a measure of output in goods and services, expanded 1.1% seasonally adjusted from the fourth quarter of 2017, the National Statistics Institute said Monday.

The increase, which translates into an annualized rate of 4.6%, was the highest since the third quarter of 2016, and above the 0.8% expansion in the previous quarter.

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Mexico appears to sign gas fracking contract with US company

03/26/2018 The Washington Post

energy - gas pumpMexico’s state-owned oil company has signed what appears to be one of its first big gas fracking contracts with a subsidiary of Texas-based Lewis Energy.

The Petroleos Mexicanos company said Monday it would drill and exploit non-conventional gas deposits with Lewis Energy Mexico in the portion of the Eagle Ford shale formation in Mexico.

While Pemex did not mention fracking, it is the method commonly used to drill for gas in the Eagle Ford area.

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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’s Cemex eyes capital raise for new investment

02/08/2018 Reuters

CEMEX
Client: Cemex Location: Dominican Republic Operations Date: November 2007 Photo: Mark Green/mgp2.com

Mexican cement maker Cemex aims to raise capital for potential investments by issuing shares, it said on Thursday, adding that it does not anticipate making more divestments to reduce debt.

Cemex Chief Executive Fernando Gonzalez said in a conference call with analysts that the company would not use new capital to pay down debt.

The Monterrey-based company, which is fighting to regain its investment-grade credit rating, posted a fourth-quarter net loss of $105 million on Thursday.

In the fourth quarter it reduced its debt plus perpetual notes by $209 million to a level 13 percent lower than end-2016.

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With 4th-Quarter Recovery, Mexican Economy Grew 2.1% in 2017

02/01/2018 The Wall Street Journal

Mexico CityMEXICO CITY–The Mexican economy staged a recovery in the fourth quarter, expanding at its fastest pace in a year as the country shook off the impact of natural disasters that contributed to a contraction in the previous quarter.

Gross domestic product, a measure of output in goods and services, expanded 1.0% seasonally adjusted from the third quarter and was up 1.8% from the fourth quarter of 2016, the National Statistics Institute said Tuesday.

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Mexico to Discuss Security With U.S. in Parallel to Nafta

12/11/2017 Bloomberg

Mexico’s top diplomatic and interior officials will visit Washington this week to discuss security cooperation with their U.S. counterparts at the same time that negotiators work to overhaul Nafta, according to four people familiar with the plans.

The visit by Mexican Foreign Relations Minister Luis Videgaray and Interior Minister Miguel Angel Osorio Chong to meet with Secretary of State Rex Tillerson and Homeland Security Secretary Kirstjen Nielsen on Thursday is a follow-up to meetings in May, according to the people, who asked not to be named before the agenda is made public. It’s aimed at coming up with strategies to combat transnational criminal organizations, the people said. The press office of the Mexican Foreign Ministry and the U.S. State Department declined to immediately comment.

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Mexico presidency hopeful eyes tax cuts to counter Trump reform

12/5/2017 Reuters

A Mexican presidential hopeful and governor of a wealthy border state said he would cut taxes to compete with lower rates in the United States if President Donald Trump’s fiscal reform passes Congress, hinting at a broader potential response in Mexico.

Jaime Rodriguez, the governor of Nuevo Leon who is seeking to become the first independent to take the presidency, said he would lower “many taxes” if successful.

“We’re going to compete,” he told Reuters on Monday. “If I make it and am able to be president, I would lower taxes,” he added, though he declined to give details.

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