Mexican inflation seen slowing in first half of May


Source: Reuters

MEXICO CITY, May 20 (Reuters) – Mexican inflation is forecast to have slowed in the first half of May, although still far above central bank targets, a Reuters poll showed Friday, reinforcing expectations of continued interest rate hikes through the rest of the year.

The median forecast of 10 analysts surveyed was for annual consumer price inflation to have dropped to 7.58% in the first half of May, down from 7.65% in the second half of April.


Mexico, Saudi Arabia Agree to Strengthen Economic Ties

DATE: 23 March 2022


MEXICO CITY (Reuters) – Mexican Foreign Minister Marcelo Ebrard and his Saudi Arabian counterpart on Wednesday agreed to strengthen bilateral economic relations on the first day of the diplomat’s 10-day tour of the Middle East and India, Mexico’s government said.

Ebrard and Saudi Foreign Minister Prince Faisal bin Farhan Al Saud discussed investing in tourism and innovation, highlighting the need for a direct air route between Mexico and Saudi Arabia, the foreign ministry said in a statement.


Activists push for Mexico’s GM corn ban to include imports

Cultivating genetically modified corn is banned in Mexico, but the country still imports it from the United States 

Date: Feb. 9, 2022

Source: AlJazeera

No food can rival corn in either material or symbolic importance to Mexico, where the ancient grain was first cultivated some 9,000 years ago. As the saying goes: “sin maíz, no hay país” – no corn, no country.

For Rojas, a spokesperson for the organisation Red Tsiri (Tsiri is the Indigenous Purépecha word for corn), if genetically modified (GM) corn is planted in Mexico, the grain’s great biodiversity and deep cultural knowledge would be threatened.

Mexico currently bans the cultivation of GM corn – a status quo the Supreme Court reinforced in October when it affirmed the right of Mexican authorities to refuse applications to plant GM corn.

But the government appeared to signal that could just be the start of a wider crackdown.


Super Bowl avocado exports expected to break record


Source: Mexico News Daily

A record-breaking 140,000 tonnes of Mexican avocados are expected to be shipped to the United States in the lead-up to the 56th Super Bowl, to be played in Los Angeles on February 13.

José Luis Gallardo, president of the Mexican Association of Avocado Producers, Packers and Exporters, told the newspaper Milenio that about 25,000 tonnes of avocados are currently being shipped to the U.S. per week, while exports will ramp up in early February.


AMLO Wants Citi’s Mexico Unit to Be Bought by Local Investors


Source: Bloomberg

Mexico’s President Andres Manuel Lopez Obrador said he prefers Citigroup Inc.’s retail-banking operation in Mexico be bought by local investors, in his first public comments on what’s expected to be the country’s largest banking deal in years.

The president, who’s been avoiding in-person events since testing positive on Jan. 10 for Covid-19 for a second time, said in a video address that potential Mexican buyers included Banco Azteca SA’s Ricardo Salinas Pliego, Grupo Financiero Inbursa SAB’s Carlos Slim, and Grupo Financiero Banorte SAB de CV’s Carlos Hank Gonzalez.


Constellation plant in Mexico may spur $2.6 bln in investment, official says


Source: Reuters

MEXICO CITY, Jan 11 (Reuters) – A new Constellation Brands (STZ.N) brewery to be built in the Mexican state of Veracruz, announced after a dispute over water stymied plans for a plant on the northern border, could spark $2.6 billion in investment, a government official said.

The plant in the Gulf coast state is part of a previously announced $5 billion to $5.5 billion investment in Mexico through 2026 by the U.S. maker of beer, wine and spirits.


Mexico Announces It Will Issue Its Own Digital Coin by 2024



he government of Mexico announced that the country’s central bank will issue its own digital currency. The statement of the official account of the presidency of Mexico informed that the development should be ready towards 2024, and remarked about the importance the technology has for the future of the financial structure of the country.

A statement issued by the official account of the presidency of Mexico on Twitter reported that the institution was planning to issue its own digital currency. The announcement also informed that this development was likely to happen towards 2024, putting the country on the list of the nations that are studying, or plan to release, their own central bank digital currency (CBDC).


Mexico may cut Pemex tax liability in bid to boost oil production

Source: World Oil

MEXICO CITY (Bloomberg) –Mexico could slash Pemex’s taxes further as the world’s most indebted oil company scrambles to reverse long-term oil production declines.

“With Pemex, for example, we are constantly or periodically lowering taxes so they have more funds,” said President Andres Manuel Lopez Obrador during his daily press conference on Monday. “And we can lower them more.”

In September, the government cut Pemex’s profit-sharing duty to 40% for 2022 from 54% in 2021. Last week, Pemex announced that it will receive a $3.5 billion capital injection from the government as part of a transaction to pay down obligations and also embark on a series of bond buybacks and new issuance to reduce the cost of servicing its borrowings.


Mexico inflation quickens faster than expected to 20-year high

Source: Reuters


MEXICO CITY, Dec 9 (Reuters) – Mexican annual inflation accelerated faster than expected in November to its highest level in over two decades, official data showed on Thursday, reinforcing bets the central bank will raise its benchmark interest rate again when it meets next week.

Figures from national statistics agency INEGI showed inflation in Latin America’s No. 2 economy jumped to 7.37% last month from 6.24% in October. That compared with the consensus forecast of a Reuters poll for 7.22%.


Minimum wage to jump 22%, business group says

Source: Mexico News Daily

The National Minimum Wage Commission (Conasami) agreed to bump the minimum wage by 22% next yar, the Business Coordinating Council (CCE) said. 

Low wage earners will earn a daily rate of 172.87 pesos (US $8.11) in most of Mexico in 2022, up from the current rate of 141.70 pesos ($6.65).