Alexandra's Feed
Jul 3, 2014

BMW’s $1 billion plant surfs Mexican investment wave

MEXICO CITY, July 3 (Reuters) – Luxury car maker BMW
revealed a $1 billion Mexican plant investment on
Thursday, becoming the latest in a line of major automakers to
take advantage of the country’s growing industrial base and
tariff-free access to the U.S. market.

BMW outlined plans to build a factory near San Luis Potosi,
central Mexico, in a move that will reduce the German company’s
dependence on higher-cost plants at home.

Jun 19, 2014

New airport plan for Mexico City eyes 6 runways – sources

MEXICO CITY, June 19 (Reuters) – Mexico is reviewing design
plans for a new 120 billion peso ($9.23 billion) Mexico City
airport which will eventually have six runways and should begin
operating by 2018, according to sources familiar with the plan.

The new hub is due to replace the overstretched Benito
Juarez International Airport and would be built on the area of
the Texcoco lake bed nearby, said two people with knowledge of
the project, few details about which have been revealed.

Jun 6, 2014

Mexico central bank unexpectedly cuts rate to spur weak economy

MEXICO CITY, June 6 (Reuters) – Mexico’s central bank
surprisingly slashed interest rates to a record low on Friday,
arguing slack in the economy gave it room for a one-off cut to
spur growth without fanning inflation pressures.

The Banco de Mexico cut its benchmark interest rate
by 50 basis points to 3.00 percent despite
forecasts in a Reuters poll that unanimously saw rates on hold.

May 26, 2014

Mexico factory exports up, consumer imports fastest in over a year

MEXICO CITY, May 26 (Reuters) – The pace of Mexican factory
export growth rose in April, while non-oil consumer imports
surged at their fastest pace in over a year, pointing to a
strengthening economic recovery in Latin America’s No. 2 economy
after a weak start to the year.

Factory exports rose 2.13 percent in April from March, the
national statistics agency said on Monday, as non-auto exports
picked up 3.48 percent, their strongest clip since May 2013.

May 13, 2014

Mexico eyes tougher rules by fourth-quarter to catch bad loans

MEXICO CITY (Reuters) – New rules to shed more light on loans like the fraudulent ones that hit Citigroup’s Mexican unit are being drawn up by Mexico’s bank watchdog and should go into effect by the fourth quarter, the agency said on Tuesday.

Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) in February said it had found $400 million in bad loans at its Mexican subsidiary Banamex, made to oil services firm Oceanografia OCNGR.UL and backed by apparently fraudulent invoices to state-owned oil company Pemex PEMX.UL.

May 9, 2014

Mexican risks to growth have eased – central bank minutes

MEXICO CITY, May 9 (Reuters) – A majority of Mexico’s
central bankers believe an economic recovery will continue in
the coming months, though risks to growth remain, minutes of
last month’s board meeting released on Friday showed.

Central Bank board members voted 5-0 at their April 25
meeting to hold their benchmark rate at a record
low of 3.50 percent to boost flagging growth, citing tame
consumer price pressures.

May 9, 2014

Risks to Mexico growth lessen slightly -cenbank minutes

MEXICO CITY, May 9 (Reuters) – A majority of Mexico’s
central bankers think that downside risks to growth persist for
Latin America’s No. 2 economy even if they have improved
slightly, minutes of last month’s board meeting released on
Friday.

Central Bank board members voted 5-0 at their April 25
meeting to hold their benchmark rate at a record
low of 3.50 percent to boost flagging growth.

May 8, 2014

Mexico eyes end to oil hedge when wealth fund takes off

MEXICO CITY, May 7 (Reuters) – Mexico may abandon one of the
world’s largest oil hedging programs as a new petroleum wealth
fund gradually fills up with revenues from the opening of its
energy sector, a deputy finance ministry official said on
Wednesday.

The energy reform, approved late last year, is the
cornerstone of President Enrique Pena Nieto’s plan to boost
economic growth by attracting private investment to the oil and
gas industry, dominated by ailing state-owned oil company Pemex
.

Apr 8, 2014

Costa Rica’s next president wants narrower currency band

SAN JOSE (Reuters) – Costa Rica’s president-elect wants to see the national currency trade in a narrower band to avoid volatility that has sent it on a roller coaster ride over the last few months, the center-left former diplomat said.

Costa Rica’s colon, which trades in a band set by the central bank that is currently between around 500 and 825 colones per dollar, is down 9 percent this year, after firming in December.

Apr 7, 2014

Costa Rica leftist easily wins presidential run-off

SAN JOSE, Costa Rica (Reuters) – A centre-left academic who has never held elected office easily won Costa Rica’s presidential election on Sunday, ousting the graft-stained ruling party from power after its candidate quit campaigning a month ago.

Former diplomat Luis Guillermo Solis, of the Citizen Action Party (PAC), won more than three-quarters of votes by tapping in to public anger at rising inequality and government corruption scandals.