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☆ A San Francisco neighborhood threw a mini-festival to celebrate a public toilet that cost $200,000 instead of $1.7 million
▼ + stars: | 2024-04-23 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

San Francisco celebrated a new public loo with a mini-carnival complete with games, lemonade, and a live band. The public toilet initially cost $1.7 million with a multi-year deadline but had its price slashed to $200,000. AdvertisementThe scandal over a public toilet in San Francisco that cost $1.7 million has ended in celebration after the new loo opened on Monday with a much-discounted price tag of $200,000. That's according to The New York Times, CBS News, and The San Francisco Chronicle, who sent reporters down to the toilet's launch in the Noe Valley Town Square. AdvertisementCity officials said they were weighed down by high construction costs in San Francisco, as well as the need for environmental reviews and checks from multiple commissions.

Persons: —, Mario, Luigi, Leslie Crawford, Gavin Newsom, Chad Kaufman, Vaughn Buckley, Buckley, San Francisco Mayor London Breed Organizations: Service, The New York Times, CBS News, San Francisco Chronicle, Residents, People, NYT, CBS, SF Chronicle, San, Chronicle, California Gov, Company, San Francisco Mayor London Locations: Francisco, San Francisco, Noe, California, Nevada, Pennsylvania, Kaufman

☆ A boomer couple 'couldn't get out of California fast enough' and moved to Kansas for retirement. Living costs are cheaper, and making friends is much easier.
▼ + stars: | 2024-03-05 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

A boomer and his wife moved to Kansas after living in California for 50 years. He and his wife sold their house for $1.4 million and bought a historic Kansas home for under $400,000. He said it's much easier to make friends in Kansas, and the cost of living is much lower. In 2020, he and his wife sold their home and moved to a suburb of Kansas City. While the California to Texas and California to Arizona routes were the most popular, over 5,500 people moved from California to Kansas between 2021 and 2022.

Persons: —, Mike H, Mike, couldn't, didn't, let's, we'd Organizations: Service, downtown, Kansas City, Westwood, Kansas -, Kansas, National Register of Historic Places Locations: Kansas, California, Kansas City, Texas, Arizona, Minneapolis, Noe, downtown San Francisco, Phoenix, Reno, Kansas - Missouri, Bay, Minnesota

☆ At Least 19 Dead in Mexico Highway Crash Involving Passenger Bus -Local Media
▼ + stars: | 2024-01-30 | by ( Jan. | At A.M. | ) www.usnews.com time to read: 1 min

MEXICO CITY (Reuters) - A fiery highway collision between a truck and a bus filled with passengers in Mexico's northwestern Sinaloa state early on Tuesday killed at least 19 people, according to local news outlet N+. Local authorities have yet to announce a death toll, or how many others were injured in the accident, which took place along a coastal highway that connects the beach front cities of Mazatlan and Los Mochis. Circulation on the highway was closed due to the accident, according to the N+ report. Images of the aftermath of the accident in the early morning hours of Tuesday showed the charred vehicles still burning, with flames and smoke billowing out, as emergency personnel arrived on the scene. (Reporting by Noe Torres; Editing by Cassandra Garrison)

Persons: Noe Torres, Cassandra Garrison Organizations: MEXICO CITY Locations: MEXICO, Sinaloa, Mazatlan, Los

☆ Garland calls for ‘swift extradition’ of top cartel criminal after arrest in Mexico
▼ + stars: | 2023-11-24 | by ( Zoe Sottile | ) edition.cnn.com time to read: +3 min

CNN —US Attorney General Merrick Garland has called for the “swift extradition” of Néstor Isidro Pérez Salas, described by the Justice Department as a lead assassin for the Sinaloa Cartel, after his arrest in Mexico. Pérez Salas is “one of the Sinaloa Cartel’s lead sicarios, or assassins,” according to a news release from the Department of Justice. Known as “Nini,” Pérez Salas was captured by the Mexican National Guard on Wednesday in Culiacán, Sinaloa, according to Mexican officials. President Joe Biden praised Mexican security forces for Pérez Salas’ arrest on Wednesday. “On November 22, Mexican security forces captured Néstor Isidro Pérez Salas (‘El Nini’), the notorious head of security for the Chapitos wing of the Sinaloa Cartel.

Persons: General Merrick Garland, Néstor Isidro Pérez Salas, Pérez Salas, ” Pérez Salas, Oscar Noé Medina González, Iván Archivaldo Guzmán Salazar, Joaquín, Guzmán, Joe Biden, Pérez Salas ’, “, ‘, El Nini, Biden, Andres Manuel López Obrador, López Obrador, ” Organizations: CNN, Justice Department, Department of Justice, Mexican National Guard, US State Department, State Department, The State Department, Chapitos, United, US, Mexican Army Locations: Sinaloa, Mexico, Culiacán, United States, Mexican, China, El

☆ Mexico's real estate trust Fibra Next eyes $865 mln IPO to cash in on nearshoring
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

Fibra Next, spun off by parent trust Fibra Uno (FUNO11.MX), plans to issue some 277.8 million Real Estate Trust Stock Certificates (CBFIs) in the offering, scheduled for November 28, according to the document dated Tuesday. Fibra Nearshoring Experts and Technology, as Fibra Next is officially known, had reportedly initially been targeting a valuation of $1.5 billion according to media reports last month, pricing it as the largest local IPO since 2018. The funds raised will be used for the acquisition and development of properties, Fibra Next stated in a separate presentation to investors. Fibra Next is tapping in on the real estate buzz from nearshoring - the trend of locating manufacturing capacity in Mexico, closer to the U.S. market, rather than in Asia - to boost profits and economic growth. Another real estate trust, Vesta (VESTA.MX), debuted on New York Stock Exchange earlier this year with a $400 million initial public offering.

Persons: Fibra Uno, Fibra, Noe Torres, Adriana Barrera, Isabel Woodford, Michael Perry Organizations: MEXICO CITY, Technology, Fibro Uno, New York Stock Exchange, Thomson Locations: MEXICO, Mexican, Mexico, U.S, Asia

☆ Mexican businesses warmed by glow of 'nearshoring' dawn
▼ + stars: | 2023-11-06 | by ( Noe Torres | ) www.reuters.com time to read: +4 min

MEXICO CITY, Nov 6 (Reuters) - Mexican businesses, particularly those linked to real estate and construction, are counting on investment from so-called "nearshoring" to boost profits and economic growth, especially in industrial zones near the U.S. border. "Many companies are already talking about this - about nearshoring and the economic benefits," said Gerardo Copca, an analyst at consultancy MetAnalisis. One notable project - electric vehicle maker Tesla's plans for a reported $5 billion factory in northern Mexico - has been credited with attracting $1 billion in Chinese investments to nearby industries. Mexican real estate investment trust Fibra Uno (FUNO11.MX) plans to launch a trust allowing investors to cash in on expected growth of industrial assets. Total Mexican construction output jumped almost by 46% in August year-on-year, with northern states performing strongly.

Persons: Gerardo Copca, Nearshoring, Fibra Uno, Andre El, Mann, AMPIP, Lorenzo Berho, El, Berho, Enrique Navarro, Andres Manuel Lopez Obrador's, Noe Torres, Dave Graham, David Alire Garcia, Christian Plumb, Josie Kao Organizations: MEXICO CITY, Fibra, Banco Regional, U.S, UBS, Cement, GCC, Thomson Locations: MEXICO, U.S, Mexico, Asia, Mexican, Queretaro, Guanajuato, Jalisco, United States, Canada, China, Swiss, Chihuahua, Texas

☆ The Man Behind 250 Masks
▼ + stars: | 2023-11-06 | by ( Julia Halperin | ) www.nytimes.com time to read: +1 min

As a child making home videos, Marcel Dzama, 49, asked his father and sister to cover their faces with masks because they couldn’t stop grinning. The collection: Handmade masks, in materials ranging from paper to wood to cloth. I said, ‘A mask.’ It was made out of ceramic and had a happy face on one side and a sad face on the other. I’ve been sending her masks because she likes to paint them.”Most expensive: “Probably these 40 wooden masks from Guadalajara [in Mexico]. José inherited his mask collection, but he couldn’t look at it because he felt too sad.

Persons: Marcel Dzama, “, Lorca, ”, Federico García Lorca, Mamma Andersson, I’ve, José, Salceda Organizations: Performa, Arts Locations: Canadian, Spanish, Hawaii, Winnipeg, Brooklyn, Guadalajara, Mexico

☆ Mexico President Taps New Energy Chief as His Term Enters Final Year
▼ + stars: | 2023-10-16 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

MEXICO CITY (Reuters) - Mexican President Andres Manuel Lopez Obrador announced he has picked Miguel Angel Maciel to be his next energy minister, less than a year before the end of his six-year government, he wrote in a Monday post on social media. Maciel will replace Rocio Nahle, who served as energy chief and chair of the board of state-owned oil company Pemex since the beginning of Lopez Obrador's term in late 2018. Maciel has previously served as deputy energy minister, and Lopez Obrador stressed in his post on X that the petroleum engineer by training is trusted "due to his honesty and proven convictions in favor of national sovereignty." Nahle formally left her job as minister before the president's most important energy infrastructure project, the Olmeca oil refinery in his home state Tabasco, has come online. Lopez Obrador tasked Nahle with overseeing the project, which is running behind schedule and over budget.

Persons: Andres Manuel Lopez Obrador, Miguel Angel Maciel, Maciel, Rocio Nahle, Lopez, Nahle, Lopez Obrador, Noe Torres, Stefanie Eschenbacher, Valentine Hilaire Organizations: MEXICO CITY Locations: MEXICO, Veracruz, Tabasco, Dos Bocas, Houston, wean Mexico

☆ Two injured in shootout outside Mexico City airport, flights operating normally
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

A member of the security forces stands guard outside the Mexico City International Airport after a suspected robber fired at police, in Mexico City, Mexico, September 12, 2023. REUTERS/Luis Cortes Acquire Licensing RightsMEXICO CITY, Sept 12 (Reuters) - Two people were injured just outside Mexico City International Airport on Tuesday after a suspected robber fired at police, but flights are operating normally, the city government said. A suspected gunman has been arrested, the city's security ministry said in a statement. Carlos Velazquez, the head of the airport - Latin America's busiest - told reporters that the terminal where the incident occurred was operating without interruptions and that passengers were not in danger. Mexico City security minister Pablo Vazquez told local news outlet Milenio that the situation was under control.

Persons: Luis Cortes, Carlos Velazquez, Pablo Vazquez, Carolina Pulice, Lizbeth Diaz, Noe Torres, Raul Cortes, Brendan O'Boyle, Mark Porter Organizations: Mexico City International, REUTERS, Mexico City International Airport, Thomson Locations: Mexico, Mexico City, MEXICO

REUTERS/Raquel Cunha Acquire Licensing RightsMEXICO CITY, Sept 11 (Reuters) - The Mexican government's plan to run up the biggest budget deficit in decades during the 2024 general election year could put pressure on public finances and eventually threaten its credit rating, analysts said on Monday. Lopez Obrador last week backed former Mexico City Mayor Claudia Sheinbaum as his party's candidate to succeed him. Historic data show the projected budget deficit for 2024 will be the highest since 1988 as a proportion of GDP. The government's higher spending plans should bolster Latin America's second-biggest economy, which has outpaced forecasts this year, brightening the outlook for 2024. He also noted that since Mexico's current account deficit is currently considerably lower than foreign direct investment, there was a pool of untapped demand in the economy that the government could temporarily offset via higher spending.

Persons: Mexico's Finance Ministry Rogelio Ramirez de la O, Marcela Guerra, Raquel Cunha, Andres Manuel Lopez Obrador, Lopez, Patricia Terrazas, Lopez Obrador, Mexico City Mayor Claudia Sheinbaum, Gabriela Siller, Alberto Ramos, Goldman Sachs, Ramos, Raul Feliz, Feliz, Dave Graham, Diego Ore, Noe Torres, Jamie Freed Organizations: Mexico's Finance Ministry, Mexican, REUTERS, Lopez Obrador's, Action Party, PAN, Mexico City Mayor, Banco Base, Bank of, Thomson Locations: Mexico City, Mexico, MEXICO, Bank of Mexico

☆ Mexico's Election Year Deficit Plan Fuels Fear Over Finances
▼ + stars: | 2023-09-11 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

By Dave Graham and Diego OréMEXICO CITY (Reuters) - The Mexican government's plan to run up the biggest budget deficit in decades during the 2024 general election year could put pressure on public finances and eventually threaten its credit rating, analysts said on Monday. Lopez Obrador last week backed former Mexico City Mayor Claudia Sheinbaum as his party's candidate to succeed him. Historic data show the projected budget deficit for 2024 will be the highest since 1988 as a proportion of GDP. The government's higher spending plans should bolster Latin America's second-biggest economy, which has outpaced forecasts this year, brightening the outlook for 2024. He also noted that since Mexico's current account deficit is currently considerably lower than foreign direct investment, there was a pool of untapped demand in the economy that the government could temporarily offset via higher spending.

Persons: Dave Graham, Diego, Andres Manuel Lopez Obrador, Lopez, Patricia Terrazas, Lopez Obrador, Mexico City Mayor Claudia Sheinbaum, Gabriela Siller, Alberto Ramos, Goldman Sachs, Ramos, Raul Feliz, Feliz, Diego Ore, Noe Torres, Jamie Freed Organizations: MEXICO CITY, Lopez Obrador's, Action Party, PAN, Mexico City Mayor, Banco Base, Bank of Locations: MEXICO, Mexico, Bank of Mexico, Mexico City

☆ Mexico's core inflation to fall to lowest level since late 2021 in August
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

Customers look at fruits at a makeshift stall in a market in Mexico City, Mexico April 8, 2022. Meanwhile, annual core inflation is forecast to have slowed to 6.12%, which would mark its lowest level since December 2021. The closely watched core price index is considered a better gauge of price trends because it strips out some volatile food and energy prices. In August alone, consumer prices likely rose 0.52% compared to July, while core inflation is forecast to have risen 0.30%, according to the poll. (MXINFL=ECI), (MXCPIX=ECI)Mexico's national statistics agency INEGI will publish consumer price index data for August on Thursday.

Persons: Luis Cortes, Bank of Mexico Governor Victoria Rodriguez, Noe Torres, Gabriel Burin, Paul Simao Organizations: REUTERS, Bank of, Bank of Mexico Governor, Thomson Locations: Mexico City, Mexico, MEXICO, Bank, Bank of Mexico, Buenos Aires

☆ Luis Rubiales: Spain's football federation threatens legal action against Women's World Cup winner Jennifer Hermoso
▼ + stars: | 2023-08-26 | by ( Aimee Lewis Alex Stambaugh Al Goodman Gerardo Lemos | Aimee Lewis | Alex Stambaugh | ) edition.cnn.com time to read: +4 min

CNN —Spain’s football federation has threatened to take legal action against one of the country’s star players, Jennifer Hermoso, accusing her of lying about being kissed by federation president Luis Rubiales. The President has not lied,” the Royal Spanish Football Federation (RFEF) said, alongside descriptions of photos attempting to support Rubiales’ claim. CNN has reached out to soccer’s world governing body FIFA and UEFA, European soccer’s governing body. Following Rubiales’ comments on Friday, the president of Spain’s High Council of Sport (CSD), Víctor Francos, said the council would look to suspend Rubiales as quickly as it could while following due process. While acknowledging on Friday he needed to apologize for his actions, Rubiales described calls for his resignation as a “witch hunt.”

Persons: CNN —, Jennifer Hermoso, Luis Rubiales, Hermoso, “, ”, Rubiales, ” Luis Rubiales, Noe Llamas, ” Rubiales, Pedro Sánchez, Víctor Francos Organizations: CNN, CNN — Spain’s, Spain, Spain’s Association of Professional Soccer, Rubiales, Royal Spanish Football Federation, Futpro, FIFA, UEFA, England, Spain’s, Twitter, National, Spain’s High, of Sport, Spanish government’s Ministry of Culture Locations: ”, Futpro Union, European, Spanish

☆ Luis Rubiales: Spain's RFEF president refuses to resign after fierce criticism for unwanted kiss on Jennifer Hermoso
▼ + stars: | 2023-08-25 | by ( Patrick Sung | ) edition.cnn.com time to read: +3 min

CNN —Spanish soccer chief Luis Rubiales has refused to resign from his position as Royal Spanish Football Federation (RFEF) president following a week of fierce criticism after video showed him placing an unwanted kiss on a star player of Spain’s winning Women’s World Cup team. “It was a spontaneous kiss … It was spontaneous, mutual, euphoric and with consent, which is the key. This is the key to all of the criticism, of all of the campaign which has been mounted in this country: that it was without consent. She’s the one who picked me up in her arms and she pulled me into her body. While acknowledging he needed to apologize for his actions, Rubiales described calls for his resignation as a “witch hunt.”More to follow.

Persons: Luis Rubiales, Spain’s, Rubiales, ” Rubiales, Jennifer Hermoso –, “, Pedro Sánchez, ”, ” Luis Rubiales, Jennifer Hermoso, Noe Llamas, Hermoso, TMJ, Jenni, ‘, ’, peck, excusing Organizations: CNN, Spanish, Royal Spanish Football Federation, La Roja, Spain’s, England, Spain’s Association of Professional Soccer, FIFA Locations: Spain, Sydney –, Spanish, “

☆ Sixteen people die after bus crashes with trailer in central Mexico
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

[1/5] Tow trucks and authorities work at the area of a road accident, which left over a dozen migrants dead, in Tepelmeme Villa de Morelos, in Oaxaca state, Mexico August 22, 2023. REUTERS/Jose de Jesus Cortes Acquire Licensing RightsMEXICO CITY, Aug 22 (Reuters) - Fifteen Mexicans and one Venezuelan died in a road accident in central Mexico early on Tuesday, officials from Mexico's INM migration institute said in a statement. The 52 passengers traveling on the bus on Mexico's Miahuatlan-Coixtlahuaca highway included 10 passengers from Venezuela, the INM said, adding they had appointments to seek legal entry to the United States. Some 36 passengers were injured and taken to hospital after the bus crashed with a trailer in the early hours of the morning, officials from the state of Puebla said in a separate statement. A video shared on X by the local Red Cross unit showed a mangled white bus lying on its side while rescue teams worked in the dark.

Persons: Jose de Jesus Cortes, Noe Torres, Lizbeth Diaz, Isabel Woodford, Stefanie Eschenbacher, Anthony Esposito, Chris Reese Organizations: Morelos, REUTERS, MEXICO CITY, Local, Red, Thomson Locations: Tepelmeme Villa, Oaxaca, Mexico, MEXICO, Venezuela, United States, Puebla

☆ Colombia's Grupo Aval posts 75% fall in profit as bank margins fall
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

People walk in front of the Banco de Bogota, belonging to Grupo Aval, in Bogota, Colombia, October 31, 2019. REUTERS/Luisa Gonzalez/File photo Acquire Licensing RightsAug 16 (Reuters) - Colombian financial conglomerate Grupo Aval reported a 75.4% year-over-year fall in net profit in the second quarter, according to a securities filing on Wednesday, despite a strong boost in interest income. In the three-month period to June, net profit reached 166.2 billion pesos ($40.6 million). The financial portfolio of Grupo Aval (GAA.CN) includes Colombian banks Banco de Bogota (BBO.CN), Banco Popular (BPO.CN), Banco AV Villas (VLL.CN) and Banco de Occidente (BOC.CN). ($1 = 4,096.08 Colombian pesos)Reporting by Noe Torres in Mexico City, Writing by Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.

Persons: Luisa Gonzalez, Noe Torres, Isabel Woodford Organizations: Banco, Bogota, Grupo Aval, REUTERS, Colombian, Grupo, Banco de Bogota, Banco Popular, Banco AV Villas, Occidente, Thomson Locations: Bogota, Colombia, Colombian, Mexico City

[1/5] Boards displaying the exchange rate of the Mexican peso against the U.S. dollar are pictured outside exchange houses in Ciudad Juarez, Mexico July 27, 2023. But emergence of the phenomenon known as the "super peso" means those dollars no longer go as far as they did. "The purchasing power of remittances has deteriorated due to peso appreciation," said Carlos Serrano, chief economist at bank BBVA Mexico. "You can see it hitting lower-income families ... in states that bring in most remittances." Georgina Cardenas, 34, said the $1,200 a month she receives from her builder husband in the United States "used to be enough for my two children" and other expenses.

Persons: Jose Luis Gonzalez, Adriana Sanchez, Sanchez, it's, Andres Manuel Lopez, Carlos Serrano, Pablo Lopez Sarabia, Manuel, there's, Veronica, They're, Georgina Cardenas, Lizbeth Diaz, Noe Torres, Dave Graham, Aurora Ellis Organizations: U.S ., REUTERS, BBVA Mexico, Reuters, Tecnologico de Monterrey, Thomson Locations: Ciudad Juarez, Mexico, TLAXCALA, United States, Asia, Tlaxcala, Mexico City, U.S, California

☆ Walmart Mexico posts slightly higher profit amid June sales uptick
▼ + stars: | 2023-07-27 | by ( Carolina Pulice | ) www.reuters.com time to read: +2 min

MEXICO CITY, July 27 (Reuters) - Walmart's Mexico and Central America unit on Thursday posted a 5% year-on-year rise in its second-quarter net profit, boosted by slightly higher sales especially in June, though earnings were slightly behind forecasts. Walmart de Mexico (WALMEX.MX), the largest retailer in Mexico, posted a net profit of 11.44 billion pesos ($668 million). The company posted a profit of 0.66 pesos a share, just below the Refinitiv estimate of 0.69 pesos. Same-store sales increased 8.5% in Mexico and 9.5% in Central America, and the firm expanded its physical footprint with 22 new stores in Mexico. Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter rose 8.5% to 21.9 billion pesos.

Persons: Paulo Garcia, Guilherme Loureiro, Monex, Loureiro, Carolina Pulice, Noe Torres, Kylie Madry, Lincoln, Christopher Cushing Organizations: MEXICO CITY, Central America, Walmart, America, Thomson Locations: MEXICO, Mexico, Central, Central America

☆ Mexico headline inflation seen slowing in early July to 2021 levels: Reuters poll
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

The median forecast of 10 analysts see annual headline inflation (MXCPHI=ECI) at 4.77% in the first 15 days of the month, its lowest level since March 2021. Core inflation (MXCPIC=ECI), which strips out volatile food and energy products, is forecast to have slid to 6.73% year-on-year, marking the eleventh consecutive fortnight of slowdown. Both still remain well above the central bank's target of 3%, plus or minus 1 percentage point. Banxico first paused its rate hikes in May after a nearly two-year hiking cycle that began in June 2021. Mexico's statistics institute will release inflation data for the first half of July on Monday.

Persons: Noé Torres, Marguerita Choy Organizations: MEXICO CITY, Thomson Locations: MEXICO

☆ A Rivian owner was in a fender bender. The repair bill was $42,000.
▼ + stars: | 2023-07-14 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

A Rivian owner said repairs cost $42,000 for his R1T after a fender bender, according to The New York Times. But, after the electric car was taken to a repair shop that was certified to work with Rivian products the cost jumped to $42,000, the publication said. The repair cost over half the starting price of the vehicle. Last year, a study from CCC Intelligent Solutions found that on average EV repairs cost more than repairs for gas-powered cars. Another report from Mitchell that was cited by the Times found that last year EV repairs cost about $2,400 more than fixes for traditional combustion-engine vehicles.

Persons: Chris Apfelstadt, he'd, Noe Mejia, it's, Mitchell, Alexa St, John, Insider's Nora Naughton Organizations: The New York Times, Times, New York Times, Intelligent Solutions, Tesla Locations: Columbus , Ohio, North America, Ohio

☆ Mexico's 'super peso' keeps gaining, but exports will likely suffer
▼ + stars: | 2023-06-22 | by ( Noe Torres | ) www.reuters.com time to read: +3 min

The Mexican peso is among the top-performing currencies this year with a 12% surge against the U.S. dollar, after closing last year up about 5%. But the Mexican currency's recent strengthening to about 17 pesos per U.S. dollar, from 19.50 pesos per greenback last December, makes Mexican exports more expensive. In fact, Banco Base sees remittances loosing more than 10% of their spending power if the peso-to-dollar exchange rate holds steady. Mexico's peso is among the world's most liquid currencies since the country adopted a free-floating exchange rate in 1994. Bets for an even stronger peso on the Chicago Mercantile Exchange have grown since March.

Persons: Guillermo Mateos, Andres Manuel Lopez Obrador, Jonathan Zuloaga, Noe Torres, Valentine Hilaire, David Alire Garcia, Diane Craft Organizations: MEXICO CITY, U.S, U.S ., Banco Base, Chicago Mercantile Exchange, Thomson Locations: MEXICO, Columbus de Mexico

☆ Bank of Mexico seen holding key rate at 11.25% for the second time
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, June 20 (Reuters) - Mexico's central bank will likely keep its benchmark interest rate unchanged in its next monetary policy decision, a Reuters poll showed on Tuesday, amid a slowdown in inflation. The 20 analysts polled by Reuters see the Latin American country's central bank maintaining borrowing costs at the current rate of 11.25% for the second time in the announcement scheduled for Thursday. The Mexican central bank, known as Banxico, unanimously held its benchmark interest rate steady at 11.25% in its last meeting, breaking a nearly two-year rate-hike cycle during which it raised the rate by 725 basis points to combat rising consumer prices. According to another Reuters poll, Mexico's headline inflation could hit 5.30% in the first two weeks of June, reaching its lowest level in more than two years. Banxico will announce its next interest rate decision on Thursday at 1 p.m. local time (1900 GMT).

Persons: Banxico, Noe Torres, Gabriel Burin, Jonathan Oatis Organizations: MEXICO CITY, Reuters, Thomson Locations: MEXICO, Mexican, Buenos Aires

☆ Mexican inflation seen at lowest level in more than two years: Reuters poll
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, June 19 (Reuters) - Mexico's headline inflation likely reached its lowest level in more than two years during the first half of June, but remained above the central bank's target, a Reuters poll showed on Monday, reinforcing bets the bank will keep the key rate steady longer. The median forecast of 11 analysts sees annual headline inflation at 5.30%, its lowest level since the second half of March 2021, although it would still be significantly higher than the official target of 3%, plus or minus a percentage point. The core index, which strips out volatile food and energy prices, is forecast to have slid to 7.02% year-on-year, its lowest level since March 2022. (MXCPIF=ECI), (MXCPIH=ECI)Mexico's statistics institute will release inflation data for the first half of June on Thursday. Reporting by Noe Torres; Additional reporting by Gabriel Burin in Buenos Aires; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Noe Torres, Gabriel Burin, Sandra Maler Organizations: MEXICO CITY, Bank of, Thomson Locations: MEXICO, Bank of Mexico, Buenos Aires

Calling the move "surprising", the transport unit Grupo Mexico Transportes (GMXT.MX) said the Navy had occupied its facilities at the Coatzacoalcos-Medias Aguas section at 6 a.m.(1200 GMT), and that it was weighing up its options. Grupo Mexico Transportes will keep providing services under supervision of the armed forces, it said. The section "expropriated" is about 1.1% of the 11,137 km run by Grupo Mexico's transport division, analysts at brokerage Vector said in a client note. Grupo Mexico, owned by tycoon German Larrea, has been closing in on the acquisition of U.S. Citigroup Inc's retail banking operations in Mexico. Shares in Grupo Mexico were down by more than 4% on Friday afternoon, a drop mirrored by Grupo Mexico Transportes' stock.

☆ Mexican peso to stay strong despite end of central bank tightening cycle, analysts say
▼ + stars: | 2023-05-19 | by ( Noe Torres | ) www.reuters.com time to read: +2 min

MEXICO CITY, May 19 (Reuters) - The Mexican peso could remain the top performer among major global currencies in the coming weeks, despite Mexico's central bank choosing to halt a nearly two-year rate-hike cycle, analysts said. The Mexican peso has gained nearly 10% so far this year, driven mainly by the dollar's decline and money entering the country since the central bank started hiking interest rates in June 2021. Reuters GraphicsIn the Chicago Mercantile Exchange, seen as a market bellwether, speculators on different types of assets have been increasingly betting that the Mexican currency will keep appreciating. These positions, anticipating further strengthening of the peso since mid-March, reached 70,007 contracts in favor of the currency last week, a level not seen since March 2020. Considering these factors, Mexican economists expect the peso to weaken to 19.13 by year-end, a survey by the central bank showed, while a poll of Citibanamex experts estimated the figure at 19.20.

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