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☆ Mexican lawmakers OK stock market reform bill
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 15 (Reuters) - Mexico's lower house on Wednesday passed a bill aimed at revamping national stock exchanges, a long-awaited move meant to boost trading following a spate of delistings from the main market in recent years. The bill loosens regulations for companies to go public, speeding up the process and reducing the costs involved, said Mexico's largest market operator, the Bolsa Mexicana de Valores, in a statement. The bill had previously passed in the Senate, and will now be sent to President Andres Manuel Lopez Obrador's desk to be signed into law. Just 138 companies are listed on the Bolsa Mexicana de Valores, which has gone six years without a new listing, barring spin-offs. Reporting by Kylie Madry and Diego Ore; Editing by Anthony Esposito and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Gabriel Yorio, Andres Manuel Lopez, Lala, Kylie Madry, Diego Ore, Anthony Esposito, Stephen Coates Organizations: MEXICO CITY, Bolsa Mexicana de, Senate, Grupo Sanborns, Thomson Locations: MEXICO, Bolsa Mexicana de Valores

☆ Mexico sees solid economic expansion but price pressures persist
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Yorio said he sees annual inflation stabilizing at around 4.5% toward the end of the year. However, Bank of Mexico board member Jonathan Heath cautioned that the slowing pace of the inflation rate in recent months should not prompt premature celebration, local media outlet El Financiero reported on Wednesday. We still see a long battle ahead and this inflation phenomenon has really been much more complex than we would have imagined," said Heath. His comments come as the central bank has kept its benchmark interest rate at 11.25% since March, following a nearly two-year rate-hike cycle. Reporting by Ana Isabel Martinez and Isabel Woodford; Writing by Sarah Morland; Editing by Stephen Eisenhammer and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

Persons: Gabriel Yorio, Yorio, Jonathan Heath, we're, Heath, Ana Isabel Martinez, Isabel Woodford, Sarah Morland, Stephen Eisenhammer, Alistair Bell Organizations: MEXICO CITY, Mexican Senate, U.S, automaking, Bank of, El, Thomson Locations: MEXICO, Latin America, Mexican, Bank, Bank of Mexico

The logo of Mexico's Central Bank (Banco de Mexico) is seen at its building in downtown Mexico City, Mexico February 28, 2019. Mexico could lure annual foreign direct investment flows of $55 billion to $60 billion if it takes better advantage of nearshoring, up from $36 billion in 2022, she said. That has dampened expectations Mexico could benefit from increased investment in semiconductors in North America. Mexico still faces competition to win investment from both North and Central America, plus Colombia, he said. "I don't think this measure is a game-changer to persuade those who have doubts," said Vejar.

Persons: Daniel Becerril, Gabriel Yorio, Andres Manuel Lopez Obrador, Gabriela Siller, Siller, Yorio, Lopez Obrador, Ramse Gutierrez, Franklin Templeton, Tesla, Carlos Vejar, Valentine Hilaire, Dave Graham, Anthony Esposito, Grant McCool, Sonali Paul Organizations: Mexico's Central Bank, Banco, REUTERS, MEXICO CITY, Banco Base, Central America, Thomson Locations: Banco de Mexico, Mexico City, Mexico, MEXICO, Asia, China, North America, Canada, United States, Franklin Templeton Mexico, Nuevo Leon, Mexican, North, Central, Colombia

MEXICO CITY, July 13 (Reuters) - The Mexican government is no longer interested in purchasing Citigroup's (C.N) local retail arm, known as Banamex, a government spokesperson said on Thursday, adding that the U.S. bank "chose a different path" for its unit. Deputy Finance Minister Gabriel Yorio told Reuters at the time that Mexico could pursue a total or partial acquisition of the unit. Government spokesperson Jesus Ramirez did not immediately respond when asked which path the U.S. bank is taking. Before Citi's decision to list Banamex, banking sources said mining conglomerate Grupo Mexico (GMEXICOB.MX) had been eyeing the unit for around $7 billion. Reporting by Valentine Hilaire; Editing by Brendan O'Boyle and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Andres Manuel Lopez Obrador, Gabriel Yorio, Jesus Ramirez, Lopez Obrador, Valentine Hilaire, Brendan O'Boyle, Jamie Freed Organizations: MEXICO CITY, Citi, Reuters, Government, Grupo Mexico, German, Grupo, Spain's Banco Santander, Thomson Locations: MEXICO, U.S, Mexican, Mexico

☆ Mexico's Pemex positioned to meet 2023 debt obligations, govt to help if needed -official
▼ + stars: | 2023-05-31 | by ( Anthony Esposito | ) www.reuters.com time to read: +2 min

MEXICO CITY, May 31 (Reuters) - Mexican state oil firm Pemex is in a position to meet its remaining 2023 debt obligations and is looking at refinancing strategies for next year, said Deputy Finance Minister Gabriel Yorio, who added the government could also help if needed. Pemex had financial debt of $107.4 billion at the end of the first quarter, according to company data. Mexico, a popular travel destination, ranks in the top 10 globally in terms of international tourists and business generated through tourism. They're making big investments in infrastructure," said Yorio, adding that Mexican hoteliers were eyeing investments there. "Mexico is looking to diversify the markets where we buy fertilizer because 60% of the fertilizer imports used to come from Russia before the conflict," Yorio said.

Persons: Gabriel Yorio, Yorio, Andres Manuel Lopez Obrador, Pemex, Anthony Esposito, Jamie Freed Organizations: MEXICO CITY, Reuters, NATIONS, United Arab, Thomson Locations: MEXICO, Gulf, Mexican, Pemex, Kuwait, Saudi Arabia, Oman, Qatar, United Arab Emirates, Mexico, Ukraine, Russia

☆ Exclusive: Mexico mulls benefits of Banamex purchase, eyes synergies with state bank
▼ + stars: | 2023-05-31 | by ( Anthony Esposito | ) www.reuters.com time to read: +3 min

U.S. lender Citigroup scrapped its sale of the Banamex unit last week and said it will instead list it, a surprise move coming amid talks to sell the business to Mexican billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX). "The Finance Minister has asked us to evaluate the different scenarios in which it might be beneficial for Mexico to acquire the bank," Deputy Finance Minister Gabriel Yorio told Reuters. After Citi announced its IPO plans, President Andres Manuel Lopez Obrador said the government could acquire up to half of Banamex. Before Citi's u-turn, banking sources said Grupo Mexico had been eyeing the unit for around $7 billion. "Banamex, in fact, has had a significant deterioration in its payment systems, precisely because it was in this sale process," he said.

Persons: Gabriel Yorio, Andres Manuel Lopez Obrador, Yorio, Lopez Obrador, Banamex, Anthony Esposito, Valentine Hilaire, Dave Graham, Mark Porter, Diane Craft Organizations: MEXICO CITY, Citigroup Inc's, Banco, U.S, Citigroup, Grupo Mexico, Finance, Reuters, United, Citi, Welfare Bank, Thomson Locations: MEXICO, Mexico, German, Kuwait, Saudi Arabia, Oman, Qatar, United Arab Emirates, expropriate

☆ Pope says Argentina government wanted 'my head' when he was in Buenos Aires
▼ + stars: | 2023-05-09 | by ( Philip Pullella | ) www.reuters.com time to read: +3 min

VATICAN CITY, May 9 (Reuters) - Pope Francis said that when he was archbishop of Buenos Aires more than a decade ago, the Argentine government wanted "to cut my head off" by backing false accusations that he had collaborated with the military dictatorship of the 1970s. Francis has always denied this and when he was elected pope, Jalics issued a statement saying the arrest was not the future pope's fault. In 2010, by which time the future pope had become archbishop of Buenos Aires, he testified before a three-judge panel investigating the period of dictatorship. The pope did not give details but as archbishop of Buenos Aires, he had an often rocky relationship with the government of President Cristina Fernandez de Kirchner, who served in that role from 2007-2015. She accused him of taking sides politically, mostly during his visits to Buenos Aires shanty towns, and once avoided him by shunning a traditional Mass in the Argentine capital.

Pemex, which had financial debt totaling nearly $108 billion at the close of last year, pays a profit sharing rate (DUC) - effectively a tax paid to the government - of 40%. Delaying Pemex's payment of the DUC should give the oil giant some $2 billion in cash flow, said Yorio. "We can do this quickly to provide liquidity to Pemex, not through a capitalization, but by allowing it not to immediately pay the royalty, the profit sharing rate," said Yorio. Separately, Yorio said Mexico would not need to issue debt to finance its $6 billion deal to buy 13 power plants from Spanish energy company Iberdrola (IBE.MC). Lopez Obrador has described the deal, which will boost state power utility Comision Federal de Electricidad's (CFE) market share to nearly 56% of Mexico's total power generation from about 40%, as a "new nationalization".

MEXICO CITY, Oct 20 (Reuters) - Mexico's finance ministry has been tasked with refinancing the country's debt, especially bonds maturing in 2025, in order to help ease the financial burden on the next administration when it takes office, a senior official said. President Andres Manuel Lopez Obrador had asked the ministry to refinance as much debt as possible, as well as to lower costs and extend maturities, Yorio said. Mexico City Mayor Claudia Sheinbaum and Foreign Minister Marcelo Ebrard are among those jostling for the MORENA candidacy. The government would look for new opportunities to refinance or buy back external and domestic debt, he added. Yorio's team is also working to develop a local debt market built on sustainable bonds.

The world's largest financial oil deal, the program known as the "Hacienda hedge" is designed to protect the oil revenues of Latin America's second-largest economy against price crashes on the world market. It classified previously public details, including the overall cost, the strike price for the put options and the amount set aside from the oil revenues stabilization fund that contributes to the overall protection. Mexico also no longer discloses the names of counterparties, which have long been big Wall Street banks and oil majors. Due to sensitivities around the hedge, Yorio declined to give details about the strike price of the options. "In the current context of geopolitical tension, oil price volatility is very high and therefore the volatility of the premiums associated with the hedge is very high."

☆ The metaverse: How it became real estate's new frontier
▼ + stars: | 2022-09-23 | by ( Thomas Page | ) edition.cnn.com time to read: +12 min

The metaverse – a growing number of immersive virtual online worlds where users live and play – has become a hotbed of real estate speculation. Look beyond the numbers, however, and you’ll find whole professions being shaken up, from architects and designers to developers and real estate agents. But could real estate in the metaverse ever become as reliable an investment as bricks and mortar? “It’s hard to know if the real estate inside (metaverses) is going to be stable … Least of all us, and we’re deeply in it,” said Yorio. “It’s very possible that real estate in the metaverse is a stable investment in the future,” said Robson, of analytics company WetMeta, in an email.

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