DIRS.INFO The most relevant business & tech news

☆ Argentina accuses Venezuela of cutting power to its embassy in Caracas after hosting opposition leaders
▼ + stars: | 2024-03-27 | by ( Mauricio Torres | Kathleen Magramo | ) edition.cnn.com time to read: +2 min

CNN —Argentina on Tuesday accused Venezuela of cutting the electricity supply to its embassy in Caracas after the diplomatic mission hosted a meeting with the country’s opposition leaders, the latest sign of souring relations between the two South American nations’ ideologically opposed governments. CNN has contacted the governments of Venezuela and Argentina for comment. Venezuela’s opposition has accused Maduro’s government of repressing its leaders and stifling any free and fair campaigning ahead of the country’s presidential elections on July 28. Colombia and Brazil issued statements Tuesday expressing concern over the opposition’s ability to fairly compete in the upcoming presidential contest. Maduro on Tuesday criticized foreign governments which he claimed, “seek to intervene in the internal affairs of Venezuela.”

Persons: Javier Milei, Nicolás Maduro, ”, Maduro’s, Maduro, Hugo Chavez, María Corina Machado, Machado, “ Organizations: CNN, Argentine, Venezuela’s, Español Locations: Argentina, Venezuela, Caracas, Argentine, Venezuelan, Buenos Aires, Nazi, United States, Colombia, Brazil

☆ At least 13 people injured in building fire in Spanish city of Valencia
▼ + stars: | 2024-02-22 | by ( Atika Shubert | Claudia Rebaza | ) edition.cnn.com time to read: +1 min

CNN —At least 13 people have been injured in a large blaze that ripped through an apartment building in the Spanish city of Valencia, local emergency services said Thursday. Valencia’s Emergency Services said on X, formerly known as Twitter, that six firefighters and seven residents were among those treated for injuries in several hospitals across the city. ET] in Valencia’s Campanar neighborhood, and 16 firefighting units were sent to the scene, emergency services told CNN en Espanol. The fire continued into the evening, with flames and smoke pictured billowing through the complex. Hotel rooms were being organized to house people whose homes were affected by the fire, emergency services said.

Persons: María José Alcalá Organizations: CNN, Valencia’s Emergency Services, CNN en Espanol, Reuters Locations: Spanish, Valencia, Valencia’s Campanar

CNN —Dozens are feared to be dead after an illegal gold mine in the Venezuelan town of La Paragua collapsed, according to the town’s mayor Yorgi Arciniega. The mayor estimates dozens of people have been killed, and more are still trapped in the collapsed mine. Egar Colina, a security official in the Bolivar state government, urged caution and said more state officials were trying to reach La Paragua to update the death toll. Bolivar is a forest-covered region that has long been affected by illegal mining for gold and other minerals. La Paragua is less than 40 miles from the park’s borders.

Persons: Yorgi Arciniega, Arciniega, Egar Organizations: CNN, CNN en Espanol, . Relief Locations: Venezuelan, La Paragua, Bolivar, Venezuela, Brazil

☆ Rocio San Miguel: White House ‘concerned’ as Venezuela detains activist over alleged ‘White Bracelet’ plot to kill Maduro
▼ + stars: | 2024-02-13 | by ( Stefano Pozzebon | ) edition.cnn.com time to read: +2 min

CNN —White House spokesman John Kirby told reporters on Tuesday that the US government is “deeply concerned” by the arrest of activist and security analyst Rocio San Miguel in Caracas, Venezuela. On Tuesday, Venezuela’s Attorney General Tarek William Saab announced on X that San Miguel had been charged overnight with treason, conspiracy, terrorism and criminal association as part of an investigation into the “White Bracelet” plot. “White Bracelet” is the name of an alleged plot to kill President Nicolas Maduro that the Venezuelan government denounced in January, and for which it has presented no evidence. San Miguel’s ex-husband Alejandro Gonzales was also charged with revealing military secrets, while four other citizens were released, Saab said. They are complicit in (terrorism) and interventionist actions against Venezuela,” Gil wrote on X.

Persons: CNN —, John Kirby, “, Rocio San, …, ” Kirby, Juan Luis Gonzalez, Tarek William Saab, Miguel, Nicolas Maduro, Miguel’s, Alejandro Gonzales, Yvan Gil, Maduro, Vladimir Padrino, Freddy Bernal, ”, ” Gil Organizations: CNN, Maiquetia, Venezuela’s, Saab, UN, Commission, Human Rights, Interamerican, Amnesty International Locations: Rocio San Miguel, Caracas, Venezuela, Miguel, Venezuelan, Spanish, United States, Tachira

CNN —Argentina’s labor unions began a nationwide general strike on Wednesday against austerity measures and reforms by the country’s libertarian President Javier Milei. Thousands of people marched toward Congress in the capital of Buenos Aires on Wednesday amid the strike, which began at 10 a.m. “This is not the Argentina that I want for my grandchildren or for the future of Argentina. The strike has led to transport disruptions with flag carrier Aerolíneas Argentinas saying that it canceled all its operations on Wednesday. He famously brandished a chainsaw at several of his rallies as an illustration of his plans to slash public spending.

Persons: Javier Milei, Milei, ”, Español Organizations: CNN, of Labor, CGT, Milei, Ministry, Security Locations: Buenos Aires, Argentina

LOS ANGELES (AP) — Ten of the top albums of the year, as chosen by Associated Press Music Writer Maria Sherman. Instead of embracing the antiquated practice of ranking very different albums against one another, we're celebrating the best next to the best. Leading the charge is Peso Pluma, whose third studio album, “Génesis,” became the highest-charting regional Mexican album of all time. “Hackney Diamonds,” The Rolling StonesPrior to “Hackney Diamonds,” the Rolling Stones hadn’t released an album of original material in 18 years. AP's Jocelyn Noveck put it best: This album is their best new work in decades — tight, focused, full of heart and swagger.

Persons: Maria Sherman, “ Barbie, “, Carín León, ”, Pluma, Olivia Rodrigo, Rodrigo, —, Joan Didion, ” Rodrigo, “ Lucky, Megan Moroney Let’s, Morgan Wallen’s “, Luke Combs, Tracy Chapman’s, Megan Moroney, Taylor Swift, Charlie Watts, Andrew Watt, Post Malone, Justin Bieber, Lady Gaga, AP's Jocelyn Noveck, Raven, Kelela, Shaadi Devereaux, ” Karol G, reggaetón, Daddy Yankee, J Balvin, Rauw Alejandro, Karol G's, there's, Ojos, Shakira, It’s, Carlos Niño, Rihanna, Beyoncé, Kendrick Lamar’s, Arlo, Arlo Parks Organizations: ANGELES, Associated Press, banda, Tennessee, “ Hackney, Ojos Ferrari, Sun, Chicago, NFL, Carolinas, — Locations: Mexican, Mexico, Kelela, Será, Puerto Rican, Panamanian, , New York, Colombian, “ Carolina, California, Sunbeams, ”

Cobre Panama has said it is committed to growing more new forest than is impacted by its mine. "We aren't going anywhere," Sabino Ayarza, a representative of the protesting fishermen, told Reuters on Tuesday from his boat. Their grassroots movement, nearly unheard of in business-friendly Panama, has wiped C$11 billion ($7.4 billion) off First Quantum's market value and raised global copper prices on supply worries. The protesters' victory in Panama is emblematic of the outsized and sometimes unexpected influence local communities are having on mining companies worldwide. Cobre Panama accounted for about 46% of First Quantum's overall revenue in the third quarter, according to company data.

Persons: Aris Martinez, Sabino Ayarza, Ayarza, Codelco, Valentine Hilaire, Divya Rajagopal, Fabian Cambero, Christian Plumb, Denny Thomas, Nick Zieminski Organizations: REUTERS, Aris, PANAMA CITY, Minerals, Reuters, Panamanian, Tuesday, Scotiabank, Protesters, First, Thomson Locations: Panama City, Panama, PANAMA, TORONTO, Portugal, Peru, Chile, Macquarie, Mexico City, Toronto, Santiago

"We have decided to unanimously declare unconstitutional the entire law 406 of October 20, 2023," Supreme Court President Maria Eugenia Lopez said. First Quantum acknowledged the ruling and affirmed its "unwavering commitment to regulatory compliance in all aspects of our operations within the country." Panama President Laurentino Cortizo said the country will abide by the court ruling. For First Quantum, the Panama ruling would be a repeat of its decade-old experience in the Democratic Republic Of Congo. The company exited DRC in 2012 after it filed an arbitration procedure against the African country for cancelling its mining contract.

Persons: Aris Martinez, Maria Eugenia Lopez, Quantum, Laurentino Cortizo, Morgan, Ricardo Martinelli, Leonardo Di Caprio, Elida Moreno, Valentine Hilaire, Natalia Siniawski, Denny Thomas, Chizu Nomiyama, Mark Porter Organizations: Minerals, REUTERS, PANAMA CITY, Reuters, Panama, London Metal Exchange, Central, RBC, Democratic, Natural Resources Corporation PLC, Cobre, Thomson Locations: Panama's, Panama, Panama City, PANAMA, Central American, Democratic Republic Of Congo, Hollywood, Cobre Panama

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsNov 26 (Reuters) - Eight Panama workers of Canadian miner First Quantum were injured when protesters hurled rocks at a bus transporting them, a union leader said on Sunday, as tensions flared at the company's lucrative mine in the Central American country. Workers were injured as protesters smashed the bus' glass windows when they were leaving the mine located in Panama's Cocle province, said union leader Michael Camacho. The company's local unit Minera Panama said in a statement that one worker and some contractors were attacked in a violent incident. "The affected worker is in stable condition and currently receiving medical attention and emotional support," the company statement said.

Persons: Michael Camacho, Valentine Hilaire, Elida Moreno, Josie Kao Organizations: Minerals, REUTERS, Aris, Central American, Workers, Reuters, Thomson Locations: Panama, Donoso, Panama's Cocle, Panama's

View of the Cobre Panama mine, of Canada's First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsNov 24 (Reuters) - Panama's top court started deliberations on Friday to rule on several constitutional challenges to First Quantum Minerals' (FM.TO) contract for the Cobre Panama mine, an outcome keenly watched by the global copper market and investors. Cobre Panama is one of the world's biggest and newest copper mines, producing about 1% of global copper supply. "Over the long-term we've invested more than $10 billion in turning the Cobre Panama into a world-class asset," Pascall was quoted as saying. However, Panama's top court in 2017 deemed unconstitutional the law under which First Quantum was operating the mine.

Persons: Tristan Pascall, Pascall, Greta Thunberg, Leonardo Di Caprio, Quantum, Valentine Hilaire, Divya Rajagopal, Denny Thomas, Sonali Paul Organizations: Minerals, REUTERS, Aris, Reuters, First, Central, LatAm, Co, Thomson Locations: Panama, Donoso, Central American, Jiangxi

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. Operations are set to resume once the port blockade is resolved, the spokesman added. Protests have escalated since the government and First Quantum signed a new contract on Oct. 20 for the Cobre Panama concession, which contributes 1% to global copper production and 5% to Panama's gross domestic product. "In terms of production we are talking about a temporary halt because of the illegal blockade. The company says an "illegal blockade" of small boats at the mine's Punta Rincon port has been disrupting the mine's activity.

Persons: Michael Camacho, Valentine Hilaire, Divya Rajagopal, Brendan O'Boyle, Sarah Morland Organizations: Minerals, REUTERS, Aris, Quantum Minerals, Reuters, First, Thomson Locations: Panama, Donoso, Rincon

☆ Mexico’s first openly non-binary magistrate and prominent LGBTQ activist found dead
▼ + stars: | 2023-11-14 | by ( Belén Zapata | ) edition.cnn.com time to read: +2 min

Guadalajara, Mexico CNN —Mexico’s first openly non-binary magistrate and prominent LGBTQ activist Jesús Ociel Baena Saucedo was found dead at home in the central state of Aguascalientes on Monday. “The investigation is going to be done,” Rodríguez said during President Andrés Manuel López Obrador’s daily press conference, also on Monday. For a little over a year, Baena was a member of the central Mexican state of Aguascalientes’ Electoral Tribunal. Baena told CNN en Español in October last year that there was no record in Latin America of a non-binary magistrate. Baena said that being the first was an achievement and recognition for years of work in favor of LGBTQ rights.

Persons: Mexico CNN — Mexico’s, Jesús Ociel, Saucedo, Rosa Icela Rodríguez, General Jesús Figueroa, ” Rodríguez, Andrés Manuel López Obrador’s, ”, ” Figueroa, Baena, ” Baena Organizations: Mexico CNN, Mexico’s, Aguascalientes ’, CNN, Español, Gay Games Locations: Guadalajara, Mexico, Aguascalientes, Mexican, Aguascalientes ’, America, Tamaulipas, Mexico’s Guadalajara, Hong Kong

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. The disruption was caused by an "illegal blockade" of small boats at the mine's Punta Rincon port, the company said in a statement. The protests began after the Panamanian government and First Quantum signed a new contract on Oct. 20 for Cobre Panama, which contributes 1% to global copper production and 5% to Panama's gross domestic product. The demonstrators say the new terms are too generous to First Quantum and allege corrupt practices in its approval. A reduction of ore processing could potentially impact about 2% of Panama's national workforce, the company said, adding that two ore processing trains remain operational.

Persons: Sourasis Bose, Valentine Hilaire, Sriraj Kalluvila, Rosalba O'Brien Organizations: Minerals, REUTERS, Aris, Cobre, Reuters, Thomson Locations: Panama, Donoso, Rincon, Panamanian, Cobre Panama, Bengaluru, Mexico City

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. Two Panamanian prosecutors have deemed the contract unconstitutional after examining legal challenges submitted to the court. First Quantum did not reply to a request for comment on the future of the contract pending court proceedings. Panama's mining chamber has urged against canceling the contract, saying First Quantum could sue Panama for at least $50 billion. Another lawyer said the court could also move to declare parts of the contract unconstitutional, which would not annul it completely.

Persons: Maritza Cedeno, Ariel Corbetti, Corbetti, Juan Carlos Arauz, Arauz, Victor Baker, Valentine Hilaire, Divya Rajagopal, Elida Moreno, Denny Thomas, Marguerita Choy Organizations: Minerals, REUTERS, Aris, Jiangxi Copper Co, Reuters, Panama, Thomson Locations: Panama, Donoso, Jiangxi, China

It’ll be a home game for the Orlando Magic on Thursday night, when they take on the Atlanta Hawks in Mexico City. It’ll feel like home in a way to Magic coach Jamahl Mosley, too. Mexico City, which now has a G League team, is thought to be a possible expansion site as well. Hawks coach Quin Snyder said this trip is an opportunity for his team to see a different culture. Hawks guard Trae Young is visiting Mexico City for the first time, and said he knows a little bit of the language.

Persons: It’ll, Jamahl Mosley, Mosley, he’s, ” Mosley, “, Orlando —, It’s, Jalen Suggs, that’ll, it’s, Quin Snyder, ” Snyder, ” It’s, Trae Young, ”, ___ Organizations: Orlando, Atlanta Hawks, NBA, Hawks, Summer League, G League, Spanish, Mexico City Locations: Mexico City, Mexico, what’ll, Denver, Utah, Brooklyn, Cleveland, Paris, Las Vegas, Vegas

☆ Two demonstrators killed amid anti-mining protests in Panama
▼ + stars: | 2023-11-08 | by ( Patrick Oppmann | ) edition.cnn.com time to read: +5 min

CNN —Anti-mining protests that have roiled Panama for the last two weeks turned deadly on Tuesday when a man allegedly shot and killed two demonstrators, according to police. For weeks, tens of thousands of protestors have vented their fury at a controversial mining contract given to Minera Panama, the local subsidiary of a Canadian mining company, to extract copper, a key component in electric car batteries. Teachers march to protest the deaths of two people during a demonstration against the government's contract with Canadian mining company First Quantum and its subsidiary Minera Panama in Panama City on November 8, 2023. Roberto Cisneros/AFP/Getty ImagesA march against the government contract with Canadian mining company First Quantum and its subsidiary Minera Panama in Panama City on November 3, 2023. In 2017, Panama’s Supreme Court declared another contract to operate the copper mine as unconstitutional, forcing the mining company and government to renegotiate the deal.

Persons: Manuel Noriega, Roberto Cisneros, Panamanians, Martita Cornejo, Panama John Feeley, ”, Weeks, Laurentino Cortizo, “, ” Cortizo Organizations: CNN, Twitter, Pan, Panama’s National Police, Central, Minerals, Minera, AFP, Getty, ”, Panama’s Locations: Panama, Central American, Canadian, Minera Panama, Panama City, Panamanian, Colombia, Panamanian State

Some warehousing operations as well as distribution, logistics and refrigeration businesses no longer fit into Femsa's strategy and may be sold, Fonseca said. Femsa's shares have surged more than 40% this year after shedding 4.8% in 2022. Femsa, which last year acquired Swiss kiosk operator Valora for $1.15 billion, plans to concentrate on its retail, bottling and financial technology (fintech) operations. Femsa is capitalizing on the ubiquity of its Oxxo stores by promoting fintech services in them, such as digital accounts and debit cards, Fonseca said. Femsa's scale has allowed it to automate some processes, and it is looking for ways to cut energy costs, he said.

Persons: Daniel Becerril, Juan Fonseca, Fonseca, Femsa, Valentine Hilaire, Christian Plumb, Rod Nickel Organizations: Coca, Coke, REUTERS, MEXICO CITY, Heineken, Reuters, Televisa, Alfa, Thomson Locations: Coca Cola, Monterrey, Mexico, MEXICO, U.S, Jetro, Swiss

☆ Luis Díaz: Colombian guerilla group says it will release Liverpool player’s father ‘as soon as possible’
▼ + stars: | 2023-11-03 | by ( Ilse Borrero | ) edition.cnn.com time to read: +4 min

Barrancas, Díaz’s hometown located in northern Colombia, has never been so guarded. Relatives and friends marched in Barrancas to show solidarity with the Díaz family. Hundreds of people marched through Barrancas demanding Díaz's release. Gaby Díaz thanked the media and the citizens of Barrancas for their interest in knowing the fate of his father. Meanwhile, journalists, cameramen, and photographers from local and foreign media remain on guard outside the Díaz family residence, waiting for some reaction or news of the release of the Liverpool FC star’s father.

Persons: Colombia CNN —, Luis Díaz’s, “, ” Luis Manuel Díaz, Cilenis Marulanda, Marulanda, Santiago Ángel, Juan Carlos Cuéllar, Díaz, Luis Manuel Díaz, ”, Otty Patiño, Gaby Díaz, Lismari Machado, ” Cristian Almenares, General William René Salamanca, Guillermo Acuña, Barranco Organizations: Colombia CNN, National Liberation Army, Liverpool FC, Colombian government’s, Law, CNN, AFP, Getty, Colombian, Díaz, Police, Army, Colombian Police, ”, Liverpool FC star’s Locations: Barrancas, Colombia, Colombian, Colombia’s La Guajira, ” Salamanca

View of the Cobre Panama mine, of Canada's First Quantum Minerals, in Donoso, Panama, December 6, 2022. That leaves the fate of the contract for now in the hands of the country's top court. Panama's moves raise questions about copper supplies, as Cobre Panama accounts for about 1% of global output. First Quantum inherited the contract after it replaced Petaquilla Gold as operator of the mine in 2013. Panama's top court will hear various challenges against the contract in the coming days.

Persons: Valentine Hilaire, Divya, Denny Thomas, Rod Nickel Organizations: Minerals, REUTERS, Aris, First, Thomson Locations: Panama, Donoso, Canada

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. First Quantum on Tuesday reaffirmed its commitment to the rule of law with the objective of benefiting Panama. First Quantum and its local unit Minera Panama declined to comment further. A decision to cancel the Cobre Panama mine's contract could slow Panama's GDP growth from an anticipated 6% in 2023 to just 1% without the mine in operation on an annualized basis. The odds of Panama losing its investment-grade rating would rise significantly if the contract is revoked, J.P Morgan warned on Tuesday.

Persons: Laurentino, J.P Morgan, Adriana Linares, Jackie Przybylowski, Michael Camacho, Frank De Lima, Juan Diego Vasquez, Edison Broce, Divya Rajagopal, Valentine Hilaire, Elida Moreno, Steve Scherer, Denny Thomas, Rod Nickel Organizations: Minerals, REUTERS, Aris, Quantum Minerals, Panama, Canada's Global Affairs, Reuters, Bank of Montreal, Finance, Economy, Independent, Thomson Locations: Panama, Donoso, Vancouver, Canada, Toronto

Panama's President Laurentino Cortizo Cohen addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. "I've respectfully listened to those who oppose the contract with Minera Panama," Cortizo said, using the name of First Quantum's local unit. Neither First Quantum nor Minera Panama immediately responded to requests for comment. On Saturday, Minera Panama voiced concern after protesters on boats approached the international Punta Rincon port where it operates. After Cortizo's announcement, Panama's main workers' union said its members will keep protesting in the streets until the contract is annulled.

Persons: Laurentino Cortizo Cohen, Eduardo Munoz, Laurentino Cortizo, Cortizo, I've, Minera, Valentine Hilaire, Elida Moreno, Daina Beth Solomon, Christian Schmollinger, Simon Cameron, Moore Organizations: General Assembly, REUTERS, PANAMA CITY, Sunday Panama, Minera, Central, Protesters, Critics, Punta Rincon, Thomson Locations: New York City, U.S, PANAMA, Panama, Central American, Minera Panama

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. President Laurentino Cortizo announced that the new mining restrictions will apply to both future mining projects as well as those currently seeking permits. The abrupt mining pause comes barely a week after Cortizo hailed the revised contract that allows the local unit of Canada's First Quantum (FM.TO) to continue operating its lucrative Cobre Panama project. "Panama is a mining country," Alexander told Reuters, arguing that without the mine, the country's economy would barely grow this year, versus the robust 6% growth the government estimates. The Cobre Panama mine alone accounts for nearly 5% of Panama's economy.

Persons: Laurentino Cortizo, Cortizo, Hector Alexander, Alexander, Panama's, Edison Broce, Valentine Hilaire, Christian Plumb, Marguerita Choy, Raju Gopalakrishnan Organizations: Minerals, REUTERS, Aris, Reuters, Thomson Locations: Panama, Donoso

CNN —Polls have closed in Argentina’s presidential elections, with the leading candidates highlighting sharp contrasts between the country’s political center and its margins amid a severe economic crisis. Inflation in Argentina has soared to 138%, Reuters reports, piling pressure on ordinary people trying to manage the cost of living. Bullrich holds up her marked ballot before putting it into the ballot box during primary elections in Buenos Aires, Argentina, Sunday, Oct. 22, 2023. Massa speaks to the press after voting at the polling station in Tigre, Buenos Aires, during the presidential election on October 22, 2023. Milei greets supporters before voting during general elections in Buenos Aires, Argentina, Sunday, Oct. 22, 2023.

Persons: Javier Milei, Patricia Bullrich, Sergio Massa, “, ” Laura Celiz, Alberto Fernández, ”, Bullrich, Gustavo Garello, Fabiana Cantilo, Massa, Emiliano Lasalvia, Cristina Fernandez de Kirchner, Milei, Rodrigo Abd, Milei’s Organizations: CNN, YouTube, Getty, International Monetary Fund, Milei Locations: Argentina, Buenos Aires, Tigre, AFP

REUTERS/Paulo Whitaker/File Photo Acquire Licensing RightsMEXICO CITY, Oct 19 (Reuters) - Brazilian fintech Nubank's Mexico arm has requested a banking license from local regulators, the unit's top executive said on Thursday, describing it as a bid to broaden product offering. A banking license would allow Nubank to offer "diverse kinds of investments," including shares in Mexico's main stock index, the company said in a statement to Reuters. Other opportunities stemming from a banking license include handling direct deposits of salaries for customers and setting higher deposit limits, Nubank Mexico head Ivan Canales said in an interview. Canales did not provide a timeline for obtaining the license in what is Nubank's second-biggest market after Brazil. Funding for Nubank's expansion plans will come from parent company Nu Holdings (NUN.MX) and deposits made by their customers, said Canales.

Persons: Paulo Whitaker, Ivan Canales, Canales, Nubank, Valentine Hilaire, David Alire Garcia, Varun Organizations: REUTERS, MEXICO CITY, Reuters, Nu Holdings, Thomson Locations: Brazilian, Sao Paulo, Brazil, MEXICO, Mexico

☆ Remittances to Mexico near a record but 'super peso' crimps spending power
▼ + stars: | 2023-10-18 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

A board displays the exchange rates for Mexican Peso and U.S. Dollar in Mexico City, Mexico March 13, 2023. People sending money back to Mexico this year have faced a new challenge: the "super peso." The skyrocketing peso has eroded the purchasing power of households in Mexico who rely on remittances from abroad. "What is truly important for recipients of remittances is not the amount they receive in dollars but the how much they can buy with that in Mexico," Siller Pagaza said. Siller Pagaza estimates that the spending power of remittances in Mexico will decline 9.9% this year, the first drop in a decade and the largest percentage fall in 13 years.

Persons: Lea, Gabriela Siller Pagaza, Siller Pagaza Organizations: U.S, Banco Base Locations: Mexico City, Mexico

Search resuls for: "Espanol"

25 mentions found