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☆ Mexican president says economy should grow at least 3.5% through 2024
▼ + stars: | 2022-11-27 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 27 (Reuters) - Mexico's economy should grow 3.5% over 2022, 2023 and 2024, President Andres Manuel Lopez Obrador said on Sunday in a speech to a massive crowd gathered in the country's capital to mark his fourth year in office. An economic slowdown, largely in the industrial sector, weighed on to Mexico's Gross Domestic Product (GDP) growth, keeping it slightly below estimates in the third quarter this year. Analysts have predicted GDP will grow by 2.7% this year, while the International Monetary Fund expects growth to slow to 1.2% next year. "The economy will increase by 3.5% this year and, I estimate, by that same percentage at least for 2023 and 2024," he said. Lopez Obrador has recently said we would like to see the central bank balance fighting inflation with the need to protect economic growth.

☆ Tens of thousands march in Mexico City to support president
▼ + stars: | 2022-11-27 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +2 min

[1/5] People take part in a march in support of Mexican President Andres Manuel Lopez Obrador's government policies and to celebrate his four years in the office, in Mexico City, Mexico November 27, 2022. REUTERS/Henry RomeroMEXICO CITY, Nov 27 (Reuters) - Tens of thousands marched with Mexican President Andres Manuel Lopez Obrador on Sunday in a massive demonstration through the center of the country's capital to show their support for the head of state before a 2024 general election. Foreign Minister Marcelo Ebrard and Mexico City Mayor Claudia Sheinbaum, who were at the march, are likely party candidates to run for the next election, scheduled for the summer of 2024. "AMLO criticizes the salaries of INE councillors," wrote columnist Sergio Negrete on Twitter. "With the cost of his ego-boosting march, he could pay the salaries of 11 INE councillors for 43 years and three months."

☆ Decision on North American auto rules dispute 'imminent', Canada says
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, Nov 25 (Reuters) - A decision should be made very soon on a dispute pitting Canada and Mexico against the United States on the interpretation of regional trade rules in the auto industry, Canada Minister of International Trade Mary Ng said on Friday. Canada this year joined Mexico in a complaint against the United States over how to apply automotive sector content requirements under the United States-Mexico-Canada (USMCA) free trade agreement, which came into effect in 2020. Mexico and Canada favor a more flexible interpretation of the rules than Washington, and Mexico said in August that dispute panel hearings were beginning. Those disagreements have led to a separate energy dispute under USMCA that pits Ottawa and Washington against Mexico. Ng this week said Canada had begun exploratory discussions with Ecuador over a potential free trade agreement.

☆ Mexico economy grows 0.9% in Q3 but momentum seen easing on tighter conditions
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

Nov 25 (Reuters) - Mexico's economy grew 0.9% in the third quarter from the previous three-month period, national statistics agency INEGI said on Friday, boosted mainly by the primary sector and despite an ongoing aggressive monetary tightening cycle. Repeating a trend seen in the previous quarter, Latin America's second-largest economy posted across-the-board growth in the period, with primary, secondary and tertiary sectors expanding 2%, 0.6% and 1.1%, respectively. Tighter monetary conditions, however, are seen slowing down Mexico's GDP growth ahead, and President Andres Manuel Lopez Obrador has recently asked the central bank to balance fighting inflation with the need to protect economic growth. In annual terms, INEGI said, the country's economy expanded 4.3% in the third quarter compared to a year earlier, beating expectations of 4.1% growth from economists polled by Reuters. Separately, data showed on Friday that Mexico's economic activity grew 0.7% in September from August and 5.2% from September of 2021, both also ahead of market projections.

☆ Mexico's Inbursa drops bid for Citigroup's Mexican retail arm Citibanamex
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. "Inbursa confirms that, following submission of a non-binding proposal for the businesses in question, the parties mutually agreed that Inbursa will not be continuing to the next stages of the process," it said in a filing. Mexican corporate titans Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known too as Banamex. Earlier this month, Mexican President Andres Manuel Lopez Obrador said there are at least three remaining bidders for Banamex. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

☆ Indigenous fashion designers, artisans challenge plagiarism on Mexico City runway
▼ + stars: | 2022-11-23 | by ( Aida Pelaez-Fernandez | ) www.reuters.com time to read: +3 min

MEXICO CITY, Nov 23 (Reuters) - Wrapped in colorful haute couture, artisans and indigenous designers took a Mexico City fashion event by storm, all while trying to carve out a sustainable future in an industry threatened by plagiarism, instability and lack of funds. World-renowned brands such as Ralph Lauren and Chinese fast-fashion company Shein have in recent months faced accusations of plagiarizing indigenous Mexican designs, threatening the country's ancient textile tradition. [1/10] Artisan Juana Bravo Lazaro from the Urupan indigenous community, attends the Original Mexican Textile Art meeting, in Mexico City, Mexico November 20, 2022. Plagiarism of ancient indigenous designs has drawn ire from Mexican President Andres Manuel Lopez Obrador. "They plagiarize designs from artisans and indigenous people from Hidalgo, Chiapas, Guerrero," he told a news conference last week.

☆ The last panda in Latin America? Mexico to decide what happens next
▼ + stars: | 2022-11-18 | by ( Associated Press | ) www.nbcnews.com time to read: +2 min

Xin Xin, the last panda in Latin America, is not your average bear. A native of Mexico, she’s the only remaining member of a diaspora descended from giant pandas China gifted to foreign countries during the 1970s and 1980s. That era may soon end after more than 50 years because Xin Xin, the granddaughter of pandas gifted by China, is childless, in menopause and, at 32, very old. It could be the end for pandas in Latin America altogether if Mexico’s government balks at the price of a new panda. Xin Xin is a second-generation Mexican-born panda, tracing her lineage to Pe Pe and Ying Ying, who arrived to the zoo in 1975.

☆ Factbox: What is APEC and which leaders are attending Bangkok summit?
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +5 min

[1/5] A general view outside of the Queen Sirikit National Convention Center venue during the Asia-Pacific Economic Cooperation (APEC) summit, at Asoke Junction, in Bangkok, Thailand November 17, 2022. The United States will be the APEC host in 2023. CHINA PRESIDENT XI JINPINGXi met Japanese Prime Minister Fumio Kishida in Bangkok on Thursday for talks. RUSSIA FIRST DEPUTY PRIME MINISTER ANDREI BELOUSOVBelousov will represent President Valadmir Putin at APEC. PAPUA NEW GUINEA PRIME MINISTER JAMES MARAPEMarape will hold meetings with U.S. State Secretary Antony Blinken.

☆ GM Mexico head sees country missing electric vehicle target for 2030
▼ + stars: | 2022-11-17 | by ( Kylie Madry | ) www.reuters.com time to read: +2 min

MONTERREY, Mexico, Nov 16 (Reuters) - General Motors' Mexico head Francisco Garza foresees just 15% of the vehicles produced in the country in 2030 as being electric, missing the goal given by Mexican officials, he said Wednesday. GM is already in talks with the Mexican government at local, state and federal levels to boost EV production, Garza said. Mexican President Andres Manuel Lopez Obrador and other officials have repeatedly touted that Mexico is on track to meet or even exceed the goal of turning 50% of automotive production electric by 2030. However, Garza said Wednesday the government's official goal was to reach 30% of production by 2030. A spokesperson for the Mexican Automotive Industry Association (AMIA) told Reuters the goal was between 30% and 50%.

Companies Petroleos Mexicanos FollowMEXICO CITY, Nov 17 (Reuters) - Under pressure to increase production, Mexico's state oil company Pemex has risked fines for violations that cause environmental damage rather than delay output to fix the underlying issues, according to two senior company sources. Mexican law stipulates that the oil regulator can only levy fines for breaches of development plans rather than for environmental damage. The world's most indebted oil company, whose profits were for years plundered to fund government spending, has struggled to reverse a decade of declining oil production. Reuters GraphicsIn Mexico, fines are decided by various factors including if it is a first or repeated offense, and damage caused. Fines are low to avoid depleting Pemex funds that could be used to resolve the underlying problems, the sources at the regulator said.

☆ Mexico to urge U.S., Canada firms to participate in lithium market
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 15 (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Tuesday his administration will issue a call for U.S. and Canadian companies to participate in the country's incipient lithium market. Mexico does not yet have commercial lithium production, though close to a dozen foreign companies hold contracts to explore potential deposits. The role of foreign companies will be centered in building infrastructure and state entities will hold the majority stakes in the projects, he added. Lopez Obrador nationalized Mexico's lithium deposits in April, hoping to cash in on surging demand for the metal. Though Mexico does not currently produce lithium, the finance ministry estimated the value of Sonora lithium reserves at $600 billion.

☆ Mexico's president dismisses mass protest against electoral overhaul
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] An areal view shows people protesting against the electoral reform proposed by Mexican President Andres Manuel Lopez Obrador and in support of the National Electoral Institute (INE), in Monterrey, Mexico, November 13, 2022. "They did it in favor of corruption, in favor of racism, classism, discrimination," Lopez Obrador said in a regular news conference. Lopez Obrador, has long criticized the country's electoral authorities, including accusing them of helping to engineer his defeats when he ran for the presidency in 2006 and 2012. The president argues his plan will make the INE more democratic by allowing the public to vote for its board. Reporting by Mexico City Newsroom; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Mexicans Protest President’s Plans to Overhaul Election Agency
▼ + stars: | 2022-11-13 | by ( Juan Montes | ) www.wsj.com time to read: 1 min

MEXICO CITY—Tens of thousands of Mexicans demonstrated on Sunday across the country against an overhaul of the electoral system proposed by President Andrés Manuel López Obrador that opponents say risks undermining Mexico’s democracy. Demonstrators took to the streets in more than two dozen cities, waving flags and wearing caps and T-shirts in the pink colors of Mexico’s autonomous agency in charge of organizing elections. They shouted slogans in defense of the National Electoral Institute, or INE, as the agency is known.

☆ Tens of thousands protest Mexican president's electoral reform plan
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +3 min

[1/5] Demonstrators march against the electoral reform proposed by Mexican President Andres Manuel Lopez Obrador and in support of the National Electoral Institute (INE) in Mexico City, Mexico, November 13, 2022. In the past, Lopez Obrador pursued contentious policies by pitching referendums - including on the cancellation of a part-built airport - to claim popular mandates for his objectives. Organizers put the number at hundreds of thousands but some political allies of Lopez Obrador gave far lower estimates. Lopez Obrador posted a video message on his Twitter as he celebrated his 69th birthday - but did not address the protests. Reporting by Stefanie Eschenbacher, Dave Graham and Carlos Carrillo in Mexico City; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: G20 summit: Which leaders will attend Bali summit?
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +5 min

It will also mark the first face-to-face meeting between U.S. President Joe Biden and Chinese President Xi Jinping since Biden became president. CHINA'S PRESIDENT XI JINPINGXi's visit to Southeast Asia will be only his second foreign trip since the beginning of the COVID-19 pandemic. UKRAINE'S PRESIDENT VOLODYMYR ZELENSKIY (VIRTUAL)Indonesia invited Zelenskiy to attend the summit as an obsever, although the Indonesian foreign ministry has said he will appear at the summit virtually. INDIAN PRIME MINISTER NARENDRA MODIModi is due to symbolically take over the G20 presidency from current chair Indonesian President Joko Widodo in Bali. He also committed to work closely with the Indonesian president to help deliver a successful summit.

☆ Mexico president confirms nomination of cenbanker Esquivel for IDB chief
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 10 (Reuters) - Mexican President Andres Manuel Lopez Obrador confirmed on Thursday the nomination of Bank of Mexico Deputy Governor Gerardo Esquivel for the presidency of the Inter-American Development Bank (IDB), Latin America's main lending arm. "I promise to do my best in the process of running for the appointment," Esquivel said in a series of tweets on Thursday evening. Esquivel's term at the Bank of Mexico is currently set to end in December, though he could be asked to stay on. The former chief of the IDB, Mauricio Claver-Carone, was sacked in September after an investigation found he had had an intimate relationship with a subordinate. Reporting by Mexico City Newsroom; Additional reporting by Kylie Madry; editing by Cassandra Garrison and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

MEXICO CITY, Nov 10 (Reuters) - The Bank of Mexico hiked its key interest rate by 75 basis points to a record 10.00% on Thursday, in line with forecasts and following in the footsteps of the U.S. Federal Reserve's recent three-quarters of a percentage point increase. In a departure from recent decisions, the bank's five board members did not vote unanimously for the increase, with Deputy Governor Gerardo Esquivel voting to hike the key rate by 50 basis points. The bank has raised its target rate by 600 basis points since June 2021, as inflation has blown past Banxico's target rate of 3%, plus or minus one percentage point. Inflation in Mexico slowed in October, official data on Wednesday showed, reaching an annual headline rate of 8.41%, down from the 8.7% annual rate the prior month. Reporting by Anthony Esposito and Brendan O'Boyle; Editing by Christian Plumb and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Shooting in gang-plagued Mexican state leaves 9 dead
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 10 (Reuters) - A shooting left nine dead and two wounded at a bar in the central Mexican state of Guanajuato, which has increasingly suffered from cartel violence, local authorities said Thursday. Five men and four women were killed in the gunfire and two more women were hurt, the town said. The assailants had not yet been identified, officials said, adding that units of state and federal authorities as well as the National Guard would be moved into the area. Last month, 12 were killed at a bar in the city of Irapuato, following a nearby shooting that left 10 dead in September. Homicides have dropped slightly in 2022, though Lopez Obrador's term is on track to be the deadliest in modern history.

☆ Mexico nominates central banker Esquivel for IDB presidency -sources
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY/WASHINGTON, Nov 9 (Reuters) - Mexico has nominated Mexican central bank board member Gerardo Esquivel for the presidency of the Inter-American Development Bank (IDB), four people familiar with the matter said on Wednesday. Headquartered in Washington, the IDB is a key investor in Latin America and the Caribbean. Esquivel, 56, is regarded as perhaps the most doveish member of the board of the Bank of Mexico (Banxico), and his term there is currently scheduled to conclude in December. Former IDB President Mauricio Claver-Carone, the only American president in the bank's history, was fired in September after an investigation showed he had an intimate relationship with a subordinate, Reuters exclusively reported. ET on Nov. 11, with the bank's governors to vote on the next president early on Nov. 20, an IDB official said.

☆ Mexico not buying U.S. yellow corn as GM ban looms, Lopez Obrador says
▼ + stars: | 2022-11-09 | by ( Marianna Parraga | ) www.reuters.com time to read: +3 min

The United States wanted to sell Mexico more yellow corn and Mexico declined, Lopez Obrador said in a regular news conference. "There is a market for it, but the government cannot make a purchase because we do not want GM," Lopez Obrador said, citing a lack of scientific investigation into its effects. Lopez Obrador did not specify who made the request to sell more corn, the amount of the requested sale or the time frame. Mexico is ready to halve its U.S. imports of yellow corn when the decree goes into effect and is considering direct agreements with farmers to secure non-GM yellow corn imports, the country's deputy agriculture minister said in October. Chicago Board of Trade corn futures fell on Wednesday after the news, with the benchmark December contract down 6 cents a bushel at a two-month low of $6.61-1/2 a bushel.

☆ Mexico's Pemex had a plan to fix its flaring problem, but abandoned it
▼ + stars: | 2022-11-07 | by ( Stefanie Eschenbacher | ) www.reuters.com time to read: +10 min

The broken commitment, which has not previously been reported, highlights the struggles of Mexico's oil regulator to rein in Pemex, a powerful state monopoly that is always closely connected to the government. The oil company has in recent quarterly reports stressed it was making efforts to clean up its operations and bring down flaring and other waste. Earlier this year, under increasing international criticism, Lopez Obrador said Pemex would invest $2 billion to improve infrastructure to reduce flaring and methane emissions. The regulator said in 2020 the company wasted 37.7% of the gas from Ku alone through flaring, venting or otherwise. One source said the regulator fined Pemex again for recurrence in 2021 but the oil company started legal proceedings to annul the fine, which are still pending.

☆ IMF projects Mexico's economy will slow in the near term
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, Nov 4 (Reuters) - The International Monetary Fund (IMF) on Friday forecast Mexico's economy will grow 2.1% in 2022 and 1.2% in 2023, saying "economic growth is expected to slow in the near term reflecting weaker U.S. growth and tighter global financial conditions." The fund also said it welcomed the "proactive approach" from Mexico's central bank, known as Banxico, in tackling inflation with interest rate hikes. Further rate hikes may be needed "for some time" due to uncertainty around inflation in 2023, the IMF said. They also noted that fostering more private participation in the energy sector would help boost competitiveness and investment, the IMF said. read morePresident Andres Manuel Lopez Obrador is looking to expand output from Mexico's fossil fuel-dependent state energy companies, including the heavily indebted Petroleos Mexicanos(PEMX.UL).

☆ Could Mexico be on its way to electing its first woman president?
▼ + stars: | 2022-11-03 | by ( ) www.nbcnews.com time to read: +9 min

MEXICO CITY — The most historic legacy of President Andres Manuel Lopez Obrador, a left-leaning resource nationalist who casts his administration as a turning point in the annals of Mexico, may be to pave the way for the country’s first woman leader. President Lopez Obrador’s popularity stems from his personal, austere, simple way of governing,” Sheinbaum said. Many of Lopez Obrador’s biggest public works look increasingly like they will not be completed on his watch. One cloud hanging over MORENA domination is Mexico City, a bastion of the Mexican left which unites the president, Sheinbaum and Ebrard, who succeeded Lopez Obrador as mayor. In May 2021, a Mexico City metro overpass collapsed, killing or injuring dozens of people.

☆ U.S. Congress split on making daylight-saving time permanent
▼ + stars: | 2022-11-03 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Legislative aides told Reuters they do not expect Congress to reach agreement before the end of the year. Daylight-saving time has been in place in nearly all of the United States since the 1960s. Pallone previously said he backs ending the clock-switching but has not decided whether to support daylight or standard time as the permanent choice. On Sunday, Mexico rolled back its clocks one last time after the passage of a law last week to abolish daylight-saving time. The White House declined to say earlier this year if Biden supports making daylight-saving time permanent.

☆ U.S.-Mexico nuclear cooperation agreement enters into force
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 2 (Reuters) - A bilateral agreement on nuclear energy between the United States and Mexico entered into force, the U.S. State Department said Wednesday, adding that it will enhance cooperation on energy security. The agreement is the "first bilateral agreement for peaceful nuclear cooperation" between the two countries, the department said in a statement. "This agreement will further strengthen the U.S.-Mexico relationship and deepen our cooperation on energy security," State Department spokesperson Ned Price said on Twitter. Mexico and the United States signed the agreement in 2018, but Mexico's Senate did not give its approval until March. Energy Minister Rocio Nahle has described nuclear energy as "clean, safe, constant and profitable."

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