Tag: national economy

Rise in steel puts pressure on the automotive sector, steelmakers did not recover precovid production
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Rise in steel puts pressure on the automotive sector, steelmakers did not recover precovid production

CDMX.- Steel is one of those responsible for the increase in the price of cars.According to the Mexican Association of the Automotive Industry, the price of steel increased between 35% and 40% in the first months of the year, which has caused, in part, the rise in the price of vehicles.In April, the annual variation in vehicle prices was 9.4%, when general inflation was 6%, according to Inegi figures.Last year, steel production declined around the world except China as a result of the COVID-19 pandemic.The automotive industry restarted vehicle production from July 2020, and began to demand more steel, but steelmakers did not recover their production levels as quickly as other industries, or worldwide.John Anton, Director of Pricing and Purchasing at IHS Markit, said that demand for steel r...
EU reactivates internment permit for travelers by land
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EU reactivates internment permit for travelers by land

CDMX.- The land border closure with the United States could be close to ending.A few hours ago, The US Customs and Border Protection (CBP) has reactivated the issuance of I-94 permits that leaves travelers with a tourist visa to arrive by land.The issuance of these permits was suspended since the start of the pandemic and when the closure of the border was announced on March 21, 2020.Applications for I-94 permits can also be processed through the CBP One mobile app, to facilitate international travel to the United States.Agency officials in Texas said that non-essential travel remains restricted until June 21, but that the issuance of the permits represents a step towards ending the restriction, which this month marks one year and three months.On the other hand, the Ministry of Foreign Rel...
Judge suspends US company that challenged outsourcing reform
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Judge suspends US company that challenged outsourcing reform

Mexico City.- A federal judge granted the first provisional suspension against the reform in the matter of labor subcontracting, also called outsourcing, a precautionary measure that will benefit a US company for the time being.María del Carmen Leticia Hernández Guerrero, First District Judge in Civil and Labor Matters based in Nuevo León, granted the suspension to the Mary Kay company, which challenged the reform that regulates outsourcing.The company may, for the time being, continue with subcontracting with the rules in force before the reform.The company requested the suspension of the Decree amending, adding and repealing various provisions of the Federal Labor Law, Social Security Law, Law of the Institute of the National Housing Fund for Workers, the Federal Tax Code, Income Tax Law...
Jail warns companies that fail to comply with outsourcing reform
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Jail warns companies that fail to comply with outsourcing reform

MEXICO CITY.- Although we are starting with the labor part of the outsourcing reform, in August the tax provisions will come into force that, if not complied with, imply 13 and a half years in prison, warned the head of the Fiscal Attorney of the Federation (PFF), Carlos Romero Aranda. For this reason, he called on companies to migrate as soon as possible from the previous scheme to the new one, to be "bulletproof" and to be able to comply with the new regulation."By registering and complying with all the requirements, if they answer favorably to what you want, you are bulletproof, you have your resolution before the authority. If they say no to you, why do you do it if you know you are coming with a contingency, "he said.However, if they incur that with the use of deception or exploitati...
Mexican oil rises to $ 64.40, its highest price in 3 months
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Mexican oil rises to $ 64.40, its highest price in 3 months

MEXICO CITY.- Following the agreement of the Organization of Petroleum Exporting Countries (OPEC) and its allies, Mexican crude reached its highest price in almost three months on Tuesday.This afternoon, Petróleos Mexicanos (Pemex) announced that it sold the Mexican crude oil mix at $ 64.40 per barrel and It was its highest price since March 11, when it was exchanged at 64.48 units.The national hydrocarbon rose 1.2% or 78 cents on the dollar with relation to the previous day and accumulates four profit sessions.A barrel of Mexican crude has risen 36.6% or 17.24 dollars since the beginning of 2021 and has been trading above 42.1 dollars for more than half a year per barrel, estimated price in the 2021 budget, which implies that the federal government is receiving more revenue than expected...
We must not claim victory in self-service recovery: ANTAD
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We must not claim victory in self-service recovery: ANTAD

MEXICO CITY.- In May 2021, the recovery will continue in sales of department and specialized stores, very high figures will be seen due to the sharp fall in 2020, but even with that, there is no need to claim victory, said the president executive of the National Association of Supermarket and Department Stores (ANTAD), Vicente Yáñez Solloa.Regarding the sales growth figures in the self-service stores, he assured that there will be a growth "close to zero", while in the departmental and specialized ones, very high figures will be seen because they will be compared with very low sales as businesses are closed due to confinement to avoid contagion.He recalled that in 2021 there was a "significant collapse in March in terms of comparative sales. The figures in these months are going to be ver...
Moody’s downgrades Deer Park refinery
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Moody’s downgrades Deer Park refinery

MEXICO CITY.- Moody's downgraded Deer Park refinery To Baa3 from Baa2 and put their ratings on review to downgrade.According to the agency, the downgrade of Deer Park's senior unsecured ratings to Baa3 reflects Moody's expectation that the full recovery in earnings of the company and the leverage profile will extend beyond 2021.A pending completion of the announced sale transaction to Pemex, Moody's expects Deer Park to proactively manage its liquidity requirements and refinancing in 2021, including refinancing a $ 130 million short-term revolving line of credit, which expires in July 2021 on partner loan proceeds."The review for the Baa3 ratings downgrade further reflects Moody's expectation that following the sale, Deer Park's ratings will be driven primarily by its independent credit d...
Economic recovery advances: GDP growth forecast in 28 of 32 states
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Economic recovery advances: GDP growth forecast in 28 of 32 states

CDMX.- The Mexican economy is on the road to recovery. The reopening of activities and the mitigation of adverse effects of the COVID-19 pandemic set the tone for the reactivation of the states, but slowly and unevenly, specialists warn.After only one entity's economy ended 2020 in positive territory (Tabasco), this year 28 of the 32 states are expected to grow their GDP, according to an analysis of the Regional Sectorial Situation in Mexico by BBVA Research. Based on the estimates, Zacatecas and Sonora would join Tabasco as the only entities to be above the levels reached in 2019, the rest will have to wait a year or even longer to return to those figures.In Zacatecas, a growth rate of 11.3% is expected. Sonora will advance 6.1% in 2021.Curiously, the only entity that did not regress i...
The OECD ready to evaluate megaworks in Mexico
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The OECD ready to evaluate megaworks in Mexico

MEXICO CITY.- The Organization for Economic Cooperation and Development (OECD) is willing to participate with the government of Mexico to technically evaluate the so-called megaworks such as the Maya Train, Dos Bocas Refinery and Felipe Ángeles Airport, so that they work properly.Roberto Martínez Yllescas, director of the OECD Center in Mexico for Latin America, asserted, who was questioned at the Senate headquarters of the Republic on the criticism regarding the uselessness of the mega works promoted by the government of President Andrés Manuel López Obrador."We cannot pronounce in any way about the usefulness or functionality of a public work, also a priority for any of our countries, in this case those of Mexico and its government, "he said in an interview."So what we do is help govern...
Clouthier dismisses the existence of complaints against Mexico, Canada and the United States for investment climate
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Clouthier dismisses the existence of complaints against Mexico, Canada and the United States for investment climate

MEXICO CITY.- Contrary to what the trade ministers of the United States and Canada said, the Secretary of Economy of Mexico, Tatiana Clouthier, He said that there were no precise indications against the investment climate that exists in Mexico, due to changes in the laws in the energy sector.He explained that during the first meeting of the Free Trade Commission of the Agreement between Mexico, the United States and Canada (T-MEC), their counterparts discussed the issue of electricity and energy reform, so Clouthier promised to receive any doubts on the subject and present them to the Ministry of Energy."First they did not make an indication as such of investment, but, when they presented the issue of electricity and energy reform, it was treated in a general way, "he added. !function(f,b,...