Possible gasoline price hike in store for January Business Mexico 

Possible gasoline price hike in store for January

Mexico City, Mexico — Talk of gasoline price increases has some top officials saying an increase of up to 20 percent could be seen in 2018. Analysts, along with the Mexican Association of Gasoline Businessmen, estimate that beginning January, there is the possibility of a price hike that could reach as high as 20 percent. President of the Mexican Association of Gasoline Businessmen Pablo González said that the increase in prices “is a latent possibility,” while also indicating that the increase would result from the increased prices of gasoline and oil in international markets coupled with the fact…

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International Monetary Fund reports Mexico economy to increase 2017, decrease next year Business Mexico 

International Monetary Fund reports Mexico economy to increase for 2017, decrease next year

Mexico City, Mexico — The International Monetary Fund (IMF) reports that the Mexican economy will grow 2.1 percent in 2017, with private consumption being the main driver of activity backed by manufacturing exports. They also say that investments have remained weak in the midst of uncertainty for the future of commercial relations between Mexico and the United States. The biggest domestic risk, they say, comes from the uncertainty about the political landscape due to the 2018 general elections, which may adversely affect investments. The annual evaluation of the international financial institution suggests that growth will slow slightly…

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Electrolux Mexico hit with significant tariff increase for US imports Business Mexico 

Electrolux Mexico hit with significant tariff increase for US imports

Mexico City, Mexico — Electrolux Major Appliances North America announced it has been informed by the U.S. Department of Commerce (DOC) that a preliminary and significantly increased tariff rate of 72.41 percent on washing machines manufactured in Mexico and imported into the U.S. between February 2016 and January 2017 was set. The company said it intends to “contest this decision vigorously”. If the preliminary tariff rate is determined as final, it could have a one-time cost to Electrolux of up to US $70 million in 2018. “We believe this is completely unfounded and…

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Amazon Mexico growing quickly, opening third mass warehouse Business Mexico 

Amazon Mexico growing quickly, opening third mass warehouse

Mexico City, Mexico — Amazon Mexico is planning to build it’s third mega store in a municipality outside Mexico City in an attempt to reach 120 million new customers. The online giant is honing in on Mexico’s electronic commerce as both in-store and online sales continue to increase. Amazon is still new to Mexico, having opened its Kindle e-book site to customers in 2013. The expansion of physical goods started only two years ago, but is growing much faster than company rivals such as Walmart. Amazon is already the country’s…

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Nestlé invests more in Mexico to decrease imports Business Mexico 

Nestlé invests more in Mexico to decrease imports

Mexico City, Mexico — Food producer Nestlé says they are hoping to decrease material imports and improve local purchasing by investing more in Mexico. The company says that they allocate approximately 13 billion peso for the purchase of raw material in Mexico to manufacture its various products such as cereals and milk powder, but the company wants this figure to be higher. Juan Carlos Pardo, corporate affairs director of Nestlé Mexico Group, explained that they are promoting support programs for coffee, cocoa, milk and corn producers in addition to reducing their dependence on imports. “Some material such as cocoa…

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Pemex makes largest Mexico oil discovery in 15 years Business Mexico 

Pemex announces largest Mexico oil discovery in 15 years

Mexico City, Mexico — Mexico’s president Enrique Peña Nieto has announced a new oil discovery in Veracruz. The finding, he says, is one of the largest and most important made by Petróleos Mexicanos in the last 15 years. “This finding is the most important one made by Petróleos Mexicanos in land fields in the last 15 years,” noted Mexican President Enrique Peña Nieto. The field, called Ixachi, has an original volume of more than 1.5 million barrels of oil equivalent, which could represent total reserves of around 350 million barrels of oil equivalent….

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Slim says Mexico missed before out but can do a lot with NAFTA trade surplus now Business Mexico 

Slim says Mexico missed out before but can do a lot with NAFTA trade surplus now

Mexico City, Mexico — In a recent business summit, Telmex founder Carlos Slim says that Mexico has missed out on many opportunities, but says better models and proposals can help make Mexico stronger and more productive. During the 2017 Business Summit in San Luis Potosi, businessman Carlos Slim said that Mexico has missed its opportunities to have greater economic growth. The president of Grupo Carso explained that “We missed the oil boom of the 1980s and 1990s. Not only did we spend that income of $50 billion, but we borrowed a similar…

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Mexico one of two Latin American countries to record wage decrease Business Mexico 

Mexico one of two Latin American countries to record wage decrease

Mexico City, Mexico —  According to an ECLAC and International Labor Organization (ILO) study, Employment in Latin America and Caribbean, Mexico and Peru are the two countries where real wages have fallen this year in relation to last year. The study took into consideration six areas, of which two, Peru and Mexico, recorded a decrease in basic salaries by at least one percent. “The wage data captures only the variation in the formal enterprises of the economy, and part of the deterioration of the labor situation in the region lies precisely in…

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