BBVA bank to invest $1.5 billion in Mexico Financial Mexico Mexico City 

BBVA bank to invest $1.5 billion in Mexico

Mexico City, D.F. – Spain-based BBVA Group has announced a $1.5 billion investment into Mexico over the next 5 years. The announcement was made in a press release by president of Grupo Financiero BBV Francisco González who says that despite the arrival of the new US president, BBVA will commit to the investment. He says that the investment will focus on software, big data and artificial intelligence to prepare the bank to be “absolutely more efficient and closer to customers.” “My perception about investing in this country does not change at all with the arrival of Trump. Rather,…

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Mexican peso breaks barrier of 19 peso to the dollar Financial Mexico 

Mexican peso breaks barrier of 19 peso to the dollar

Mexico City – On Tuesday, the Mexican peso fell to its lowest since February 12, breaking the barrier of 19 peso to the US dollar. In branches, the US dollar stood at 19.30 in Banco del Bajio, while Monex BanRegio was selling at 19.25 pesos. Other institutions such as Banamex, BBVA Bancomer, Santander and Banorte are selling in the range of 19.05 to 19.14 pesos per US dollar. In Mexico City International Airport exchange centers, the average sale price is 19.11 pesos per dollar and is bought at 17.72 pesos….

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Walmart Canada to stop accepting Visa Financial 

Walmart Canada to stop accepting Visa

Walmart says it has decided to stop accepting Visa credit cards as a form of payment in its Canadian stores due to high transaction fees. The company says it intends to join the list of Canadian retailers that don’t accept Visa because of the credit card’s “unacceptably high” fees. The announcement was made on Saturday in a company statement where Walmart said they will gradually stop accepting Visa credit cards as a form of payment. In a statement from Visa, the credit card company said they offer “one of the…

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The Peso dubbed worst currency in 2015, but not Mexican

Although the Mexican peso suffered its fair share of downturns throughout 2015, it did not make the list of worst performing currencies. Suffering a continual slide and hovering between the 16.00 to 17.00 peso mark ($1 USD buying 17.27 peso as of the New Year) for the latter part of the year, the Mexican peso managed to hold its placement off the worst currency list. Global reports say the Argentinian peso was the worst performing currency last year with a 34.6 percent loss against the US dollar. The slump is due…

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Mexico’s economy leading way in Latin America

Economy experts say that while the rest of Latin America takes a hard hit, Mexico is managing to come out on top. While they admit that the country’s economy isn’t surging, they do say it is surviving, something other Latin American countries such as Brazil cannot claim. In a year of tough economic times, Neil Shearing, chief emerging market economist at Capital Economics, says, “Every problem and every headwind that you think of with Brazil, the reverse is happening in Mexico.” With plunging currencies, low commodity prices and a stock market…

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Bank of Mexico: peso hit lowest level ever

According to the Bank of Mexico, the Mexican peso has hit its lowest level ever against the US dollar. Trading averages 16.52 on the interbank market. According to MetAnalisis consultant Gerardo Copca , the decline, which is only the latest string of new lows in 2015, is the result of pressure from falling oil prices with an anticipated interst rate hike in the US. Copca also says the drop is also being influenced by the poor economic performance in China, which adds pressure to the exchange market. Despite efforts by…

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Mexicans spend more online than any other Latin American country

According to a newly released study, VISA says Mexicans spend more money online per transaction than any other country in Latin America. The report titled Seizing the Cross-Border Opportunity, which was conducted by Euromonitor for VISA, found that last year, 61 percent of Mexicans spent an average of $101 online per transaction. These online shopping trends were followed by Brazil at 56 percent and Puerto Rico at 17 percent. The study also found that 81 percent of people in Latin America made their online purchases in the US, which is…

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Mexican peso hits all time low against US dollar

Mexico’s annual inflation rate took a tumble last month, hitting a record low. The tumble was the result of  seasonal electricity subsidies and a sluggish economy. Even with the new low, the central bank is still expected to raise interest rates as soon as US borrowing costs increase. On Tuesday, the national statistics agency says that inflation over the past 12 months slowed to 2.88 percent, which is below the 2.92 percent expected and the 3.06 percent annual rate in April. The annual rate is the lowest on record in…

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