Forbes – Mexico, like the rest of Latin America, is facing a difficult economic climate. Faced with jittery markets eyeing China’s economic problems and an environment of low oil prices, Mexico is caught in a trap.
The Guardian – The sacking of Miguel Herrera, just hours after he had delivered Mexico their record seventh Gold Cup, brought an end to one of the more demonstrative national team coaching reigns in recent history.
Bloomberg – Mexico began its annual program to lock in oil sales for the coming year as a shield against a further drop in prices, three people with direct knowledge said.
Reuters – Mexico’s central bank is expected to hold borrowing costs steady Thursday but signal that it is ready to follow the U.S. Federal Reserve with an interest rate hike to prop up a slumping peso.
Gulf News – Monterrey upscale suburb San Nicolas de los Garza has taken a drastic step to punish litterbugs: Placing their mugshots on billboards with the words “detained for being a pig”.
AP – The bodies of six men and two teenage boys were found stabbed to death in the mountains of Chihuahua. The bodies had been dumped into a deep gully in the township of Guadalupe y Calvo.
NDTV – A truck plowed into a crowd of pilgrims inZacatecas Wednesday, killing at least 12 people and injuring 20 others. The truck “was apparently left without brakes and struck the crowd” that was heading to a religious site in the town of Mazapil.
The Guardian – Protesters attacked Uber drivers and their vehicles with clubs and stones outside Mexico City airport on Tuesday. Uber says between 10 to 12 cars were damaged, but there were no reports of serious injuries.
Sentido Comun – Fibra MTY completed the acquisition of Catacha property after investing 41 million pesos ($2.5 million). The building is in Santa Catarina, in the state of Nuevo Leon.
Sentido Comun – CMR, a leading casual dining chain, opened a new Red Lobster restaurant in Polanco in Mexico City, its fifth in the country and its second in Mexico City.
Sentido Comun – Petroleos Mexicanos opened a new International Training Center at its North Central Hospital in Mexico City to better train medical residents regarding cardiac resuscitation, respiratory and traumatic injury.
Azteca – The emergency declaration issued July 12 for five municipalities in Colima because of volcanic eruption has been terminated. The communities were Colima, Comala, Coquimatlán, Cuauhtémoc and Villa de Alvarez.
El Universal – About 25 percent of the guns recovered in Mexico come from the United States, but are manufactured in other countries, while in the case of Latin America the figure stands at 59 percent, concluded a report of the Office of Latin America in Washington (WOLA ) and the Violence Policy Center.
Televisa – Early Thursday, tropical storm Guillermo formed in the Pacific Ocean southwest of the Baja California Peninsula. It is expected to become a hurricane during the weekend, but still away from Mexican territory in the coming days.
By David Alire Garcia / Reuters
Mexico, which has started to open its nationalized oil industry to additional private investment, will postpone auctions for deep-water oil exploration and production contracts and adjust the terms of upcoming tenders after an inaugural oil auction failed to meet the government’s modest expectations.
Energy Minister Pedro Joaquin Coldwell told local television the government will change rules that scared off potential bidders earlier this month, when it was able to auction only two of 14 blocks in a pivotal oil and gas tender.
He signaled that the government will relax its requirement that consortia bidding on oil parcels must have one member act as a guarantor and hold shareholder equity of at least $6 billion to protect the state’s interest in the event of a major accident.
“We are revising the issue of the guarantees,” said Joaquin Coldwell in a Tuesday night interview with top Mexican broadcaster Televisa’s cable news channel Foro TV.
He also said the government would tweak rules prohibiting a consortium from selecting a new company to replace a pre-selected operator that pulls out. He said that rule thwarted bids in this month’s auction.
He said the government will also allow companies to make a second bid in auctions if an initial bid fails to meet a government set minimum.
By Anthony Harrup / Wall Street Journal
Mexico’s government lost the battle of the headlines when a state agency reported that the number of poor people in the country increased by two million between 2012 and 2014, even though some measures of economic adversity eased.
While economists saw low economic growth and lagging wages behind the increase in the number of poor, critics attributed the results to a failure in government programs aimed at tackling one of the country’s biggest problems, where the top 10 percent of the population enjoys 35 percent of the income and the bottom 10 percent just 1.9 percent.
Coneval, the government agency that evaluates the performance of social development policies, said last week there were 55.3 million poor people in 2014, two million more than in 2012. The ranks of the poor amounted to 46.2 percent of the population, up from 45.5 percent two years before.
While income fell, deficiencies in education, health, social security and housing were down last year from 2012, although insufficiency rose in access to nutrition – such as people having to switch to cheaper foods, or in extreme cases miss meals.
“In Mexico poverty affects those who work. It’s not just the unemployed that fall into poverty, as happens in developed countries. In our country, income from labor is insufficient to be above the poverty line,” said the nongovernment organization Acción Cuidadana Frente a la Pobreza, or Citizen Action Against Poverty.
“Mexico isn’t poor, but most of its population is, and this needs to change,” he said.
The Guardian – Miguel Herrera, the combustible Mexico coach famed for his exuberant touchline displays and sharp disagreements with referees, has made a public apology after he was fired for punching a TV reporter – just two days on from leading his team to victory in the Gold Cup.
Forbes – Mexico City media landscape has evolved rapidly over the last twenty years. While some critics still complain that TV giants such as Televisa and TV Azteca focus more on supporting the official government view than engaging in critical investigative journalism, gone are the days when all newspapers relied on government ad revenue and paper from a state-owned company.
Reuters – Grupo Mexico said its second-quarter profit fell 35 percent, hit by lower revenue and higher financial costs. The company posted a profit of $364.8 million for the April to June period, down from $558.6 million in the same quarter a year earlier.
Reuters – Pemex said losses widened in the second quarter, marking its eleventh straight quarter in the red, on slumping prices and a nearly 10 percent drop in crude output. Losses grew nearly 62 percent to 84.572 billion pesos ($5.388 billion) from 52.226 billion pesos in the year-ago quarter.