T+L – Mexico is much more than its all-inclusive resort reputation, as many towns and bustling metropolises are home to myriad cultural institutions showcasing the best of Mexican culture, arts, and culinary delights.
Reuters – Mexico’s central bank said on Thursday that it has conducted dollar sales via domestic banks as well as in New York in a bid to boost the battered peso, which hit a record low a day earlier.
Reuters – Mexicans overwhelmingly say they oppose the wall U.S. President-elect Donald Trump has promised to build along their northern border. But in Mexico’s Ciudad Juarez, where extensive fencing was erected by the United States to secure the border between 2007 and 2010, residents have a more nuanced view of what a wall can mean. They say the Juarez fence has both caused and relieved problems in the city and nearby areas.
Reason – In all the hubbub surrounding The Carrier Deal, there was one question that went unasked. Why did Carrier want to move those jobs out of Indiana in the first place? One factor stood out when Carrier executives met with Mike Pence, then the governor of Indiana, last year. After the meeting, Pence said the decision to relocate had nothing to do with Indiana’s business climate but with the “rising red tape” in Washington D.C.
Bloomberg – Mexican consumer companies from Wal-Mart to Liverpool SAB might see sales flag as the country raises gasoline prices by as much as 20 percent in January. Retailers might be the most affected by the jump in prices, which risks eroding consumer sentiment and purchasing power amid a weakening peso that has already fueled concern about inflation. Supermarket operators Chedraui and Organizacion Soriana might also take a hit as the cost of gasoline takes a bigger portion of consumers’ budgets.
By Christina Rogers and John D. Stoll / Wall Street Journal
Ford Motor Co. said Tuesday it is scrapping plans for a new $1.6 billion assembly plant in Mexico, instead choosing to build small cars in an existing Mexican factory, and invest $700 million in a Michigan facility that will build electric vehicles.
The move is a surprising turnaround for Ford after facing criticism by President-elect Donald Trump for more than a year in relation to its Mexico plan.
Last month, Chief Executive Mark Fields said it was looking to work with the incoming administration on Trump’s trade agenda, but indicated it was too late to change its specific plan to build a new factory in Mexico.
The announcement comes just hours after Trump criticized Ford rival General Motors Co. for sending some of its Chevrolet Cruze production from Mexico to U.S. dealerships and paying no taxes. Trump has used the auto industry as an example of why the North American Free Trade Agreement needs to be retooled.
Tech Crunch – On Tuesday morning, Donald Trump tweeted that the Chevrolet Cruze sold in the U.S. is being manufactured in Mexico and sold tax-free via dealers across the border in the U.S. GM responded to the claim with a statement clarifying exactly where it makes the Cruze it retails in the U.S., which it turns out is primarily in Ohio.
Al Jazeera – According to the OECD, Mexico is the country in the organisation with the third-largest number of young people who do not study nor work. Eight out of 100 Mexican children who enroll in elementary school do not show up for classes. While barely 50 complete middle school, only 20 graduate from high school, and only two become graduate students. Mexico spends only 3.7 percent of its GDP on schools – the result is a very traditional system and falling standards.
CTV News – Mexico is set to be the best place to retire in 2017, according to InternationalLiving.com’s new Annual Global Retirement Index. It is the fifth time that the Spanish-speaking nation has topped the index, which ranks the top 24 retirement destinations for U.S. residents in the world annually. The comparatively low cost of living and favorable currency rates have seen expats report living well for $1,200 a month, while friendly locals and an appealing balance of exotic and US culture were also cited as some of the main reasons it was singled out.
WSJ – Mexico’s minimum wage rose almost 10% on Jan. 1, in a jolt to the system meant to stoke the poorest workers’ buying power, which has been eroded by recessions and past bouts of high inflation. But the prospect of higher earnings is doing little to dent pessimism among consumers, who head into 2017 facing rising fuel costs, higher interest rates and a weakening peso that closed 2016 near record lows against the U.S. dollar.
NY Daily News – In a wide-ranging request for documents and analysis, President-elect Donald Trump’s transition team has asked the Department of Homeland Security to assess all assets available for border wall and barrier construction. The team also asked about the department’s capacity for expanding immigrant detention and about an aerial surveillance program that was scaled back by the Obama administration but remains popular with immigration hardliners.