Category Archives: Economy

Oil slump slams Mexico with cuts causing 10,000 job losses

Workers from Oceanografia stand on a connecting bridge of the Pemex Pol-A Platform complex offshore from Ciudad del Carmen. (Susana Gonzalez/Bloomberg)
Workers from Oceanografia stand on a connecting bridge of the Pemex Pol-A Platform complex offshore from Ciudad del Carmen. (Susana Gonzalez/Bloomberg)

Bloomberg – More than 10,000 people working at Mexican oil service companies have been laid off as state-owned Petroleos Mexicanos cut contracts in the face of the global slump in crude prices. More job losses are expected.

Most of the companies are based in Ciudad del Carmen, on the Campeche Bay in the Gulf of Mexico, and were told last week that contracts wouldn’t be renewed with Pemex, as the world’s ninth largest oil producer is known.

Job losses could rise to 50,000, Gonzalo Hernandez, secretary at the Ciudad del Carmen Economic Development Chamber, said in a phone interview.

http://www.bloomberg.com/news/2015-01-08/mexico-cuts-10-000-oil-service-jobs-as-pemex-funds-fall.html

As he heads to Washington, Pena Nieto leaves behind a scandal-plagued year

Mexican President Enrique Pena Nieto holds his brow during December event. (Associated Press)
Mexican President Enrique Pena Nieto holds his brow during December event. (Associated Press)

By Katherine Corcoran / Associated Press

As he heads to Washington on Monday to meet with Barack Obama, Enrique Pena Nieto leaves behind a year that was hardly what he had envisioned.

The Mexican president and his team started 2014 carrying out a slew of newly passed reforms, from breaking up telecommunications monopolies to opening the nation’s energy sector, earning him international plaudits, including a Time magazine cover with his image above the caption “Saving Mexico.”

Then came a 1-2-3 punch of scandals: Soldiers killing 22 civilians in a questionable “shootout”; the abduction and presumed murder of 43 college students, allegedly at the hands of local officials and police in league with a drug cartel; and revelations that Pena Nieto and his treasury secretary live in luxury homes built and financed by a favorite government contractor.

Pena Nieto’s meeting with Obama at the White House on Tuesday comes amid what was supposed to be “Mexico’s moment,” a new era of transparency and reform.

http://www.businessinsider.com/mexico-is-reeling-after-a-scandal-plagued-2014-2015-1