The United Nations Economic Commission for Latin America and the Caribbean, ECLAC, forecasted a downward trend in the region’s economic activity for 2015 to -0.3% from 0.5%, and estimates that for 2016 growth will be close to 0.7%.
Of all four Pacific Alliance countries, Colombia spends most on its congressional representatives, despite the South American country’s low wages. According to a report published on Monday by economic newspaper La Republica, the state pays Colombia’s congressmen a total of nearly $2.1 million per month in salaries, almost double the total of Chile, whose congressmen have the highest individual salaries, but in total cost the state $1.2 million per month.
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.
Mexico is offering a reward of 60 million pesos ($3.8m) for the capture of the country's most-wanted drug lord, who escaped from a top security prison. A huge manhunt is underway for Joaquin Guzman, who got out of his cell on Saturday through a 1.5km-long tunnel.
Mexico's ruling party has lost seats in congress but may still gain a majority from its coalition with the small but growing Green Party that was everywhere during the campaign, according to official voting trends released late Sunday by the electoral institute.
U.S. President Barack Obama on Monday announced his intention to nominate Roberta Jacobson, the assistant secretary of state for Latin America and the chief U.S. negotiator at the talks to resume diplomatic relations with Cuba, as the new ambassador to Mexico, the White House announced in a communiqué.
Mexico will compensate China Railway Construction Corporation (CRCC) $1.31m for cancelling a $3.75bn high-speed rail contract. CRCC was at the head of a consortium that had won the project last year, which was abruptly revoked shortly after being awarded.
An influential Mexican broadcast journalist whose report about the first lady's mansion caused a scandal was sacked on Sunday, sparking anger among supporters who called her firing an affront to freedom of speech. Carmen Aristegui had been publicly feuding with her employer, MVS Radio, in recent days after two of her investigative reporters were fired by the company.
Brazil and Mexico announced the renewal of vehicle quotas for four years, delaying the implementation of a free-trade agreement between the two countries. Under the new agreement, Brazil and Mexico will permit $1.56 billion of duty-free vehicle imports for the first year of the agreement. That amount will rise 3% each year until the agreement expires, in 2019, when they’ll return to a free-trade regime.
British Prime Minister David Cameron welcomed President Peña Nieto of Mexico to Downing Street on Thursday afternoon as part of his State Visit to the UK.