Mexico's auto industry reopening picked up the pace on Tuesday, with Fiat, Chrysler, and BMW AG joining peers in gradually dusting off operations even as the wait for approvals slowed the return of Ford Motor Co and other companies.
Mexican President Andres Manuel Lopez Obrador said on Sunday that the novel coronavirus could cost as many as a million jobs in the country as many industries considered not essential remain shut.
Brazil and Mexico on Thursday reported a record one-day rise in new coronavirus cases, just as leaders of both countries intensified attempts to reopen their economies even as the spread of the virus in Latin America is seemingly gathering pace.
Remittances—the money that immigrants working abroad send home to families on a regular basis—have become a major source of funding for developing countries. In 2019, total global remittances exceeded US$550 billion, putting them on a par with levels achieved by foreign direct investment.
Auto production in Mexico and Brazil, Latin America's top producers, plunged by an unprecedented 99% in April as a result of the coronavirus crisis, with the two countries building a total of just 5,569 vehicles.
The U.S. State Department, the Treasury Department and the U.S. Embassy in Mexico are investigating at least two Mexican firms involved in an oil-for-food pact signed in 2019 with Venezuela’s government, U.S. officials said.
The European Union and Mexico finalized a major upgrade to their free trade deal on Tuesday after the two sides agreed to grant reciprocal market access to each other’s tenders for public contracts.
While Mexico and Saudi Arabia fought over a deal to bring the oil-price war to an end, Mexico has a powerful defense: a massive Wall Street hedge shielding it from low prices. The Mexican sovereign oil hedge, which ensures the country against low prices and is considered a state secret, is a factor that may make the country less inclined to accept the OPEC+ agreement.
A Mexican journalist who disappeared over a week ago in the southern state of Guerrero was found dead close to where his family last saw him, the local prosecutor said on Saturday. Forensic tests on human remains in the seaside resort of Acapulco were identified as belonging to Victor Fernando Alvarez, who disappeared on Apr 2.
While Latin America’s two largest economies, Brazil and Mexico, fret over the wisdom of pursuing large economic stimulus packages that could erode fiscal targets, Peru is going big and getting rewarded.