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Tag Archives: mexico

Argentina Crisis Slaps Foreign Banks & Companies Operating in the Country

Peso collapse and inflation force Spanish companies and banks — second largest investors in Argentina, behind US companies — to tally their losses. By Nick Corbishley, for WOLF STREET: Having learnt their lesson, most European companies and banks have limited exposure to Argentina’s crisis-prone economy. One exception is Spain’s corporate sector, which, after the U.S.’s, has the most exposure to the South American economy, with almost €6 billion invested by its companies there, down...

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Fun on Friday: Close Your Vault

I want Fun on Friday to be, well, fun. But I also want to provide a public service to you, my dear readers. Today, I have a really good pro-tip for you.Close your vault.And lock it.Because do you know what happens when you don’t close and lock your vault? Somebody will steal your gold.Now, I don’t just throw speculation at you fine folks. I bring you real-world examples to back up my assertions. As evidence that closing and locking your safe is good advice, I bring you the Mexico federal...

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Animated chart of the day: Shares of total trade with the US, 1992 to 2019 – Publications – AEI

AEI Animated chart of the day: Shares of total trade with the US, 1992 to 2019 My latest animated “bar chart race” visualization appears above showing the share of total trade (exports + imports) with the US for America’s top five trading partners: Canada, Japan, Mexico, China and Germany, annually from 1992 to 2018  and for the first half of 2019. The visualization was inspired by an article on the front page of today’s Wall Street Journal “Tariff Fight Knocks...

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Hit by Epic Construction Downturn, Mexico Faces Reality: New President Tries to Get Folks to Play by the Rules, and Everything Stalls

Construction industry has worst month since 2006, fourth month in a row of declines. By Nick Corbishley, for WOLF STREET: Construction activity in Mexico registered its biggest year-on-year fall in May since records began, in 2006, according to a monthly survey of construction companies carried out by the National Institute of Statistics and Geography (INEGI). It was the fourth consecutive month of declining activity. The total productive value of construction projects under...

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Fitch Cuts Pemex to Junk, on Track for Largest “Fallen Angel” in History. Cuts Mexico to Near Junk

President of Mexico not amused: “In three years there was no investment in exploration, no investment in drilling wells, and they rated Pemex very highly. Now that there is investment, they downgrade Pemex.” By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. After months of firing warning shots, one of the big three ratings agencies, Fitch Ratings, has downgraded to “junk” (BB+) about $80 billion of Pemex debt — much of it denominated in US dollars and held externally —...

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Former Mexican Ambassador To US: Latest tariffs will backfire – Publications – AEI

AEI Former Mexican Ambassador To US: Latest tariffs will backfire In a new Forbes article “Former Mexican Ambassador To U.S. Says Latest Tariffs Will Backfire On Trump,” Stuart Anderson, executive director of the National Foundation for American Policy, interviews Arturo Sarukhan, Mexico’s ambassador to the United States from 2007 to 2013, about Tariff Man’s new plan to impose tariffs on Mexico Americans buying products from Mexico. Here’s an excerpt (italics...

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Tariff War 2.0! SchiffGold Friday Gold Wrap 05.31.19

President Trump launched Tariff War 2.0 yesterday. And we haven’t even wrapped up Trade War 1 yet.The president shocked markets when he announced a 5% tariff on all Mexican products in an effort to force Mexico to do more to stop the flow of illegal immigration into the US. In this episode of the Friday Gold Wrap, host Mike Maharrey gives you the details and talks about the impact of these new tariffs on the markets. He also discusses what the bond market is telling us about a looming...

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“Largest Foreign Bribery Case in History” Claims New Scalp: Former Pemex CEO

His lawyer suggests if the price is too high, he may be willing to take his friend, former president of Mexico, down with him. By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. Emilio Lozoya, a former chief executive of state oil company Petróleos Mexicanos (Pemex), was issued with an arrest warrant on Wednesday for financial irregularities, in particular his alleged dealings with scandal-plagued Brazilian construction firm Odebrecht. Lozoya, formerly a one-time senior...

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US Auto Imports from Mexico Surge 10% in Q1 to New Record, Despite Dropping Sales in the US

16% of the 4 million new vehicles sold in the US in Q1 were assembled in Mexico. By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. The total number of new vehicles exported from Mexico to the US in the first quarter of 2019 surged 10.1% to 658,243 vehicles, according to figures compiled by the vehicle manufacturers association AIMA and released by Mexico’s National Institute of Statistics and Geography (INEGI). It’s all about “trucks”: 63% of these vehicles were “trucks”...

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Threat of Contagion to Eurozone from Spanish Banks’ Huge Bet on Emerging Markets: UBS

Spanish banks expanded aggressively into Emerging Markets to flee the consequences of the euro debt crisis. By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. UBS has alerted that Spanish banks’ outsized exposure to Latin American markets could serve as a source of contagion for future crises: 80% of the Eurozone’s total banking exposure to the region is channeled through Spain whose banks have around €384 billion of counterparty claims in the region. A ‘shock’ in...

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