CFE Power Cuts Increase Under AMLO Administration
The average duration of blackouts has reportedly increased more than sixfold since López Obrador assumed office in 2018
Read moreTag Archives: Citibanamex
Citigroup Ends Direct Sale of Banamex, Announces IPO
After a year and a half of negotiating with Mexican firms for the sale of Banamex, New York financial firm Citigroup announced that Banamex will instead be sold via initial public offering in 2025
Read moreSlim Pulls Out of Banamex Purchase
PULSE NEWS MEXICO Mexican billionaire Carlos Slim’s Inbursa financial group announced on Wednesday, Nov. 23, that it was withdrawing from its former commitment to purchase Banamex, Citigroup’s consumer and corporate banking business in Mexico. “After the presentation of a nonbinding proposal for the acquisition of said businesses, the parties have mutually agreed that Imbursa will not continue in the following
Read moreInflation in Mexico Slows to 8.53 Percent in October
By KELIN DILLON Mexico’s National Consumer Price Index (INPC) – which registers inflation across the country – hit 8.53 percent during the first two weeks of October, a trend likely due to drops in gas prices and national costs associated with inflation-affected products like potatoes, onions and avocados. This is Mexico’s third report in a row of slowing inflation, said
Read moreWhat Citibank Pulling out of Mexico Could Forebode
OPINION By THÉRÈSE MARGOLIS Despite the fact that just five months ago, Citigroup CEO Jane Fraser met with Mexican President Andrés Manuel López Obrador (AMLO) at the National Palace, declaring that the international financial group considered Mexico “a country of opportunities” thanks to its economic, political and social stability, the corporation announced on Tuesday, Jan. 11, that it would be
Read moreMexican Inflation Expected to Top 7 Percent by End of Year
By THE PULSE NEWS MEXICO STAFF Mexico’s spiraling inflation rate will reach 7 percent by the end of the year, according a consensus of private analysts consulted by Citibanamex. This figure would represent an increase of 30 points compared to a survey carried out by the firm a fortnight ago, when those same analysts estimated that inflation would close this
Read moreRemittances Due to Surpass Some Latin American Economies
By THE PULSE NEWS MEXICO STAFF Financial remittances by Mexican ex-pats to their families back in Mexico are expected to reach a historic high in 2021 for the sixth consecutive year, and to represent more wealth than the entire GDP oh countries such as Venezuela, Bolivia and Paraguay, according to a recent report from the Center for Latin American Monetary
Read moreAdditional Interest Rate Increases Expected from Banxico
By THE PULSE NEWS MEXICO STAFF After Mexico’s Central Bank (Banxico) shocked financial markets with a surprise .25 interest rate hike on Thursday, June 24, analysts are now predicting that the bank will issue additional increases this year to combat surging inflation, which reached more than 6 percent in May.Banxico raised its key rate to 4.25 percent in a split
Read moreMexico News Roundup
By RICARDO CASTILLO Vaccination Rush There are reports of complaints from all over Mexico that throngs of “influential” persons want to use their jobs in government to be the first in line to get access to the much-desired anti-covid vaccines. In Nogales, Sonora, on the border with Arizona, the Social Security for Government Employees (ISSSTE) officials pointed a finger at
Read moreMexico News Roundup
By RICARDO CASTILLO Alfonso Romo Quits Mexican President Andrés Manuel López Obrador’s (AMLO) chief of staff for the past two years, entrepreneur Alfonso Romo, turned in his resignation on Wednesday, Dec. 2. Speaking during his morning press conference on Thursday, Dec. 3, AMLO that Romo “will continue to be my liaison with the business sector.” “The truth is that he
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