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Mexico’s economy will take five years to recover

The Center for Economic Studies of the Private Sector (CEESP) announced in its weekly analysis that the recovery of GDP to levels in which it had in 2018 will take more than five years to recover after the COVID-19 pandemic. The agency estimates that during the administration of President Andrés Manuel López Obrador the economy...
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A new position has been created at companies across Mexico; COVID Officer

As long as a coronavirus vaccine ( COVID-19 ) is not available, Mexicans will have to adapt to a “new normal” that consists of following a series of strict sanitary measures that will allow them to have a staggered return to their activities. For this reason, countless companies in Mexico have seen the need to...
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Mexico freezes bank accounts of entities sanctioned by U.S.

The Mexican government’s financial crime department has frozen the bank accounts of companies and people blacklisted by the United States under accusations of having evaded the sanction regime imposed on Venezuela, its chief said on Friday. Santiago Nieto, chief of Mexico’s Financial Intelligence Unit, did not elaborate on details, but told Reuters that bank accounts...
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Aeroméxico reportedly considering bankruptcy in the USA

The shares of Grupo Aeroméxico declined in the Mexican Stock Exchange (BMV) after reports that the airline is considering filing for bankruptcy in the United States and benefit from Chapter 11 in the midst of the effects caused by the coronavirus. Although the Mexican stock market operated in positive terrain, Aeroméxico shares led the falls,...
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Walmart Mexico rolls out mobile phone service

Walmart’s Mexican unit has launched a mobile phone service available throughout the country, the retailer said on Wednesday. Called “Bodega Aurrera Internet y Telefonia,” or BAIT, the service offering prepaid calls and internet usage is available at Bodega Aurrera, Mi Bodega and Walmart store formats. Mexican media first reported on BAIT’s availability in April. Walmart...
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10,000 companies did not survive the quarantine in Mexico

In two months, 9,984 formal companies closed in Mexico, according to data reported by the Mexican Social Security Institute (IMSS). On average, 163 companies permanently closed each day between April and May. It was in the same period in which the population had to reduce their activities and stay at home with the aim of...
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Mexico’s airport project pushes full steam ahead despite coronavirus

Mexico’s economy has virtually ground to a halt and is bleeding jobs in the pandemic lockdown, but tens of thousands of workers at a flagship government airport have not skipped a beat, toiling around the clock north of Mexico City to keep it on schedule. When the government ordered non-essential activities to close and workers...
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Mexican president says he would sell gasoline to Venezuela if asked

Mexican President Andres Manuel Lopez Obrador said on Monday his country would, for “humanitarian” reasons, sell gasoline to Venezuela if asked to do so, despite a raft of U.S. sanctions imposed on the South American country and its state-run oil company, PDVSA. Lopez Obrador added he had not received such a request from the Venezuelan...
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Mexico fears pandemic pushing millions into poverty

The economic fallout from coronavirus could add nine million people to Mexico’s poor, according to a government study released on Monday calling for aid like pensions and insurance in the country that provides no federal jobless benefits. Increased hardship could translate to at least 70 million Mexicans, 56% of the country, not earning enough to...
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Volkswagen pushes back possible restart of operations in Mexico

German automaker Volkswagen will extend until at least May 18 a suspension on operations at its Puebla production plant in Mexico due to the ongoing coronavirus pandemic, the company said in a statement on Friday. The company’s Silao plant in Mexico is also temporarily down, and the company said it has not yet determined when...
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