Interview by
Legal expert looks at the impact of Mexico’s reforms to
Yves Hayaux du Tilly partner at
A partner at one of the most prestigious law firms in Mexico, Yves Hayaux-du-Tilly takes a look at the impact the country’s reform programs – especially in the energy sector – are having and explains how a local partner, such as Nader Hayaux & Goebel, can help both local and foreign investors looking at doing business in Mexico.
How do you view the structural reforms of the current administration of Mr. Peña Nieto, in telecoms, education, tax, energy, etc., and how is the legislative effort favoring better performance in Mexico’s economy compared to other economies in the region?
Mexico is not a new player in the global environment. While structural reforms are extremely important, they do not change the essence of the country. Mexico began its economic opening in 1986 with its entry into the GATT, then the WTO. It was then that it began the process of liberalizing its economy.
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THE STAR
Mexico is having a haut style moment.
March 5, 2016
U.S. Presidential hopeful Donald Trump might seek to score points among his followers for wanting to build a wall to keep out the Mexicans, but it’s too late — they have already arrived.
A vigorous and vibrant south-of-the-border influence is already making its mark on everything from the food we want to eat, to the way we want to spend our vacations and outfit our homes and closets.
More gloomy date out of China on Tuesday kept Asian stock markets on the backfoot after they hit a two-month high in the previous session while the dollar extended its slide as investors grew wary ahead of major central bank meetings.
The softer backdrop saw spreadbetters predict Britain’s FTSE 100 to open down as much as 0.8 per cent, Germany’s DAX 0.6 percent and France’s CAC 40 0.7 per cent....
Mexico and the United Kingdom strengthen hydrocarbons dialogue
March 10, 2016
LONDON, United Kingdom, 10th March 2016.- A delegation from the Mexican National Hydrocarbons Commission (CNH, for its acronym in Spanish) achieved a working-visit with British representatives of energy, oil and gas sectors, in order to strengthen their technical knowledge in the bidding division.
By invitation of the FCO, the Mexican representatives, led by Deputy Director General of Biddings of the CNH, Azhanty Desiree Jheman Martinez, accomplished an agenda from 7th – 9th March which included interviews with officials of the Oil and Gas Council, from the Department of Energy and Climate Change, as well as with the Energy and Environmental Taxation, Business and International Tax Group.
OLDER Latin Americans still have vivid memories of hyperinflation. Bello recalls changing money in dark doorways in the mid-1980s in Bolivia and being handed a truncheon of greasy banknotes secured by rubber bands. Peru went through a futile currency reform in which the sol lost three zeros and was briefly renamed the inti, which promptly racked up more zeroes.
BLOOMBERG Pemex Revokes Truck-Leasing Contract on Bidding Irregularity
March 10, 2016
Petroleos Mexicanos fully revoked a truck-leasing contract that was 63 percent more expensive than a prior agreement, saying selection of the providers didn’t adhere to the standards of Mexico’s state-owned oil company.
The bidding process lacked an independent witness, according to a document from the oil producer, known as Pemex. All agreements derived from the contract are now void, it said.
US-based Gulf Oil LP to enter Mexico gas station market March 11, 2016
MEXICO CITY (AP) — U.S.-based Gulf Oil LP said Friday it is entering Mexico's gasoline retail market, becoming the first foreign company to do so under an energy overhaul that loosened more than seven decades of government monopoly in the sector.
The company will open its first four gas stations in Mexico in June and July and aims to operate at least 100 by the end of the year, said Sergio de la Vega, Gulf's director for Mexico. In the next three years it hopes to reach 2,000.
OHL Mexico SAB recorded its biggest annual decline last year amid allegations of paying off judges and picking up luxury hotel tabs for public officials. This year, investors are signaling that the worst is past.
The toll road operator is surging to the best gain on the country’s benchmark stock index even as it awaits the results of government investigations and an accounting probe by the nation’s securities authority. While the regulator fined the company’s auditor, the penalty was only 4.2 million pesos ($235,000).
THE NEWS Bankers announce new finance and credit instruments for morgages March 11, 2016
The Treasury and Public Finance Secretariat (SCHP) announced two new financial instruments that will benefit micro-entrepreneurs and to those with a mortgage.
Closing the 79th Banking Convention, the head of the SCHP, Luis Videgaray Caso, said that in the next few months, they will award financing to micro, small, and medium-sized enterprises.
“For the first time in a program through Nacional Finance (Nafin), we will use the history of the Tax Administration Service (SAT) so for those companies that have no credit history but meet their tax obligations, and from that fiscal history be subject to credit, with the support of Nafin and financing from commercial banks,†said Videgaray.
Protectionism a big threat to global economy, says Larry Fink March 12, 2016
T​he spectre of protectionism and the destructive impact of negative interest rates, pose serious threats to the world economy, says BlackRock chief executive Larry Fink.
Mr Fink, who heads the world’s largest money manager, said negative rates — coming on top of eight years of low rates — eroded people’s ability to save for retirement and stored up trouble for the future.
Weary of the corruption and impunity that stifles the country, Mexican civil society organizations, academics, lawyers and intellectuals decided to draft an entire anti-corruption bill nicknamed #Ley3de3. In order to get the bill to the Senate floor, they need to gather 120,000 signatures, and you can help.Mexico is a massively corrupt country. In the recently published Corruption Perceptions Index, Mexico fails the corruption test scoring 35 out of 100 (where 100 is no corruption).
Formula E Mexico City ePrix: Lucas Di Grassi disqualified handing Jerome D'Ambrosio victory March 13, 2016
Lucas Di Grassi saw his victory in the inaugural Mexico City ePrix at the Autodromo Hermanos Rodriguez chalked off after his Abt Schaeffler car was found to be below the legal weight limit following a frantic and, at times, chaotic 43-lap race.
Race organisers confirmed hours after Di Grassi took the chequered flag that he had been excluded from the result due to his car weighing 886.2kg, 1.8kg below the limit of 888kg...
FINANCIAL TIMES
Spain's biggest banks find salvation in global expansion
March 14, 2016
Spanish bankers remember 2012 as their annus horribilis.
It was the year when many of the country’s banks finally paid the price for their behaviour during Spain’s decade-long debt-fuelled property boom. Dozens of banks were first merged, then bailed out and nationalised, in a painful process that ultimately cost taxpayers more than €42bn.
It was a tough year for the nation’s top two banks, in particular. Santander and BBVA were forced to set aside significant amounts of money to cover losses in their mortgage and loan portfolios in Spain, resulting in sharp falls in earnings. Their survival, however, was never in doubt — and neither was their ability to report billions of euros in group profits.