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We would like to thank
for renewing its Membership with the MexCC.
We look forward on bringing continuous support and celebrating many years more.
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Start-ups won’t save the economy. But ‘scale ups’ could
by
Although the notion that entrepreneurship benefits society has attained broad currency in Latin America and elsewhere, confusion reigns: Latin America’s leaders variously promote entrepreneurship as “self-employment”, and regularly talk of “start-ups”, “disruptive business”, “small businesses” and “micro-enterprises”. No wonder a recent World Bank article on Latin America bemoans that “entrepreneurs’ lack of innovation curbs creation of quality jobs”. Even respected institutions like the World Bank confuse small business, innovation and growth.
In reality, some of these “entrepreneurships” contradict each other: research shows big firms, not small ones, are more innovative. Media hype notwithstanding, “disruptive start-ups” as a coherent concept just doesn’t produce the goods. A 2015 World Economic Forum report shows that highly competitive countries have less start-up activity, not more. Latin American countries in particular shine in new business creation, but lack luster when it comes to competitiveness.
It’s not start-ups that matter – it’s growth
For entrepreneurial activity to translate into economic growth, we need to focus less on the “start” and “small” side of things and more on how those companies of all ages, sizes and sectors scale. Why? Because research (see here, here and here) clearly shows that it is relatively high-growth firms – what we call “scale ups” – that are the real generators of jobs, taxes and wealth. Contrary to the myth, small businesses and start-ups only generate these benefits if they then go on to grow. And historical perspectives on the growth of entrepreneurship from Israel to Bangalore to Silicon Valley shows that the critical path to prosperity paradoxically goes from scale up to start-up, not the other way around.
Policy-makers should therefore stop calling for the creation of new businesses and prioritize helping firms of all ages, sectors and sizes to grow. There’s ample evidence that when they do so, it helps more than just the businesses in question – it also spreads prosperity deep into the community.
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Business Insider
Fintech companies are coming out against plans to fund Trump's Mexico border wall
6 April 2017.
LONDON — The CEO of two online money transfer businesses have attacked plans to fund Donald Trump's border wall with Mexico through a tax on money sent from the US to Latin America.
TransferWise CEO Taavet Hinrikus told Business Insider the proposal is "outrageous" and will hurt "people supporting their families."
Remitly CEO Matt Oppenheimer also attacked the plans, saying it would "push money into the black market and fund all of the nefarious activity associated with that."
Republicans in US Congress recently proposed a 2% tax on remittances of money to Latin American countries including Mexico, Brazil, Honduras, and El Salvador.
The bill is known as the "Border Wall Funding Act of 2017" and the money raised from the tax would, if passed, help pay for Trump's planned border wall with Mexico. The President hasrepeatedly said that he will make Mexico pay for the project, which could cost as much as $25 billion (£20 billion), according to some estimates...
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ALL URL News
CARLOS MIGUEL PRIETO’S COMMAND OF THE NYO WAS AN EXUBERANT BLEND OF OLD AND NEW, PLUS ALL OF APRIL 2017’S BEST CLASSICAL CONCERTS
9 April 2017.
We review the best classical concerts of the month
“Totally teenage orchestral brilliance” is one of the slogans of the National Youth Orchestra, and unlike many slogans this one is completely true. But in addition to all the teenage brilliance on show here, the success of the NYO’s latest programme was due in no small measure to the Mexican conductor Carlos Miguel Prieto. Drawn from outside the usual pool of NYO conductors, Prieto came ideally equipped through his long experience of the Youth Orchestra of the Americas, and also stamped his mark on the programming.
Mexican composers are seldom heard in our halls, so it was good that this concert featured two of them. Silvestre Revueltas’s La Noche de los Mayas, a four-movement suite drawn from his music to the film of the same name, got things off to a raucous start – but, for all the uproarious energy of the music, the playing was highly disciplined. All four movements invoke the night in their titles, yet only the third (Noche de Yucatán)...
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Excelsior
El diseño: una aventura hacia la innovación
10 April 2017.
Me entusiasma mucho el extraordinario proyecto del Nuevo Aeropuerto Internacional de la Ciudad de México. En primer lugar, por ser un proyecto muy ambicioso, que hará que la llegada de muchos de los visitantes a este gran país sea a través de uno de los aeropuertos más impresionantes del mundo. También porque este proyecto es otro gran ejemplo de la creciente colaboración entre Reino Unido y México. Y, por último, porque demuestra lo que se puede lograr a través de la innovación tecnológica.
Esta semana estuvo de visita en México el renombrado arquitecto británico Lord Norman Foster, quien, en colaboración con el destacado arquitecto mexicano Fernando Romero, ganó el contrato para el diseño del nuevo aeropuerto de la Ciudad de México en 2014. Tuve el privilegio de platicar con los dos arquitectos sobre los avances del proyecto, así como con Federico Patiño, director del Grupo Aeroportuario de la Ciudad de México (GACM).
Graduado en arquitectura y urbanismo por la ...
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Bloomberg
Mexico’s Guajardo Says Nafta Talks May Begin In July
7 April 2017
Mexico Economy Minister Ildefonso Guajardo discusses Nafta and proposed negotiations to redo the treaty. He speaks with Bloomberg’s Erik Schatzker on “What’d You Miss? (Source: Bloomberg)
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The Guardian
Watchtowers, drones and a toxic moat: the designs for Trump's border wall
10 April 2017.
Monorails, shipping containers and nuclear waste dumps are just some of the ways that US construction companies have interpreted Donald Trump’s call for an “impenetrable, physical, tall, powerful, beautiful wall” to march 2,000 miles across the country’s border with Mexico. Up to 400 bidding contractors were expected to submit their schemes this week to the US Customs and Border Protection agency, in a militarised beauty pageant worthy of one of Trump’s own reality TV shows.
After the initial callout, a second request for proposals was published with an option for the designs to have “a see-through component”. As many predicted, the great impenetrable wall might simply end up being a mesh fence. If it even happens at all.
From a first look at some of the entries, it’s hard to tell which ones are spoofs. Alarmingly, on closer inspection, it turns out that very few are. Instead, they are the fever dreams of America’s small-business contractors writ large, which makes them a fascinating window into the lurid anxieties of middle...
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Bloomberg
U.S., Canada, Mexico Bid Proposes Most Lucrative World Cup Ever
10 April 2017
Soccer leaders from the U.S., Canada and Mexico announced a joint bid to host the expanded 48-team World Cup in 2026, promising an event that would bring in more money than any previous iteration of the world’s biggest sporting event.
North America hasn’t played host since the U.S. held the event in 1994 and drew almost 3.6 million people to stadiums across the country -- still a World Cup record despite the fact that only 24 nations competed at the time. After that tournament, FIFA, the sport’s governing body, increased the number of teams to 32 and will expand it again to 48 as of 2026.
A return to North America, with 60 games in the U.S. and 10 each in Mexico and Canada, would be “by far the most successful World Cup in the history of FIFA in terms of economics,” U.S. Soccer Federation head Sunil Gulati told reporters in New York. “We’ve got 500 million people in these three countries. This will be an extraordinarily successful World Cup on financial and economic grounds, and that’s critical because most of FIFA’s revenues come from one event.”...
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Bloomberg
How Countries Cut Carbon by Putting a Price on It: QuickTake Q&A
10 April 2017
Carbon taxes and cap-and-trade are two ways countries around the globe are using economic incentives to reduce greenhouse gases. They’re based on a simple idea: if something is made to cost more, there’ll be less of it produced. Putting that idea into practice has proven to be politically and technically daunting. While some want a global pricing mechanism, others consider that to be a bridge too far. A United Nations conference in Bonn in May will debate rules to limit emissions. About half of the 194 nations that signed the 2015 Paris agreement expect to use some form of carbon pricing.
Right now 19 countries impose levies with prices ranging from less than $1 to $131 a metric ton of carbon dioxide emitted -- the equivalent weight of an elephant or a small car. They include Finland, Japan and Mexico. Australia had a carbon tax but changed its mind in 2014.
2. What’s cap and trade?
Cap and trade...
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The Economist
Mexico is growing less pessimistic about Donald Trump
8 April March 2017.
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BBC Radio 3
National Youth Orchestra of Great Britain - Shostakovich and Revueltas
If you missed the NYO A spring awakening concert conducted by Carlos Miguel Prieto,Enojy it TODAY at 19:30hrs
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Financial Times
Vamos! Mexican stocks hit fresh high (again)
10 April 2017.
Another week, another new record high set by the Mexican stock market.
The country’s benchmark IPC index hit a fresh intraday high of 49,590.85 on Monday as investors increasingly discount the likelihood that the Trump administration would be able to deliver fully on its protectionist trade policies.
Having sold off heavily in the wake of Mr Trump’s presidential victory, Mexican assets have made a remarkable comeback since the start of the year. The IPC erased its post election losses last month and the index is now up 8.5 per cent for the year to date.
The peso has also staged a similarly powerful rally. The currency has gone from one of last year’s worst performing major emerging market currencies to this year’s best, clocking in a gain of 11 per cent since the start of January.
More conciliatory comments made by Washington last month have fueled bets that Mexico may avoid some of the extreme outcomes that risk impairing its export-focused model and economy...
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Reuters
Fitch: Mexico Fintech Law Could Mitigate Operational Risks
10 April 2017.
(The following statement was released by the rating agency)
NEW YORK /MONTERREY, Mexico's draft financial technology (fintech) regulation law, if passed, has the potential to reduce operational risk, enhance transparency and improve security for borrowers and lenders over time, according to Fitch Ratings. The fintech law, which was distributed by the regulator to select industry participants for discussion in March 2017, could mark a step forward in developing a comprehensive regulatory framework for the sector. Furthermore, it has the potential to alter the competitive landscape and broad market dynamics over the medium-term qualitative aspects that Fitch uses when assigning ratings based on the banks' intrinsic profile. These changes would have implications for banks and nonbank financial institutions (NBFIs) that have been increasing their exposure to fintech firms through equity investments, joint ventures and participation in start-ups. Fitch believes Mexico has significant growth opportunities for fintech considering the country's large size, high rate of penetration of mobile phones and internet and substantial unbanked population...
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Financial Times
Bacanora Minerals to supply lithium to Japan’s Hanwa
11 April 2017.
Aim-listed lithium developer Bacanora Minerals has agreed a long-term supply agreement with Japan’s Hanwa Corporation that will see the Tokyo-based trader buy up to 100 per cent of the company’s processed output from its planned mine in Mexico.
Hanwa, a big steel trader with a growing lithium business, is expected to make an initial 10 per cent equity investment in Bacanora in coming weeks, adding to an investor base that already includes BlackRock that has a near 11 per cent stake in the company.
Growing demand for lithium, which is used in batteries for electric cars, has boosted interest in mining developments as prices of the raw fuel have risen.
Bacanora plans to complete a feasibility study on its Sonora lithium deposit in Mexico in mid-2017. It said that the capital expenditure bill for developing the deposit was expected to be at least $250m to be financed by a combination of debt, project financing and equity...
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Bloomberg
Full show What you missed (04/10)
10 April 2017
Guests include: Doug Ramsey, Leuthold chief investment officer, and Mexico's Deputy Energy Minister Aldo Flores Quiroga. (Source: Bloomberg)
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