Slim and Baillères ready announcements of new investments in the coming days
López Obrador assured that the first businessman will make an announcement tomorrow Tuesday, the second already told him about more energy and mining businesses.
3-16-2020
Andrés Manuel López Obrador insists that the country has conditions so that the coronavirus crisis does not affect Mexico economically. To support this idea, on Monday he announced that businessmen Carlos Slim and Alberto Baillères committed to new investments.
In his conference from the National Palace, he revealed that he had a phone call with the president of Grupo Bal: "He told me about new investments in both mining and oil," he said. It must be remembered that his oil company will be the Mexican one that will generate crude oil production through the contracts he acquired after the oil rounds of the last administration.
Despite the surprise cut by the Fed to almost 0%, financial markets return to turmoil
In addition, the president announced that Carlos Slim will make an investment announcement for Mexico tomorrow, without offering more details about it. He also recalled that at the end of this week or at the beginning of the next, the highly anticipated investment plan for energy infrastructure will be presented. A plan that, he assured, will contain "considerable" public and private investment for the sector.
He also spoke of other advantages for the economy, for example, the fact that fuel prices are so low. Today, the Mexican mix continues to hover around $ 24 a barrel, a drop of almost half of what was estimated in the economic package for this year. However, the president considered that it could be seen as a "stimulus", since it helps, in turn, lower fuel prices, such as gasoline.
Another bonus he listed is the recent approval of the T-MEC by the Canadian Parliament. The president recalled that the expectation is that it will come into operation in June, a scenario more advanced than expected before the virus crisis.
It also arranged other external actions such as yesterday in the United States, where the Federal Reserve (Fed) decided to lower interest rates to levels not seen for 389 years. "It helps us a lot because it helps stabilize the market and helps us with the currency and the stock market." In this sense, he also recalled that Banxico has the possibility of following this route, with autonomy.
The market already anticipates that the coronavirus will sink the Mexican economy by 2% this year
Finally, he said that, as far as tourism is concerned, he does not see a concern at the moment: "We continue to have a tourist influx. We do not go ahead, but we also have advantages. Yesterday I was in Acapulco, the occupation was 94%," he said.
In this sense, he assured that Mexico will not suffer. "My dream is that we are well." His words contrast with the nervousness in the world financial markets, which this day returns to a black Monday, with falls in the main international stock markets and pressure on the exchange rate, because at the start of the day, the peso almost started in the 23 units per dollar. That together with a forecast of lower global economic growth and projections that the Mexican economy will contract for the second consecutive year.
https://www.lapoliticaonline.com.mx/nota/129063-slim-y-bailleres-alistan-anuncios-de-nuevas-inversiones-en-los-proximos-dias/
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