The Week in Finance: Vanishing Optimism Shakes Mexican PesoBy Miriam Bello | Fri, 11/15/2019 - 08:22
The Mexican government stays positive on economic growth but experts and current events put these assumptions in doubt. Regarding finances, companies and markets are more interconnected each day in an effort to improve practices and services for clients.
Ready for more? Here’s the Week in Finance!
- The world’s trending topic: Evo Morales. His arrival to Mexico caused controversy among Mexican and world citizens. Giving Sanctuary to Morales might have some negative repercussions on the Mexican economy according to IMEF’s president, who said this lowers trust on President López Obrador. Mistrust can drive away the private investors that Mexico needs to keep growing and developing projects.
- Google and Citigroup agree to collaborate to offer bank accounts to Google clients. Citigroup will be in charge of finance requirements and clients will access their accounts through Google Pay starting in 2020.
- Grupo Bimbo invested US$2.8 billion to incorporate 4,000 electric cars its distribution fleet. Bimbo’s sustainability campaigns aim at reducing the company’s environmental footprint.
- Tesla’s Executive Director announced that the company is opening a manufacturing plant in Berlin. The plant will not only produce batteries but will also have an engineering and design center. This action is expected to increase sales volume and control costs to be profitable in the long term.
- As optimism towards China and the US vanishes, the Mexican peso stays on the downlow and vulnerable. The currency drop has been quite sharp over the past three weeks.
- In 2017, Nike made an agreement with Amazon to sell its products on the platform as a way to face sales drops and competition from other brands. This year, Nike decided to withdraw from the agreement to focus on customer experience.
- Lastly, here are some tips on how to avoid spending too much on this weekend´s Buen Fin.