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News Article

Waiting on US Election / Mexican Black Friday is On

By Ricardo Guzman | Wed, 11/04/2020 - 11:13

Waiting on US election results. President López Obrador said he cannot comment on the US election until the counting ends and there is an official winner between President Donald Trump and former Vice President Joe Biden. “We can’t say anything until the count is finished and the corresponding authority announces the winner. It’s a close election. I only wish that things in the United States continue to run as they have been up to now,” he said. López Obrador insisted that the Mexican economy is in a solid position to face any outcome. “I am satisfied that no alteration is next for us. Our peso has not depreciated,” he said.

Two week El Buen Fin. The 10th edition of El Buen Fin (the Mexican Black Friday) will last two weeks and implement additional sanitary measures due to the COVID-19 pandemic, Minister of Economy Graciela Márquez said. “We are pleased to present the El Buen Fin program as we did last year. This is going to be a public-private collaboration,” she said, joined by other cabinet members. The program will be held from Nov. 9-20, following all capacity restrictions to limit crowds and relying on e-commerce and digital catalogues to facilitate purchasing. President López Obrador also highlighted the joint effort. “We are very pleased that this program can be announced jointly by both the public and private sectors,” he said. CONCANACO SERVITUR head José Manuel López, said he expects this year’s edition to be the most successful of all time.

PROFECO warns on fines, Alibaba. Federal Consumer Prosecutor’s Office (PROFECO) head Ricardo Sheffield warned that there will be fines for stores that fail to comply with El Buen Fin promotions. “We are going to proceed with fines at first. Until now there has been a very good response,” he said. Sheffield also recommended that Mexicans not use the Chinese e-commerce platform Alibaba. “It is the only one that we cannot evaluate and do not recommend. They continue to sell in dollars and do not recognize Mexico’s jurisdiction,” he said.

IMSS details protocols. Promoting online shopping, controls on cashiers and scheduled access for elders stand out among measures for El Buen Fin, IMSS head Zoé Robledo said. For states on orange in the epidemiological traffic light, capacity will be at 30 percent, while those entities with a yellow traffic light will have 50 percent capacity. No details were provided on the two states under a red light. Robledo said each store will be responsible for implementing entry and checkout mechanisms to ensure safe distancing protocols. Also, consumers will be asked to visit individually when going to buy directly in stores and not bring children along.

Videgaray case with FGR. President López Obrador distanced himself from the investigation into former Minister of Finance (SHCP) Luis Videgaray, as he said that it is a matter for the Attorney General’s Office (FGR). “I know that the judge returned the file to the Prosecutor's Office to properly integrate it, to strengthen the investigation. That is the information that I have,” he said. Yesterday FGR denied receiving any rejection on a case against “Luis V,” in a rare correction of the president’s morning statements. Videgaray, a top aid to former President Enrique Peña Nieto, is alleged to be involved in the illegal financing for political campaigns and now is also accused of treason.

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Click HERE for full transcript in Spanish

Ricardo Guzman Ricardo Guzman Editor