Guillermo Ortiz News
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Inside the world’s oldest central bank, a new debate is raging over a dilemma facing monetary authorities around the globe.
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Mexico’s peso has turned from the world’s strongest major currency into the weakest of the past month amid growing investor concern the economy will slow as demand diminishes from the U.S., its biggest trading partner.
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Mexico’s economy grew at the slowest pace in more than a year in the third quarter as the nation’s manufacturing expansion slowed on lower demand from the U.S., its dominant export market.
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The European Central Bank can stop the region’s sovereign debt crisis “almost immediately” by carrying out a “massive” round of government-bond purchases, said Guillermo Ortiz, the chairman of Grupo Financiero Banorte SAB and Mexico’s former central bank governor.
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The global economy is facing its third major brake on expansion in five years as emerging markets slow from China to Brazil, provoking debate about how much policy makers should respond.
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The International Monetary Fund appointed an independent panel to review the fund’s risk- management framework that will be led by Guillermo Ortiz , former governor of the Bank of Mexico.
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“Cascading default, bank runs and catastrophic risk” lie ahead for the world economy unless Europe resolves its festering debt crisis, Timothy F. Geithner told global finance chiefs on the morning of Sept. 24.
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Mexico’s central bank left its key interest rate unchanged at a record low, stretching the period since its last move to three years, on forecasts the inflation rate will drop back into the target range by year end.
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Federated Investors Inc., the third- largest manager of U.S. money-market mutual funds, is planning legal action to block rule changes being contemplated by the U.S. Securities and Exchange Commission that the company said could destroy the $2.7 trillion cash-management industry.
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Mexico may increase financing for the IMF; The credit-defaults swaps market, which shows Mexico is a riskier credit than Brazil, is wrong, according to a Mexican finance ministry official; Leaders of Brazil, Russia, India and China will probably press the case that their 15 percent share of the world economy and 42 percent of global currency reserves should give them more clout; Wreckage from the Air France plane crash will arrive in Brazil today.
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