Mauro Leos News
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Mexico Finance Minister Luis Videgaray said the government will allow the peso to float freely, even after a rally that outstripped gains in all major currencies this year.
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Brazil’s real declined, giving up earlier gains, on speculation among traders that the nation’s credit rating may be lowered.
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Mexico’s President Enrique Pena Nieto won support from his party to advance with his growth plan that includes ending a 75-year-old state monopoly on the oil industry.
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Mexican President Enrique Pena Nieto is poised this weekend to gain support from his party to end a 75-year-old state monopoly in the oil industry, marking a breakthrough for his growth plan.
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A preliminary decision by Mexico’s ruling party to lift internal barriers against taxing food and medicine and increasing private investment in the oil industry is “credit positive” for the nation, according to Moody’s Investors Service.
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Mexico may merit a credit-rating upgrade should incoming President Enrique Pena Nieto’s proposals to increase tax revenue and open the energy industry to more private investment succeed, Moody’s Investors Service said.
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Most Latin American nations are well- prepared to confront a worsening debt crisis in Europe and slower growth in the U.S. as China’s commodities purchases give the region a “minimum” level of economic support, Moody’s said.
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Mexico’s increasing violence poses a risk to the nation’s credit rating in the “medium term” and may threaten economic growth, Mauro Leos , an analyst at Moody’s Investors Service, said.
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Brazil’s bid to wean itself off floating-rate debt, a legacy of 1990s hyperinflation, is faltering as the central bank boosts benchmark borrowing costs from a record low.
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Long vulnerable to periodic financial crisis in neighboring Argentina, Uruguay’s growing ties with Brazil and more diversified exports are prompting investors to bet the country is heading toward its first investment-grade rating since 2002.
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