Sunday, October 5, 2025

It was the peso’s best week in more than six years

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mexican pesos
The peso had a strong showing this week.

The Mexican peso completed its best week in more than six years yesterday, buoyed by a weaker US dollar and a honeymoon period following the election of Andrés Manuel López Obrador, who has sought to calm fears surrounding his economic plans.

The peso’s value against the greenback increased by 3.92% this week, its greatest single-week gain since December 2011.

The Bank of México said the interbank dollar rate closed at 19.0945 pesos, its lowest mark since May 3.

The 3.92% surge also made the Mexican peso the best performing emerging nations currency this week, according to Bloomberg, ahead of the Argentine and Colombian pesos which gained 3.02% and 1.96% respectively.

According to the currency exchange website xe.com, one US dollar was trading at 19.1 pesos at 3:00pm CDT today.

The dollar declined due to escalating trade tensions between the United States and China, with both countries imposing new tariffs on each other, while mixed U.S. employment data placed additional pressure on the currency.

Meanwhile, Bloomberg said “the peso’s rally since Sunday’s election shows that markets are rewarding Andrés Manuel López Obrador, known as AMLO, and his team for their efforts to calm investor anxiety after the populist swept to power with more than half the vote.”

As part of the incoming administration’s “charm offensive” to ease economic concerns, AMLO’s pick to be his finance secretary has been particularly outspoken.

Carlos Urzúa, who served as Mexico City’s finance secretary when López Obrador was mayor between 2000 and 2005, has reassured investors that the 2019 budget will keep the nation’s finances under control and stressed that the independence of the central bank will be respected.

RBC Capital Markets analyst Tania Escobedo Jacob wrote in a note that Urzúa’s “general outline” of the government’s economic plans “has been very well accepted by market participants,” adding that it has “decreased significantly the risk or perception of a radical shift in the management of the Mexican economy.”

The president-elect’s chief of staff also sought to allay fears this week that López Obrador might move to scrap the 2013 energy reform that enabled foreign and private companies to invest in Mexico’s oil industry.

Alfonso Romo said that López Obrador won’t seek to wind back the reform but added that his administration would review contracts for graft and if irregularities are detected, it will speak with the companies before any changes are made.

“I don’t see changes,” Romo said. “If anything happens, it would be done without hurting private investment.”

López Obrador also signaled earlier this week that he would support the current administration’s ongoing efforts to reach an updated North American Free Trade Agreement (NAFTA).

While the signs for the peso are good this week, some analysts have expressed concern that the positive trend may not last.

Erik Nelson, an analyst at Wells Fargo in New York, said “the conciliatory tone from AMLO has really helped” the peso strengthen this week but added:

“I’m a little skeptical of the longer term. You have an avowed populist that’s been elected. It’s hard to see long-term outperformance for the peso.”

Source: El Financiero (sp), Bloomberg (en)

Culiacán hospital construction to be completed by next March

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Díaz, left, at the site of Culiacán's new hospital.
Díaz, left, at the site of Culiacán's new hospital.

Construction of the new 1.2-billion-peso (US $64.9-million) General Hospital of Culiacán, Sinaloa, will begin by mid-August, Governor Quirino Díaz Coppel announced yesterday at the site of the new facility, a 78,000-square-meter piece of land on the highway between the state capital and the town of Imala.

The bidding process on the project began yesterday.

“This is very good news for all the people of Sinaloa because this is an important public works project,” the governor said.

The project is expected to be completed in about seven months, Díaz said, allowing the hospital to open its doors next March.

Of the total price tag, 671 million pesos will go towards the construction of the 25,000-square-meter building, while the remaining 565 million will be spent on equipping it.

The 120-bed hospital will have 46 specialty consultation rooms, a general consultancy area and three emergency wards.

The facility will have nine operating rooms, two of which are to be used exclusively for transplants, while another will be used to perform neurosurgery and other specialized procedures.

New medical equipment will include X-ray, MRI, tomography, fluoroscopy, a dialysis unit and blood bank.

A parking lot for 1,000 vehicles, along with an area dedicated for ambulances, round up the plan for the new hospital.

Díaz announced the construction of the facility three months ago during a visit to the existing general hospital, when he observed that the building had deteriorated and most of the equipment was obsolete.

Source: Milenio (sp)

Hapless Morelos candidate received just one vote, presumably his own

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Election results indicate candidate's sorry showing.
Published election results indicate candidate's sorry showing.

One unfortunate candidate for mayor in the state of Morelos had a dismal election — it appears that not even his mother voted for him.

Manuel González Campos ran for mayor of Zacualpan de Amilpas but managed to garner just one vote in his favor, presumably his own.

But he needn’t feel alone: also near the bottom in terms of voter preference was Francisca Alejandra Ramírez. She garnered just 13 votes.

In contrast, the winning candidate obtained 2,366 votes, or close to 42% of the total. Roberto Cázares won under a two-party coalition between the National Action and Citizens’ Movement parties (PAN-MC).

There was a similar story in the municipality of Tetecala, where another candidate for mayor, Gloria Laura Barrera Pérez of the Ecologist Green Party, won the support of only two voters.

Other candidates — perhaps with larger families or more friends — received between five and 18 votes apiece.

At the other end of the scale was a former soccer player and the current mayor of Cuernavaca, who won the race for governor with 54% of the vote.

Cuauhtémoc Blanco Bravo ran under the three-party coalition Together We Will Make History, whose presidential candidate, Andrés Manuel López Obrador, was elected by a landslide.

Blanco’s closest adversary polled just 14% of the vote while the candidate for the Democratic Revolution Party, which currently governs in the state, won just 12%.

Source: Reporte Indigo (sp)

New purchasing scheme to avoid corruption; IVA to be halved near border

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Urzúa: Amazon-style purchasing.
Urzúa: Amazon-style purchasing.

The incoming federal government will implement a centralized purchasing system to avoid corruption, Mexico’s future finance secretary said this week.

Carlos Urzúa said the new system would be similar to that used when buying products from retail giant Amazon and that all purchases would be controlled and monitored by the Secretariat of Finance.

He explained that when government personnel need to make a purchase, they will log on to a system which presents them with a range of options from suppliers that have already negotiated prices with the finance department.

Urzúa said the type of system to be introduced is already in place at the Institute of Social Security (IMSS), where it is used to buy medications.

The new system will “considerably” reduce corruption, the future finance secretary said.

Urzúa also said there is a proposal to establish a duty-free zone in Mexico’s northern border region where the value-added tax (IVA) would be halved from 16% to 8%.

He explained that a similar scheme existed in the 1990s but clarified that whereas at that time all of Baja California was included, the incoming government is only planning to implement the reduced tax rate in the more immediate border area, which includes cities such as Tijuana and Mexicali.

“It will help economic development at the border.”

He also said the new administration is considering the creation of a new mining fund to counteract negative effects that the industry has on communities near mining areas and that the agricultural secretariat would seek to provide incentives for greater production of key crops such as beans and corn by providing small-scale farmers with fertilizers rather than monetary aid.

In addition, Urzúa said there is a proposal to build a new 900-kilometer tourist railway between Cancún, Quintana Roo, and Palenque, Chiapas, that would serve as a trigger for economic growth and development in the south of the country.

(A newly-elected senator from Quintana Roo said today the train project would begin next year.)

All told, the new Andrés Manuel López Obrador-led administration will initially implement 38 strategic actions across all government secretariats, the prospective finance secretary said.

Source: El Financiero (sp), Animal Político (sp)

Cancún-Palenque train will begin construction next year: Morena senator

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Coming soon between Cancún and Palenque.
Coming soon between Cancún and Palenque.

The incoming secretary of finance yesterday called a new Cancún-Palenque train a proposal but today a newly-elected senator for Quintana Roo announced the 100-billion-peso project (US $5.23 billion) would begin next year.

José Luis Pech Várguez said the passenger train, intended to boost tourism in the south and encourage cultural tourism in the archaeological zones of Campeche and Chiapas, will take six years to build.

Fonatur, the national tourism fund, will be in charge of the project, the Morena senator said.

The project is one that had already been put forward by Morena party leader Andrés Manuel López Obrador.

The proposed route would run from Cancún through Tulum, Carrillo Puerto and Bacalar in Quintana Roo and Calakmul in Campeche to Palenque, Chiapas.

The first stage, Pech Várguez said, would be Cancún-Tulum, a two-year project.

Government, the private sector and communal landowners would participate as partners in the rail line, he explained.

The project has been called a bullet train but would travel at an average speed of 130 kilometers an hour, somewhat slower than most such trains.

Source: SIPSE (sp)

Amnesty process begins: women, children, youth victims will be focus

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Durazo and Sánchez explain amnesty proposal.
Durazo and Sánchez explain amnesty proposal.

Women, children and youths forcibly recruited by organized crime would be the main focus of an amnesty law that could be adopted by Mexico’s next federal government.

The incoming administration’s security team today begins the process of developing the proposed law, whose objective is to reduce spiraling levels of violence.

Olga Sánchez Cordero and Alfonso Durazo, whom president-elect Andrés Manuel López Obrador has announced he will nominate as his interior and public security secretaries, told a press conference yesterday that they would summon experts and victims of violence to participate in citizens’ forums at which legislative proposals will be discussed.

They stressed that any amnesty law that is adopted would only apply to those who have been coerced into participating in criminal activities and that anyone who has been convicted of committing a violent crime would not be eligible.

Both Sánchez and Durazo also insisted that granting amnesty would not be at the discretion of the president and that legislation would have to be approved by Congress.

An amnesty law would also be subject to restrictions contained in international agreements that Mexico has signed, they said.

Loretta Ortiz, López Obrador’s human rights adviser and a member of his transition team, said the amnesty law would not apply to high-impact crimes such as forced disappearances, homicide, human trafficking, sexual assault and extortion.

“Boys, girls, young people and women coopted by organized crime could be subject to this amnesty, as well as farmers who have been drug producers and haven’t committed any violent crime, women known as [drug] mules, those who are imprisoned for political crimes . . . and also women who commit crimes out of love, who carry drugs or weapons to support their partner,” she said.     

Sánchez Cordero said the president-elect had instructed the proposed security cabinet to “use all the legal instruments at our disposal for peace and justice” and that even pardons could be granted in “very special cases.”

Durazo said the amnesty law would be part of a “Mexican recipe for peace,” adding that it would help to bring young people who have been pressured into criminal activity or turned to it out of economic necessity into the legal economy.

“There could be hundreds of thousands of youth working as lookouts for organized crime,” he said. “We have to give them a way out.”

Durazo added that López Obrador had indicated he is willing to scrap the amnesty idea if victims of crime don’t support it because “since the campaign he said that he wouldn’t do it without the consent of the victims.”

He also stressed that an amnesty law would only be one of 10 main aspects of an overall security strategy aimed at returning peace to Mexico.

The incoming administration also plans to gradually withdraw the military from public security duties on the nation’s streets.

Durazo reiterated yesterday that better training for police and improving their pay and conditions will be a priority for the López Obrador-led administration.

The president-elect was attacked by his opponents during the campaign period for his amnesty idea but it didn’t stop him from winning a landslide victory in last Sunday’s election.

Yesterday, he told reporters that the amnesty plan is “about a process to achieve peace, but not with impositions, but rather convincing, looking for consensus.”

The objective, López Obrador said, is to “finish the predominating violence that sadly imperils the country.”

Source: Milenio (sp), Associated Press (en)

Life on Chihuahua Street isn’t quite the same since AMLO’s election

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The crowded street outside Morena headquarters.
The crowded street outside Morena headquarters.

The Mexico City neighborhood of Roma, known for hip bars and trendy restaurants, has a new hot spot: president-elect Andrés Manuel López Obrador’s transition headquarters.

Hordes of media have descended on Chihuahua Street in the inner-city neighborhood this week to capture the leftist leader’s every move as he enters or leaves the house in which he meets with members of his prospective cabinet and other political movers and shakers.

Supporters of the leftist leader, who won last Sunday’s election in a landslide, have also flocked to the street in the hope of catching a glimpse of the silver-haired 64-year-old or — if they are really lucky — shaking his hand or seizing a fleeting moment to snap a selfie with Mexico’s next president as he pops his head out of his car window.

Residents of the once comparatively quiet calle have discovered that at least for the time being, they will have to get used to living on the neighborhood’s busiest street.

Some of those who arrive want to congratulate the Morena party leader or give him gifts, while others seem to be happy just being in the vicinity of the president-elect — and telling their friends and family about it.

“You’ll never guess where I am! At the house where peje is,” one AMLO supporter boasted in a telephone conversation, using the nickname López Obrador was given because the pejelagarto, a kind of garfish, is common in his home state of Tabasco.

“I’m here with all the media. Turn on the TV!”

Others, however, have more serious intentions.

One lady explained to the newspaper Milenio that she used to work for the state oil company Pemex but said that she lost her job two years ago and hasn’t been able to find work since.

The woman, identified only as Martha, showed up at AMLO’s transition headquarters with a written petition to hand over to the president-elect and after a long wait, she was finally granted access to the premises.

After 10 minutes inside, she said on her way out: “I put it right into his hands, he was very nice but he looked very serious.”

That seriousness, perhaps, was due to his considering a matter that could go some way to defining his time in office: relations with the United States.

Who is the best person to deal with a United States administration led by a president who has been frequently antagonistic towards Mexico?

At the same time Martha arrived at the Roma address, López Obrador was meeting with former Mexico City mayor Marcelo Ebrard and the man he had proposed to be his secretary of foreign affairs, Héctor Vasconcelos.

Later in the day, AMLO announced that he would propose Ebrard for the job rather than Vasconcelos, who would instead seek to become president of the Senate foreign relations committee.

Ebrard will have the Donald Trump file.

Source: Milenio (sp)

Relatives of today’s elephants roamed Oaxaca 10,000 years ago

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Bone fragments that were found in Oaxaca.
Bone fragments that were found in Oaxaca.

More than 10,000 years ago, distant ancestors of modern-day elephants roamed the land where the state of Oaxaca is today.

That’s the conclusion of Eduardo Jiménez Hidalgo, a scientist at the Puerto Escondido campus of the University of the Sea (Umar) after examining fossilized bone fragments found in the southern state.

“The remains found in San Martín de los Cansecos belong to a prehistoric animal that lived during the Ice Age, identified as a gomphothere of the Cuviernonius genus, distant relatives of the current elephants,” he said.

The bones — which included parts of a jaw, a rib, a shoulder blade and a pelvic bone — were discovered by Raúl Pérez Vega, a mine worker and former employee of the federal Mexican Geological Survey.

In the latter job, Pérez had learned how to identify fossil remains so when he fortuitously came across the bone fragments while walking with his family he instinctively knew that he had found something out of the ordinary.

Location where the bone fragments were found.
Location where the bone fragments were found.

He subsequently sought expert opinion in a paleontology Facebook group through which he was able to contact Carlos Castañeda Posadas, a professor at the Benemérita Autonomous University of Puebla who in turn put him into contact with Jiménez Hidalgo.

Pérez sent photos of the bones to the Puerto Escondido-based biologist, who was able to confirm their significance.

In May, Pérez accompanied a group of municipal officials and paleontologists to the site known as El Palenque, which is located about 55 kilometers south of Oaxaca city.

There, the group collected the fossilized fragments so that they could be tested to determine their exact age and to learn more about the species.

After they have been treated to avoid deterioration, it is expected that they will be put on display in the same municipality where they were found.

Given the significance of Perez’s find, Jiménez said that at some stage in the future a fossil survey will be carried out in the region.

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He added that there is a long history of fossil discoveries in Oaxaca that span the Carboniferous, Jurassic, Cretaceous, Paleogene, Miocene and Pleistocene periods.

Researchers from the Institute of Anthropology and History (INAH), the National Autonomous University (UNAM) and other universities have all studied the fossils, Jiménez said.

“Various remains of marine and continental animals have been found, for example carboniferous trilobites, turtles and Jurassic marine reptiles . . .  as well as a great variety of Pleistocene mammals such as bison, camels, horses, tapirs, terrestrial sloths, mammoths, gomphotheres and rodents.”

Source: Conacyt Prensa (sp)

‘El Mijis:’ from gangster to state congressman in San Luis Potosí

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Former gangster 'El Mijis,' center, at a press conference.
Former gangster 'El Mijis,' center, at a press conference.

Pedro Carrizales is not your run-of-the-mill politician.

The 39-year-old father of three, who is better known by his nickname “El Mijis,” won a seat in the San Luis Potosí state Congress in Sunday’s elections but his background is likely to be vastly different from those who will join him there.

Carrizales didn’t prepare for a life in politics by studying law or another academic pursuit or by working his way up the hierarchy within the machinery of a political party.

Instead he cut his teeth on the streets of the state capital, first as a member and later as a leader of local gangs. El Mijis admits himself that he was a young hothead on the wrong path in life.

But following the death of his mother, Carrizales gave up a life of drugs, street violence and crime to help young people who were heading down the same path that he once did.

In 2002, he joined a San Luis Potosí group that is dedicated to helping the city’s youth to lead more positive lives and since 2009 has led the anti-violence organization known as Un Grito de Existencia (A Shout of Existence).

He often gives talks at schools to warn students about the dangers of drugs and abandoning their education and has also created a range of social programs aimed at reducing gang-related violence.

But even though he has fought for positive change, social justice and better lives for youth for more than 15 years, his election as a state congressman has been controversial, and this week it triggered a barrage of posts on social media that saw #ElMijis become a trending topic on Twitter.

There have also been reports that Carrizales was imprisoned for crimes that he allegedly committed in his less than exemplary past.

But the congressman-elect, who ran for office under the banner of Andrés Manuel López Obrador’s Together We Will Make History coalition, told the newspaper El País that the reports are wrong.

It’s false. I’ve never been in jail although . . . police have arrested me during raids,” Carrizales said, adding “I’ve never shot a gun.”

The former gangster chose a new path.
The former gangster chose a new path.

In a separate interview with Buzzfeed News México, El Mijis explained that eight or nine years ago police arrested him at his home on a charge of the attempted homicide of four people.

However, he denied any wrongdoing and explained that there was no evidence to convict him of that crime nor was he convicted of participating in the burning of a vehicle, of which he was also accused.

Instead of judging him on his appearance or actions in the distant past, El Mijis urged the public to form an opinion about him based on his recent work.

“I’m not going to say that I come from the cradle of Moses . . . but a lot of things [said about me] were false. I ask society to look at my work. I now have international prizes for my work with Un Grito de Existencia,” he said.

Contributing to the public perception of Carrizales is that, in many people’s minds, he still looks like a gang member.

El Mijis has 11 tattoos on his arms and chest and he continues to dress as he has done for much of his life: with a kerchief around his neck, a check shirt or singlet and sometimes baggy jeans.

But Carrizales brushes off the criticism and says it is not the first time in his life that he has been judged by and suffered discrimination because of his appearance.

“They’ve called me naco [low-class/ghetto], cholo [half-caste or gangster-like in appearance],” he said.

Carrizales told El País that he had planned to run as an independent but was subsequently approached to join the Morena party-led coalition, which was not only the vessel that swept López Obrador to a landslide victory in the presidential election but also won majorities in both houses of the federal Congress

“I can’t deny that López Obrador was a boomerang of support [for me] but I’ve done a lot of work that backs me up. I’m not from Morena, I was nominated by the PT [Labor Party],” he explained.

One of the first initiatives he plans to propose as a lawmaker is a policía de barrio, or neighborhood police force, so that young people are not criminalized based on their appearance.

“A few years ago, a security guard mistreated a dog and a lot of people were outraged. When they kill a chavo banda [young person with a stereotypical gangster-like appearance] they say, ‘he was surely on the wrong path.’ We have to change that,” Carrizales said.

“There should be more cultural and sporting activities [for young people]. We’re going to show that with work, the chavos banda can also do a lot of [positive] things,” he said.

The future congressmen estimated that there are more than 1,000 gangs in the state, each with at least 30 members, meaning that “we’re going to have a very big job” but he also stressed that everyone deserves a second chance.

“. . .  I have diabetes and I have seen death many times. I got stabbed because I was a gangster, they butchered my liver, punctured my lung . . . I’ve been beaten, received death threats and now that I contested the election I was targeted again, but I haven’t cracked.”

Source: El País (sp), Buzzfeed News México (sp)

Prison director turned Sinaloa Cartel boss extradited to US

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López Núñez: extradited to US.
López Núñez, nicknamed "The Graduate."

Sinaloa Cartel boss Dámaso “El Licenciado” López Núñez was extradited early this morning from the border city of Ciudad Juárez to the United States.

López, 50, whose nickname means “The Graduate,” faces charges of conspiring to distribute cocaine and commit money laundering and could face life imprisonment if convicted.

Acting Attorney General Alberto Elías Beltrán told a press conference that López is potentially a key witness against Joaquín “El Chapo” Guzmán Loera, who is facing a trial in September in New York state.

“This extradition is fundamental for Mexican and United States authorities due to the testimonial contribution it might have regarding Joaquín Guzmán Loera, and represents a watershed in the cooperation between both countries, especially in the exchange of information,” said Elías.

He added that López’s criminal proceedings in Mexico will be suspended, pending a resolution of his legal status in the United States.

López was employed as the internal security director of the Puente Grande penitentiary in Jalisco between 1999 and 2000. One year later, it is believed, he was a key player in Guzmán’s escape from that prison.

After the prison break, he joined the Sinaloa Cartel and soon started rising in its command structure, becoming Guzmán’s second-in-command.

After Guzmán was re-arrested in 2014 he is believed to have passed his leadership responsibilities on to López, who has been identified by United States authorities as having “a significant role in international narcotics trafficking.”

López  was arrested in Mexico City in May last year.

His son, Dámaso “El Mini Lic” López Serrano, was arrested in Mexicali last July and pleaded guilty to drug smuggling charges in January in San Diego, California.

Source: Milenio (sp)