Monday, May 12, 2025

Oil regulator approves Pemex project to develop Gulf of Mexico gas field

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Agustin Diaz Lastra, head of Mexico's Hydrocarbons Commission
“This is fundamental for the production of gas,” said National Hydrocarbons Commission (CNH) chief Agustín Díaz Lastra, who is a former Pemex official, after the CNH approved Pemex's plan. “We should increasingly strive to use new technologies that allow us to develop deepwater fields.” Twitter

The National Hydrocarbons Commission (CNH) has approved a revised Pemex plan to develop the once-abandoned Lakach deepwater natural gas project off the coast of Veracruz.

The oil sector regulator approved the proposed development at a public meeting on Monday that was chaired by new CNH chief Agustín Díaz Lastra.

Located in the Gulf of Mexico about 90 kilometers southeast of the port city of Veracruz, the Lakach field is estimated to have gas reserves totaling as much as 937 billion cubic feet. High costs have been a barrier to development, but President López Obrador believes the field could be an important source of gas for Mexico.

The news agency Reuters reported that CNH officials raised questions about whether Pemex – which has debt in excess of US $100 billion – could shoulder the cost of the previously abandoned venture, but they all ultimately supported the project.

Lakach deepwater natural gas mining site
The Lakach deepwater natural gas site is located off the coast of Veracruz. Energy 21

The state oil company intends to develop the field in conjunction with New Fortress Energy, a United States-based liquified natural gas company.  The project approved by the CNH has a cost of US $1.79 billion.

Alma América Porres, one of the CNH officials, described the investment – and associated uncertainty – as “huge.” “It’s very important that we supervise this [project] very strictly, much more so than others,” she said.

One risk factor is that Pemex has little experience in deepwater projects. But Díaz – appointed as CNH chief by López Obrador last week – said he was optimistic about the Lakach project.

“This is fundamental for the production of gas,” said Díaz, who is a former Pemex official. “We should increasingly strive to use new technologies that allow us to develop deepwater fields,” he added.

Pemex previously proposed developing Lakach with New Fortress Energy via a service contract. Under such a contract, Pemex would retain full ownership of the gas field but bear the risk if prices fall, Reuters reported. The details of the new arrangement between Pemex and the U.S. company were not addressed at Monday’s public NHC session.

Meanwhile, the state oil company reported a net third-quarter loss of 52 billion pesos (US $2.6 billion) last Friday. In a filing to the Mexican Stock Exchange, Pemex said the higher cost of importing fuel was a factor in its negative result.

The company also lost money on the oil it refined. For every barrel it processed in the third quarter of 2022, Pemex lost US $7.37, its worst refining result since the first quarter of 2020. The negative refining margin followed per-barrel profits of $18.32 and $14.74 in the first and second quarters, respectively.

“This result is due to lower prices for crude and the increase in processing rates at refineries around the world combined with weak demand,” Pemex said.

Energy analyst Ramsés Pech said that operating and maintenance costs are very high at Mexican refineries, and that affects Pemex’s per-barrel results. He noted that some U.S. refineries make up to $30 profit per barrel.

Mexico’s refineries are operating at no more than 50% capacity, but running them is still costly, Pech said. “The [profit] margins fell [in the third quarter] due to the [high] cost of producing … [stemming from] the inefficiency of the refineries,” he said.

With reports from Reuters, Bloomberg and El Economista 

En Breve: AMLO congratulates Lula, Checo finishes 3rd in Mexican GP, tourists flock to Mexico

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Then-candidate for the Brazilian presidency Luiz Inácio Lula da Silva shakes hands with President López Obrador in March at the National Palace.
Then-candidate for the Brazilian presidency Luiz Inácio Lula da Silva shakes hands with President López Obrador in March at the National Palace. LopezObrador.org.mx

AMLO congratulates Lula on victory in Brazil’s presidential election

President López Obrador has congratulated his fellow leftist Luiz Inácio Lula da Silva on his victory in Sunday’s presidential election in Brazil.

Lula, as the former president is commonly known, defeated incumbent President Jair Bolsonaro in a runoff election in Latin America’s most populous country, attracting almost 51% of the vote, compared to his opponent’s 49%.

López Obrador acknowledged the 77-year-old’s victory in a post to social media on Sunday. “Lula won, blessed people of Brazil. There will be equality and humanism,” he wrote.

In a telephone call on Monday afternoon, AMLO personally conveyed his congratulations to the president-elect and invited him to visit Mexico before he takes office on January 1, 2023. “I spoke with a friend, brother and colleague who asked me to pass on the following message: ‘Lula loves Mexico,’” he wrote on Facebook above a video recording of his call with the president-elect.

Checo appears on F1 podium for 25th time

Guadalajara native Sergio “Checo” Pérez finished third in Sunday’s Formula 1 Mexican Grand Prix in Mexico City.

The 32-year-old Red Bull driver crossed the finishing line 18 seconds behind his teammate and victor Max Verstappen of the Netherlands. Brit Lewis Hamilton, who drives for Mercedes, finished second.

Checo Pérez in his Red Bull/Oracle uniform, giving a thumbs up.
Checo Pérez’s hopes for a home-turf victory were dashed, but he still made it to the podium. Chris Graythen/Getty Images via Red Bull Content Pool

It was the 25th time that Pérez has finished in the top three in a F1 race. The Mexican driver has a total of four F1 victories to his name, the most recent coming in Singapore earlier this month.

Almost 400,000 people flocked to the Hermanos Rodríguez racetrack to watch three days of high-speed racing in the Mexican capital.

Over 15 million international tourists flew into Mexico in the first nine months of the year

The Tourism Ministry reported Sunday that almost 15.1 million international tourists arrived at Mexican airports between January and September. The figure represents an increase of just over 6% compared to the same period of last year.

The three biggest source countries for tourists were, in order, the United States, Canada and Colombia. About 9.7 million Americans flew into the country in the first nine months of the year, a 35.5% increase compared to the same period of 2021.

The busiest airport for international tourist arrivals was that in Cancún, Quintana Roo, accounting for 47% of the total. The Mexico City and Los Cabos airports ranked second and third, respectively.

A good month for the stock market

The Mexican Stock Market’s benchmark IPC index rose almost 12% in October, its highest month-over-month increase since November 2020. The newspaper Reforma reported that it was the best October for the stock exchange since 1999.

El Economista said that an “acceptable reporting season” and “expectations of a moderation to the pace of interest rate increases” contributed to the strong result. The IPC index of 35 large companies rose 1.7% on Monday to 49,922 points, but is still well below the 2022 high of over 56,000 points recorded in April.

Mexico News Daily 

Photo essay: Day of the Dead festivities in Atlixco, Puebla

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Day of the Dead in Atlixco, Puebla, 2022
Even Spiderman became a skeleton for Day of the Dead in Atlixco. Photos by Joseph Sorrentino

In Mexico’s Pueblo Mágico of Atlixco, Puebla, Day of the Dead is not a single-day celebration but a big, festive occasion. Starting in the last couple of weeks of October, a slew of events begins to attract tourists from all over Mexico and abroad.

The biggest event is probably the Calaveras (skeleton) Parade, with participants dressed as catrinas and catrins (the iconic Day of the Dead male and female skeletal figures) as well as characters from legends like The Black Charro (a skeletal Mexican cowboy). But the downtown is full of things to do on the days surrounding Day of the Dead, including public ofrendas (memorial altars) and gorgeous temporary “tapestries” made of thousands of Day of the Dead’s colorful traditional flowers.

Photojournalist Joseph Sorrentino gladly took the opportunity this year to shoot photos for us at the Día de Muertos festivities in Atlixco.

“Atlixco’s got a really lovely zócalo ringed with restaurants and shops and a colonial-era church,” he said. “It has its own pre-Hispanic pyramid that hasn’t been excavated, but locals find ancient artifacts there all the time.”

Day of the Dead in Atlixco, Puebla, 2022
The Calavera Parade was the main event, but Sorrentino found intriguing impromptu moments happening in the neighborhoods surrounding downtown, like this dance troupe holding its own mini-parade.

This year, while attending the parade, he found himself interested in a new holiday tradition: 10 different Mexican artists created their own larger-than-life versions of La Catrina and a few other fantastical figures for the city, which have been placed in different residential neighborhoods of Atlixco during the holiday period. They ranged from Sorrentino found that both tourists and locals were lured into traveling from neighborhood to neighborhood to visit the figures.

As he photographed, he kept running into one family in particular, with a young daughter wearing a catrina costume and white makeup on her face. “She was a very happy little girl; she became my best friend,” he said. “She would yell excitedly and run over every time we kept seeing each other.”

He eventually had her pose for his camera after asking her mother’s permission. “I told her to strike a pose, to show me some attitude.”  The girl happily obliged with a sassy hand on her hip.

Sorrentino’s last shoot for this photo essay, of dancers in costume, almost didn’t happen, he said. “I’d been shooting for three hours in the sun, and I was all sweated out and dirty and ready to stop when I heard music. This group of dancers suddenly streamed by, like 30 of them, with a live band. They weren’t even part of the parade. They’d just come from somewhere in Puebla to perform.”

Day of the Dead in Atlixco, Puebla, 2022
Frida Melisa posing with The Vaquero Negro, also known as The Charro Negro, both of which mean “the cowboy in black.” The girl’s mother made Sorrentino wait while she got her daughter’s hat and shawl.

“They were in the street, blocking traffic, yet nobody was honking their horn, nobody got upset,” he said. “They just watched from their cars.”

Sorrentino says he loves photographing these sorts of spontaneous moments the best.

“There’s always something happening in Mexico,” he said. “You think to yourself, ‘I’m done,’ and then a parade breaks out.”

Joseph Sorrentino, a writer, photographer and author of the book San Gregorio Atlapulco: Cosmvisiones and of Stinky Island Tales: Some Stories from an Italian-American Childhood, is a regular contributor to Mexico News Daily. More examples of his photographs and links to other articles may be found at www.sorrentinophotography.com He currently lives in Chipilo, Puebla.

 

Day of the Dead in Atlixco, Puebla, 2022
A giant alebrije-style xoloitzcuintle dog was a popular figure for selfies.

 

Day of the Dead in Atlixco, Puebla, 2022
In this quieter, more intimate moment, a woman fiddles with her phone camera to get a souvenir photo just right of her husband in front of a yellow Catrina.

 

Day of the Dead in Atlixco, Puebla, 2022
One of the Acateco dancers caught parading down Atlixco’s streets.

 

Day of the Dead in Atlixco, Puebla, 2022
The colorfully painted Diablito de San Miguel (Little Devil of St. Michael) towers over visitors.

 

Day of the Dead in Atlixco, Puebla, 2022
This skeletal dandy is named El Viajero (The Traveler).

 

Day of the Dead in Atlixco, Puebla, 2022
At the end of the day, Sorrentino was shooting this last catrina when the Acateco dancers appeared. “They weren’t even in the parade,” he said. “They were a dance group that had come from another town just because they wanted to participate.”

Economy grew 4.3% annually in third quarter: INEGI

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An Audi employee at work at a manufacturing plant in San José Chiapa, Puebla.
Mexico has benefited from investment fueled by the "nearshoring," especially in car manufacturing. Pictured: an Audi employee at work at a manufacturing plant in San José Chiapa, Puebla. Carlos Aranda / Upslash

Mexico’s gross domestic product (GDP) increased 4.3% in the third quarter of 2022 compared to the same period of last year, preliminary data shows.

Seasonally adjusted data published by the national statistics agency INEGI on Monday showed that primary, secondary and tertiary economic activity increased 3.5%, 4% and 4.3%, respectively, in the July-August quarter.

Banco Base economic analyst Gabriela Siller said that the strong annual growth in the third quarter was due to a low comparison base, as GDP declined 0.5% in the same period last year.

Preliminary data also showed that growth was 2.7% in the first nine months of the year compared to the same period of 2021, and quarter-over-quarter growth was 1% in Q3. The latter result was above the 0.8% average growth forecast of analysts surveyed by Bloomberg, and slightly better than the 0.9% quarter-over-quarter expansion recorded between April and June.

A cargo ship leaves port in Manzanillo, Colima. Strong demand for exports has helped sustain economic growth this year.
A cargo ship leaves port in Manzanillo, Colima. Strong demand for exports has helped sustain economic growth this year. Depositphotos

Final third quarter data will be published on November 25. Based on the preliminary data, Mexico has now recorded annual growth during six consecutive quarters, and quarter-over-quarter growth in three successive three-month periods.

However, GDP — which slumped by over 8% in 2020 before growing almost 5% last year — has not yet reached the pre-pandemic levels of 2019. Janneth Quiroz, deputy director of economic analysis at the Monex financial group, said that GDP last quarter was at a similar level to that of the fourth quarter of 2017.

The federal Finance Ministry is forecasting GDP growth of 2.4% this year, saying in a statement Friday that economic activity remained “solid” in the third quarter. Growth in the number of formal sector jobs, a surge in remittances, tourism revenue, strong demand for Mexican-made and grown exports and foreign investment fueled by the nearshoring phenomenon are among the factors that have benefited the economy this year.

Deputy Finance Minister Gabriel Yorio predicted that Mexico’s GDP will continue to grow in 2023 even if the global economy slows. “While the world might enter a stage of … economic downturn, growth will continue to be positive in Mexico’s case,” he said.

The World Bank is forecasting that the Mexican economy will grow 1.5% next year, but Bloomberg reported earlier this month that “a near-certain U.S. recession” in 2023 “will likely pull Mexico’s economy into a contraction.”

With reports from El Financiero and El Economista 

Sempra and Silicon Valley Power sign deal for Baja California wind energy

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Wind turbines at Energía Sierra Juárez, another Sempra-operated wind farm in Tecate, Baja California.
Wind turbines at Energía Sierra Juárez, a privately owned wind farm in Tecate, Baja California. Sempra

The United States energy company Sempra intends to build a new wind farm in the Baja California municipality of Tecate, and already has a customer willing to buy the power it proposes to generate there.

Sempra Infrastructure (SI), a subsidiary of the San Diego-based firm, and Silicon Valley Power — a municipal electricity utility owned and operated by the city of Santa Clara, California — announced a 20-year power purchase agreement last Thursday.

The renewable energy is to be supplied to Santa Clara from “the proposed Cimarrón wind project, Sempra Infrastructure’s cross-border wind generation facility under development in Baja California,” SI said in a statement.

To be located less than 10 kilometers from the SI-operated Energía Sierra Juárez (ESJ) wind farm, “Cimarrón is expected to be a 300-megawatt (MW) wind generation facility,” the statement said, adding that clean energy would be delivered to a substation in San Diego County via Sempra Infrastructure’s existing cross-border high voltage transmission line.

“Cimarrón is being developed to include approximately 60 wind turbines with a capacity to produce enough energy equivalent to the annual energy consumption of more than 84,000 homes and is expected to reduce greenhouse gas emissions by nearly 210,000 metric tons of carbon dioxide equivalent per year,” SI said.

“The construction of the new facility is expected to create more than 2,000 direct and indirect jobs in Mexico with additional local community investment under Sempra Infrastructure’s framework for corporate giving as part of the company’s commitment to the communities where it operates,” the company said.

It added that the development of the planned project “is subject to a number of risks and uncertainties, including securing all necessary commercial agreements and permits and other factors, including reaching a final investment decision.”

Construction of the wind farm hasn’t yet commenced, but SI believes it could start generating power by the end of 2024.

The energy will go to power the city of Santa Clara, part of Silicon Valley (seen here from the nearby Mt. Hamilton).
The energy will go to power the city of Santa Clara, part of Silicon Valley (seen here from the nearby Mt. Hamilton). Depositphotos

CEO Justin Bird said the company is “excited to work with the City of Santa Clara, home to some of the world’s largest technology companies, to provide access to renewable energy that can help meet their energy demands while supporting their sustainable energy goals.”

SI’s agreement with Silicon Valley Power “underscores our commitment to advancing the development of our North American clean energy portfolio as we continue to help create a cleaner energy future,” he said.

Manuel Pineda, chief electric utility officer of Silicon Valley Power, said that the utility is “excited to partner with Sempra Infrastructure to add clean energy resources to help meet our sustainability and climate goals.”

SI didn’t say how much it intended to invested in the new project, but the outlay will likely be in the hundreds of millions of dollars. A total of US $450 million was spent on the two phases of the nearby 263-MW ESJ facility, which has 73 turbines.

SI operates another large wind farm in the Nuevo León municipality of General Bravo and a natural gas storage terminal in Ensenada, Baja California. The latter facility intends to start exporting gas to tap into growing global demand for the fuel.

SI also has plans to build a battery storage facility of up to 500 MW in Mexicali, Baja California, and an liquefied natural gas (LNG) export facility in Topolobampo, Sinaloa. The former is slated to serve California’s Imperial Valley, while the latter could ship gas to Asia.

The San Diego Union-Tribune reported that “export terminals on or near the Pacific are considered valuable because ships carrying LNG cargoes to natural gas-hungry markets in Asia can skip paying the tolls at the Panama Canal that facilities on the Gulf Coast must pay and can reach their destinations in about half the time.”

The federal government is planning to build a gas export hub in Coatzacoalcos, Veracruz, but that facility is slated to ship LNG to Europe rather than Asia. President López Obrador is increasing the state’s involvement in the energy sector, and his government has pursued a range of policies that are hostile to foreign firms, many of which generate renewable energy here.

Despite that, 17 United States energy companies have committed to invest in solar and wind projects in Mexico, the president said in June. Citing remarks made by López Obrador at the U.S.-Mexico CEO Dialogue in Washington D.C. in July, Foreign Affairs Minister Marcelo Ebrard said that U.S. companies in general will invest $40 billion in Mexico over the next two years.

With reports from The San Diego Union-Tribune and El Financiero 

Quintana Roo becomes tenth state to decriminalize abortion

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Feminist groups celebrate in Cancún, Quintana Roo Foto: Elizabeth Ruiz / Cuartoscuro.com

The Quintana Roo Congress modified several articles of the local penal code to allow the termination of pregnancy within the first 12 weeks without any criminal liability on Wednesday. The amendment, which was promoted by the ruling Morena party, was approved with 19 votes in favor, three against, and four abstentions.

Quintana Roo is the tenth state to enact similar legislation, following the lead of a Supreme Court decision in September 2021 that ruled that criminal prosecution of abortion was unconstitutional.

“Today, the call of Quintana Roo’s citizens has been answered, to guarantee sexual and reproductive rights,” said Morena congressman Humberto Aldana Navarro after the vote.

When the legislation was announced, the Feminist Network of Quintana Roo stated on Twitter: “The struggle is bearing fruit. We will insist on abortion being not only legal, but also safe and free.”

At the same time, pro-life groups held protests outside the local congressional building.

The National Human Rights Commission (CNDH) said that this decision helps “reduce stigmatization experienced by those who request the termination of a pregnancy, thereby recognizing women’s rights to reproductive autonomy.”

Abortion is still regulated at a state level, and the nine other states that have modified their penal codes to comply with the court’s ruling include: Mexico City, Oaxaca, Hidalgo, Veracruz, Coahuila, Colima, Baja California, Sinaloa, Guerrero, and Baja California Sur.

With reports from Milenio, La Jornada Maya and Proceso.

Founder of big cat sanctuary under investigation for money laundering

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These lions were rescued from Black Jaguar White Tiger and moved to the San Juan de Aragón Zoo in Mexico City in early October.
These lions were rescued from Black Jaguar White Tiger and moved to the San Juan de Aragón Zoo in Mexico City in early October. Sedema

The founder of Black Jaguar White Tiger, a big cat sanctuary in the Ajusco area on the outer edge of Mexico City, is under investigation for money laundering after a Mexican citizen filed a complaint before the FGR along with two other government officials from the Federal Attorney for Environmental Protection (Profepa) and the Ministry of the Environment and Natural Resources (Semarnat).

“Owing to an anonymous complaint filed before Mexico’s Attorney General’s Office, in which it is mentioned that Eduardo Mauricio Moisés Serio is part of organized crime, an investigation has started its course at the Office of the Special Prosecutor for Organized Crime (FEMDO),” revealed information to which Forbes México had access to.

The complaint accuses the founder of Black Jaguar White Tiger as well as Joel González Moreno, a former Profepa official, and Rafael Pacchiano Alamán, the former Minister of Environment and Natural Resources, of being involved in organized crime activities in the form of money laundering.

This complaint adds to the one filed in June by the Association of Zoos, Breeders and Aquariums of Mexico, the Azcarm, before the FGR, which accused Serio of animal abuse. The claim exposed the animal shelter for the cruel conditions in which it kept the felines: malnutrition, abandonment, then allegedly burying the animals that didn’t survive in clandestine graves.

A Profepa official feeds a monkey at the sanctuary in July.
A Profepa official feeds a monkey at the sanctuary in July. Twitter @PROFEPA_Mx

Serio denied the abuses after authorities seized 200 big cats in July including African lions, white lions, tigers, jaguars, and pumas. Two of his bank accounts were also frozen by the tax authority in Mexico — one in Citibanamex and the other one in Banco Afirme.

On Monday morning, Forbes reported that at the same time that the money laundering claim was being filed by the FGR, the animal shelter was notified that its bank accounts were unfrozen.

A judge in Mexico’s City Court of Justice told the board of Citibanamex to unfreeze bank accounts owned by the non-profit Black Jaguar White Tiger responding to multiple amparos (a Mexican legal mechanism designed to protect human rights) filed by Serio’s attorney, Salvador Padilla, a specialist in money laundering issues.

Many of the felines rescued from the animal shelter have been transferred to other locations within Mexico. To name a few, Zacango Park, located in Calimaya, México state, received five felines by the end of July. Twelve were relocated to Africam Safari, a wildlife conservation park in Puebla a month after, and three chronically ill big cats were taken to Reino Animal, a conservation center located in México state’s Teotihuacán municipality.

As of Aug. 26, Profepa reported having transferred 121 animals to other rescue centers in the country, including pumas, servals, tigers, jaguars, lions, leopards, coyotes, spider monkeys, capuchins and baboons.

Eighteen of Azcarm’s member zoos have assumed the responsibility of properly caring for the majority of the animals seized from the shelter, including the San Juan de Aragón Zoo in Mexico City, which received four male African lions earlier this month.

With reports from Infobae and Forbes México

Prospects are good for the peso in 2023, Barclays reports

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The British bank's forecast was at odds with that of Moody's Analytics.
The British bank's forecast was at odds with that of Moody's Analytics. Depositphotos

The British bank Barclays has offered a rosy forecast for the Mexican peso, presenting an outlook that differs sharply with that put forward by Moody’s Analytics earlier this month.

The peso — one of the world’s best performing currencies in 2022 — could appreciate by over 4% against the U.S. dollar between now and the end of 2023, according to two Barclays analysts.

The analysts told a press conference Friday that the peso could trade at 19 to the U.S. dollar at the end of 2023, an appreciation of about 4.2% compared to its value of approximately 19.83 to the greenback at 11 a.m. Central Standard Time (CST) Monday.

Gabriel Casillas, Barclays’ head of Latin America Economics, and Erick Martínez, a New York-based exchange rates strategist with the bank, predicted that one U.S. dollar will buy 19.75 pesos at the end of this year, a slight appreciation for the latter currency.

The peso could appreciate slightly against the dollar by the end of the year, some analysts say.
The peso could appreciate slightly against the dollar by the end of the year, some analysts say. Depositphotos

Casillas said that “fiscal austerity, Mexico’s attractiveness for nearshoring and a shrinking investment universe” are all positives for the Mexican economy — and the country’s currency. Investors can no longer invest in Russia and they’re pulling money out of China due to political concerns, he said.

Martínez said that the peso has been supported by — and will continue to be supported by — the difference in interest rates between Mexico and the United States. The Bank of México’s benchmark rate is currently 9.25% whereas that of the United States Federal Reserve is 3-3.25%.

Among other advantages for the peso, Martínez said, are political stability in Mexico, the absence of capital flight from the nation’s economy and solid public accounts. The analyst expressed “clear disagreement” with Moody’s Analytics’ recent prediction that the peso could depreciate 20% against the U.S. dollar in coming months due to tightening monetary policy in the United States.

The dollar is “overvalued” now due to the Fed’s sharp interest rate hikes — 0.75% following its three most recent meetings — but will return to its “fair value” as the U.S. central bank relaxes its monetary policy, Martínez said.

He and Casillas predicted that the Fed’s monetary policy will ease as the U.S. economy slows, and the peso will benefit as a result — even though the Bank of México will likely adopt a less aggressive stance itself as inflation regulates here.

Mexico’s central bank has also raised rates by 0.75% following its three most recent monetary policy meetings as the bank seeks to tame high inflation — 8.53% in the first half of October.

Martínez said that the peso could suffer if the global economic situation worsens in early 2023, but predicted that it would regain any lost ground as central banks relax monetary policy once inflation has been brought under control.

The peso has appreciated over 3% against the U.S. dollar since the start of the year even as many other currencies lost ground against the greenback, which is seen as a safe-haven currency in times of economic uncertainty. The strength of the Mexican currency has been lauded by President López Obrador and has led some media outlets, such as Bloomberg, to dub it the “super peso.”

Martínez said that the currency could begin to come under pressure in 2024 due to political uncertainty in the lead-up to the Mexican presidential election, scheduled to take place in July of that year. The peso depreciated slightly against the U.S. dollar in Monday morning trading as the market factors in the likelihood of the Fed announcing another 0.75% interest rate hike this Wednesday.

With reports from El Economista, Reuters and Expansión

Sweet treats you need to try for Day of the Dead

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calaveritas or sugar skulls
Colorful, fun and somewhat creepy, brightly decorated sugar skulls (calaveritas) are an integral part of Day of the Dead celebrations.

Like every holiday, Día de Muertos is celebrated with food.

In this case, though, the foods aren’t necessarily what we want: Day of the Dead tradition calls for honoring those who have passed away by preparing their favorite dishes and drinks, uniting both worlds in a celebration and remembrance of your time with them. Relatives and friends cook for the pleasure of the departed, and offerings are made on home altars or at grave sites. Marigolds (cempasuchitl) are traditionally used for decoration as their strong fragrance is said to attract and guide the spirits back to their final resting place.

Pan de muerto (literally translated as “dead bread”) is perhaps the most well-known food associated with this holiday and heralds the approaching celebration. While it seems to be just a round, Danish-like pastry sprinkled with sugar, everything about it is symbolic.

The circular shape represents the cycle of birth and death; the bumpy knob on top represents the skull, with the four elongated knobby strips symbolizing bones or the tears shed for the deceased.

pan de muerto
Pan de muerto’s shape, flavor and distinctive knobby top are full of Aztec symbolism.

These also signify the four directions of the Aztec calendar. And finally, Pan de Muerto’s gentle orange-blossom flavor is to attract and comfort the deceased. While you’ll find different variations throughout Mexico, the basic shape and meanings remain the same.

Pan de muerto can be made at home — it’s a basic sweet yeast dough — but space restrictions prohibit my including a recipe here. Google around or just go buy some at your favorite bakery or restaurant.

Candy skulls (calaveras or calaveritas) are another sweet traditionally associated with Day of the Dead. Made from just sugar, egg whites and water, they aren’t usually eaten (even though they could be) and are simply for decoration. They’re a fun project if you’re so inclined, although they are easily purchased in grocery stores at this time of year.

Amaranth candies, or alegría — made plain or with nuts and seeds or chocolate — are another sweet often found on Day of the Dead altars. These are easy (and delicious) to make and can be cut into relevant shape. Find recipes for traditional alegría and a chocolate version here.

Pumpkins—or calabaza—come into the picture during this time too, albeit not in the form of pie or lattés. Slow-cooked in a thick sugar syrup, Dulce de Calabaza (recipe below) celebrates the season and is meant to appeal to the sweet tooth of loved ones who have passed away.

Sugar Skulls (Calaveritas)

To make the skulls:

  • 3 cups granulated sugar
  • The white of 1 large egg

In a bowl, combine sugar and egg white with your fingers. Pack mixture firmly into skull molds. Scrape tops level. Bake at 200 F (93 C) for 20–30 minutes until surface feels hard and solid when lightly pressed. Cool on wire rack.

To unmold: place a baking sheet over the mold; holding mold and pan together, turn over. Tap mold gently and then lift carefully off sugar skulls.

If mixture sticks to mold, dump back into bowl and stir in 2–4 tablespoons sugar; if mixture crumbles, return to bowl and mix in more egg white, 1 teaspoon at a time. If any skulls break, wash and dry mold and fill again, reusing sugar mixture.

To make icing:

  • The white of 1 large egg
  • 1/8 tsp. cream of tartar (optional)

Using a mixer on high speed, beat the egg white and cream of tartar (if available) until foamy. Beat in 1½ cups powdered sugar. Add more if needed to make a stiff icing. Blend in food coloring as desired.

Pipe icing onto cooled skulls to decorate, using a pastry bag with plain or decorative tips. Let dry at least 1 hour.

Store in airtight container or wrapped in plastic.

candied calabaza, Mexican sweet treat made with squash
In some parts of Mexico, calabaza (squash) cooked in sugar syrup is another Día de Muertos tradition.

Dulce de Calabaza

You’ll see this in the mercados in a more crystalized form, to eat as candy.

  • About 5 cups peeled,* seeded and cubed calabaza, butternut squash or pumpkin
  • 1 cup piloncillo, grated
  • 1 tsp. cinnamon or 1 (4-inch) cinnamon stick
  • 1 cup water

Heat water, cinnamon and piloncillo in a pot big enough to fit all the squash. Simmer over medium heat until piloncillo dissolves; add squash pieces. Continue simmering, stirring occasionally, until syrup is thick as honey. Serve warm, topped with a scoop of vanilla ice cream or plain yogurt.

* To peel squash or pumpkin: place whole squash/pumpkin on folded dish towel so it doesn’t slip. Carefully cut in half, then quarters (or in smaller slices). Remove seeds. To peel, use a vegetable peeler or a sharp paring knife. Cut into cubes and proceed with recipe.

Oaxacan Fruit Atole

Find more atole recipes here.

  • 5 cups milk
  • ½-¾ cup sugar
  • 1 lb. any kind of fruit (apples, pears, plums or mixed)
  • A 4-inch long cinnamon stick
  • 1/8 tsp. baking soda
  • ½ cup harina de maiz (corn flour)
  • About 1 cup water

Wash, cut and boil fruit in water until soft. Strain out skins, pits and seeds. Purée in blender or food processor.

Combine puréed fruit, milk, sugar and baking soda in a pan. Dissolve corn flour in water; add to pan.

Cook over low heat, stirring constantly, until it thickens. Add sugar to taste before mixture begins to boil.

Remove from heat. Serve warm or chilled.

Alegría de Limón (Lime Amaranth Candy)

  • 5 cups amaranth
  • 1½ cups sugar
  • ¾ cup water
  • 2 Tbsp. grated piloncillo
  • 1¼ Tbsp. lime juice
  • ¼ cup water
  • Vegetable oil spray
  • Optional: pepitas, peanuts, sunflower seeds

Lightly spray cupcake tin, 8×8-inch baking pan, rimmed baking sheet or other molds with vegetable oil. Place amaranth in large bowl.

In a saucepan, heat ¾ cup water, sugar, piloncillo and lime juice over medium-high heat. Boil 10–15 minutes, stirring continuously.

Pour syrup over amaranth; mix well with a spatula or spoon. Scoop mixture into pan or molds; press down firmly to even out surface.

If using the nuts, scatter over the top and press into the amaranth mixture. If using baking sheet or pan instead of molds, cut into any desired shape while warm. Store in sealed container in refrigerator.

Janet Blaser is the author of the best-selling book, Why We Left: An Anthology of American Women Expatsfeatured on CNBC and MarketWatch. She has lived in Mexico since 2006. You can find her on Facebook.

Death on display in Mexico

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Guanajuato Mummy Museum
Close up of mummy’s hand at Guanajuato city's popular Mummy Museum. Tomas Castelazo/Creative Commons

Mexico’s world-famous Day of the Dead spotlights the country’s relationship with the end of life, but that doesn’t mean that death is ignored the rest of the year. Its acceptance as an integral part of life means that there are year-round cultural institutions dedicated to the subject.

Without a doubt the best known “death museum” in Mexico is the Guanajuato Mummy Museum in Guanajuato city, which features about 100 mummies exhumed from the crypts of the Santa Paula Cemetery next door. The mummies’ popularity is due to a 1972 film that pitted the iconic lucha libre wrestling star El Santo against them after they came to life. Today, the museum is the third most visited in all of Mexico, welcoming about 600,000 people a year.

For years, it was thought that there was something special about the soil in the cemetery that created the mummies, but the reality is that all were exhumed from abandoned above-ground crypts, which sometimes allowed the interred to dry out and mummify naturally.

The museum is so popular that there was a proposal in 2017 to construct a new complex. However, by 2022, the National Institute of Anthropology and History nixed the city’s plans — not because there was no need for better preservation of the mummies but because the proposed replacement was a sleek modern building with spaces for 53 businesses, an auditorium, cafeteria and souvenir shop. The UNESCO International Council on Monuments and Sites threatened Guanajuato’s World Heritage Site status if the project went through. There was local opposition as well, calling the structure a “shopping mall.”

“Angel of Silence” at the Benigno Montoya Museum/Durango cemetery.
“Angel of Silence” at the Benigno Montoya Museum/Durango cemetery.

To date, no suitable alternative proposal has been put forward.

In the past, photography of the mummies was not allowed, but since it is pretty much impossible to keep people from taking pictures with their cell phones, the museum has since opted to charge a small fee instead.

As famous as the Guanajuato mummies are, an even better mummy experience can be had in the small town of Encarnación de Díaz in the Los Altos region of Jalisco.

There are only 32 mummies on display, but many more remain hidden because of a lack of permission from families and other legal considerations. Most of these mummies are in the outfit they were buried in, providing historical context.

One mummy is that of a fetus, only 12 cm long, the smallest in the world, according to Guinness. Like their Guanajuato cousins, these mummies were extracted from above-ground crypts at the Señor de la Misericordia Cemetery. 

This museum also has the life stories of many of the mummies, including that of Pedro Ramos, whose uniform is the basis for those worn by museum staff. To provide even more context, there are rooms dedicated to the funerary practices of the region.

The last notable display of mummies is at El Carmen in the south of Mexico City. The entire former monastery is a museum, but the lowest level contains the remains of 12 well-preserved bodies from the 19th century that were discovered during the Mexican Revolution by looting soldiers. The identity of the 12 and how they came to be interred in the monastery is still a mystery.

That they exist at all is unusual as Mexico City has a wetter climate and the crypts are barely above ground. Their preservation is credited to how the monastery was constructed, creating a microclimate. 

mummified body of Macario Delgado at the Mummy Museum in Encarnación de Díaz, Jalisco.
Body of Macario Delgado on display at the Mummy Museum in Encarnación de Díaz, Jalisco. Alejandro Linares Garcia

Then, there are museums dedicated to the concept of death. Mexico has not one but two museums on this topic. 

The National Museum of Death in the city of Aguascalientes and the Museum of Death in San Juan del Río look to educate the public on concepts death and the beyond from the Mesoamerican period to the present with exhibits dedicated to fine and folk art, funerary practices and more. The Aguascalientes museum was founded in 2007 as part of the Autonomous University of Aguascalientes, and the Querétaro museum in the 18th century is at the former Santa Cruz Cemetery. 

One very creative idea to get people to visit a city cemetery year-round is the Benigno Montoya Museum of Funerary Art in the city of Durango. The museum claims to be the first of its kind in the country.

The museum is not a building but rather several themed paths that have been integrated into the municipal cemetery proper, with QR codes in places of particular interest. The main attractions are the magnificent tombs and sculptures created in the 19th and early 20th centuries by Italian artist Benigno Montoya and his students.

Most of the 700 marked sites have one or more of these artworks, but some have local and regionally notable figures. 

Mexico City has its own cemetery/museum integrated into the San Fernando Cemetery. Here the main attraction is history, with visitors coming to see the final resting places of many of Mexico’s famous politicians, soldiers and heroes, such as Vicente Guerrero, Ignacio Comonfort, José Joaquin Herrera, Martíin Carrera, Benito Juárez, Santiago Xicoténcatl, Francisco Zarco, Miguel Miramón and Tomás Mejía.

The cemetery not only offers tours but also temporary exhibitions, conferences, workshops and book presentations.  

A bit more touristy is the Cementerio Mexicano (Mexican Cemetery), an exhibit at the Xcaret resort in Quintana Roo. A thoroughly modern creation, it consists of an artificial hill covered in colorful graves representing Mayan, other Mesoamerican and more recent funerary practices.

The hill actually represents a large snail, which was considered to be a messenger to the gods in the pre-Hispanic period. The snail consists of two spirals, one interior and one exterior, and canals in which water runs. 

With all these options, you can get a taste of what Day of the Dead means in Mexico year round.

Leigh Thelmadatter arrived in Mexico 18 years ago and fell in love with the land and the culture in particular its handcrafts and art. She is the author of Mexican Cartonería: Paper, Paste and Fiesta (Schiffer 2019). Her culture column appears regularly on Mexico News Daily.