The Mexican peso has strengthened against the US dollar this week, after the U.S. Federal Reserve decided to hold its funds rate steady. (Cuartoscuro)
It’s Day of the Dead, but there’s life in the Mexican peso yet.
The peso has strengthened every day this week and reached 17.54 to the US dollar at midday on Thursday.
The Bank of Mexico has maintained high interest rates this year which has contributed to the peso’s strength against the US dollar. (MOISÉS PABLO/CUARTOSCURO.COM)
The USD:MXN exchange rate at 9:30 a.m. Mexico City time was 17.62, according to Bloomberg. That’s a difference of exactly 1 peso compared to the best position it has reached this year – 16.62 on July 28.
Compared to its position at the close of markets last Friday, the peso has strengthened 49 centavos or 2.8% against the greenback.
The currency closed just above 18 to the dollar on Tuesday, but appreciated to 17.76 by the end of trading on Wednesday after the United States Federal Reserve held its funds rate steady at a range of 5.25%-5.5%.
Analysts cite the broad gap between the Bank of Mexico’s benchmark interest rate – currently 11.25% – and that of the Fed as one factor that has helped the peso appreciate this year after it started the year at about 19.5 to the greenback.
The Bank of Mexico, which has maintained its key rate at 11.25% since raising it to that level in late March, will hold its next monetary policy meeting on Nov. 9.
Its board has repeatedly said that it will be necessary to maintain the benchmark rate at its current level for “an extended period” in order to achieve “an orderly and sustained convergence of headline inflation to the 3% target.”
Annual headline inflation was 4.27% in the first half of October. The figure for the entire month of October hasn’t yet been published.
The crash killed all four crew members on board. (Cuartoscuro)
Four crew members of an air ambulance were killed in a crash in Morelos on Wednesday, state authorities said.
A light plane came down in the municipality of Temixco in the early afternoon, according to a statement posted to social media by the Morelos Civil Protection agency (CEPCM).
The site of an air ambulance crash in Morelos. (Screen captures)
Citing preliminary information, it said that four crew members were killed. The news magazine Proceso reported that the victims were three men and one woman.
The accident occurred near the Cuernavaca airport, which is located in Temixco. Photos posted to social media by the CEPCM showed smoke rising from a scrubby hill near other hills covered with trees.
The agency didn’t mention the cause of the accident, but said that the state Attorney General’s Office is investigating. Civil Protection personnel, soldiers, National Guard officers and police responded to the crash.
Proceso said that the aircraft – reportedly a Learjet 35 – may have been approaching the Cuernavaca airport to land.
The aviation news website Transponder 1200 reported that witnesses suggested that excess speed may have been a factor in the accident.
This is the first time the annual yoga event will be held outside of Mexico City. (Joshua Wilson/Unsplash)
Cancún will host the National Yoga Conference, for the first time from Nov. 10-12.
“Oftentimes when you think of Cancun, you think of partying, but it is time to think about well-being and ways to improve your health,” Ana Paula Domínguez, founder of the Mexican Yoga Institute, told reporters on Tuesday.
The 2023 National Yoga Conference has ditched Mexico City for the sunny beaches of Cancún. (Elizabeth Ruiz/Cuartoscuro)
The event will include a variety of activities, and this is the first time in the event’s 20-year history that it will be held outside of Mexico City.
“We really wanted to stop having the event in Mexico City. Thanks to my partner Fernando de Olmo, we approached the Quintana Roo Tourism Promotion Council and shared our idea. They liked it and decided to support us in doing this event,” Domínguez said.
Free activities like meditation sessions and live music will be hosted at the Malecón Tajamán, while yoga activities for more experienced practitioners will have a cost, and will be hosted at the Westin Resort & Spa.
Tickets are available to local residents at a discounted rate.
This year’s event boasts a packed lineup of practitioners and speakers. (Mexican Yoga Institute)
Attendees must bring their own yoga mats and bottles of water.
Organizers expect some 3,000 attendees over the course of the weekend, including international visitors from the United States, mainly from Texas and Miami.
According to Domínguez, Cancún has seen a rise in the opening of yoga centers, driven by awareness of promoting physical and mental health. She estimates the city now has at least 50 yoga centers.
For more information about tickets and the event’s full program, check the event website.
Michelle Ravel has successfully escaped the Gaza strip into Egypt, the government has announced. (Screen Capture)
Among the hundreds of foreign passport holders allowed to leave the war-torn Gaza Strip and cross into Egypt on Wednesday was a Mexican woman named Michelle Ravel, according to the Ministry of Foreign Affairs (SRE).
Ravel was not a hostage held by Hamas, but is a Mexican doctor who was in Gaza when Hamas’ Oct. 7 attack on Israel sparked a war that is now in its fourth week.
Hundreds of foreign nationals – including Mexicans – are unable to leave Gaza in the wake of the Israeli invasion. (Times of Gaza/X)
President López Obrador interrupted his daily press conference Wednesday morning to tell reporters that he was just handed a note marked as “urgent”.
“I would like to inform you that Michelle Ravel has advised us that she has left Gaza [through the Rafa crossing] and is on her way to Cairo,” López Obrador said.
The note was from Foreign Minister Alicia Bárcena, who later confirmed Ravel’s entry into Egypt and said that she and her ministry are tracking Ravel’s progress in conjunction with officials at the Mexican Embassy in Egypt.
Another Mexican health professional trapped in Gaza, Bárbara Lango, is yet to cross into Egypt, though officials remain hopeful. The member of Doctors Without Borders was reportedly with her husband in Gaza when the war began.
Mexican doctor Bárbara Lango is thought to remain trapped in Gaza. (Bárbara Lango/Facebook)
“Right now, [officials] are in a meeting to obtain information about when Bárbara Lango will be included” on the list of people allowed to leave, López Obrador said.
Like Ravel, Lango is not a hostage, but Mexican citizens Orión Hernández – whose German-Israeli girlfriend Shani Louk, also taken hostage by Hamas, was confirmed dead on Tuesday – and Ilana Gritzewsky are apparently among the 240 or so people who are still in the hands of the militant group. Bárcena has said the Foreign Affairs Ministry is working to negotiate the Mexicans’ freedom.
On Wednesday, the Rafah crossing, on the Gaza-Egypt border opened for the first time since the war began on Oct. 7, thanks to an agreement between Egypt, Gaza and Israel mediated by Qatar.
According to news reports, approximately 335 foreigners and 76 injured Palestinians left Gaza throughout the day Wednesday.
The project would allow New Fortress Energy to produce and export LNG and had been granted both Mexican and U.S. permits earlier this year. (New Fortress Energy)
A United States company may have to reapply for an export permit for its liquefied natural gas (LNP) hub off the coast of Tamaulipas, a requirement that could delay the project.
The U.S. Department of Energy (DOE) wrote to New Fortress Energy (NFE), advising the company that if any part of its Altamira floating LNP project is located onshore in Mexico, it will have to resubmit an application for an export permit.
New Fortress had originally signed a deal to export so-called ‘fast LNG’ from the Altamira terminal near the Tamaulipas coast. (Pemex)
In its letter, the DOE noted that a caption for a picture included in an Oct. 16 company update filed with the U.S. Securities and Exchange Commission said there was a plan to install a liquefaction train on land.
“To ensure that DOE has the most updated information concerning NFE Altamira’s project, DOE is requesting clarification about the project site and design. We also note that, if the project site and design have been modified such that FLNG2 will be located onshore in Mexico instead of offshore, NFE Altamira is required under DOE’s regulations to amend the application and request an amendment of its FTA [free trade agreement] order … to reflect this material change,” the Oct. 30 letter said.
Reuters reported that the Altamira project was originally designed with two facilities – Fast LNG1 on converted oil platforms and Fast LNG2 (or FLNG2) on three fixed platforms.
The news agency submitted a request for comment to NFE, but didn’t immediately receive a response.
A rendering of the proposed modular design of the new hub, which would allow NFE to refine and export the LNG much more quickly than traditional methods. (NFE)
NFE received export permits from both the Mexican Ministry of Energy (SENER) and the DOE earlier in the year.
The US $1.3 billion Altamira hub – set to be Mexico’s first producing and exporting LNG facility – was expected to commence shipping gas this month. However, a requirement to apply to the DOE for a new export permit could delay the project.
In June, SENER issued a permit allowing NFE to export up to 7.8 million tonnes of LNG through April 2028.
Wes Edens, NFE’s founder and CEO, said at the time that the permit was “the final piece to the puzzle for launching our first Fast LNG [project] in Altamira.”
The company had reportedly also received a permit to operate a pipeline until 2028. (NFE)
“Fast LNG” is a term coined by NFE that refers to more rapid refining and distribution of LNG.
The company’s current DOE permit allows it to supply LNG to Mexico and other countries that have free trade agreements with the United States. A decision has not yet been made on NFE’s application for a non-FTA export permit.
The company reached an agreement with Mexican authorities that gave the Federal Electricity Commission a 10% stake in the Altamira project, with a contract lasting 15 years. The contract is estimated to be worth US $5.7 billion in revenues.
“Mexico, in association with New Fortress, will become an exporter of liquefied natural gas for the first time in history, making it available to the market and thus contributing to the energy security of the country and the world,” the CFE said in a video in June.
The state of Sinaloa, which has long been a hotspot of cartel violence, has banned cartel and crime-themed costumes. (Isabel Mateos/Cuartoscuro)
The northern state of Sinaloa continues to enforce its ban on cartel-themed Halloween costumes, such as dressing up as infamous drug lords.
Outlawed costumes include those depicting cartel leaders, like Joaquín “El Chapo” Guzman, or his son Ovidio, execution victims and outfits that include replica firearms. People who decorate their houses as killing sites or hang mock bodies from trees, as well as those who use their cars to simulate kidnappings, will also be charged under the laws.
Police will patrol 18 municipalities, and issue fines to those breaking the costume restrictions. (SSP Sinaloa/X)
Sinaloa’s Secretary of Public Protection asked those dressing up for Halloween to “avoid justifying criminals and to behave civilly.”
Those found guilty of wearing indecent costumes face a fine of between 1,037 pesos (US $58) to 15,561 pesos (US $870). Under the Federal Penal Code, those who glorify violence may also receive a community service sentence of up to 180 days.
The state is home to the notorious Sinaloa Cartel and has been plagued by organized crime and violence for decades. Public security officials will patrol 18 municipalities in their search for partygoers who may flout the ban on cartel-themed costumes.
Last year saw 47 people arrested for indecent Halloween costumes in the cities of Culiacán, Los Mochis and Mazatlán. A further 40 vehicle owners were fined for pretending to transport kidnapping victims.
Mesoamericans believed that sharing their harvest with their ancestors ensured that the cycle would continue, just like Day of the Dead. (Cuartoscuro)
Not so long ago, many Anglos would be repulsed by the whole idea of treating death as anything but something to be ignored at all costs. Acceptance of Day of the Dead in much of the United States – and depictions of it in movies like “Spectre” and “Coco” – have changed that.
However, having only a little knowledge can be a dangerous thing. Not long ago, a tour guide friend of mine came across two young foreign tourists in full “La Catrina” face paint heading to a Michoacán cemetery on Day of the Dead. She tried to talk them out of going like that, but the girls were determined to “experience Day of the Dead to the fullest.” They returned embarrassed. “We should have listened to you,” they told her.
Day of the Dead is a beloved celebration with many local and regional variations. Their common thread is the belief it is possible to get in touch with loved ones who have passed on. (patzcuaromagictours.mx)
This issue was not that the girls were wearing La Catrina paint, but that they didn’t know where and when to enjoy it.
The origins of Day of the Dead
The holiday is commonly believed to have its origins in the ancient agricultural communities of Mesoamerica. In cultivating the land, Indigenous cultures developed an intimate understanding of the life cycle of crops and the natural forces that guide them. Just as plants died in winter to be reborn in the spring, Mesoamerican peoples believed, so did human beings, and sharing their harvest with their ancestors was a way of ensuring that the cycle would continue. During colonization, Indigenous survivors of the Spanish conquest syncretized their traditions with European ones and kept them alive secretly.
Today, Day of the Dead is a beloved celebration with many local and regional variations. Their common thread is the belief it is possible to get in touch with loved ones who have passed on, most often in the form of food offerings left for them on altars. Families gather in cemeteries by their loved ones’ graves to spend time with the deceased when they return to the world as well.
The evolution of a “secular” Day of the Dead
The images of happy skeletons enjoying life is a relatively recent but still very Mexican innovation. Their creation is credited to 19th-century cartoonist José Guadalupe Posada, who used them in his newspaper work to make political and social statements.
Diego Rivera and other post-Revolution artists adopted them as seen in the mural Dream of a Sunday Afternoon at Alameda Central Park. From there, La Catrina and stylized skeletons organically became an integral part of Day of the Dead.
Public events for the holiday grew in the 20th century, with Mexican films portraying traditional observances as an expression of identity. This is why Lake Pátzcuaro’s celebrations are famous. La Catrina and the company’s connection with both the Mexican Revolution and Rivera made them a natural for events sponsored by local, state and even federal governments. Day of the Dead exists in the north of the country because in the seventies the Education Ministry introduced it there as a way to counter gringo Halloween.
The holiday is commonly believed to have its origins in the ancient agricultural communities of Mesoamerica. (patzcuaromagictours.mx)
Today, there are essentially two types of Day of Day observances: one rooted in tradition, the other a fun way to be Mexican. While they overlap, the two are not interchangeable.
Desire to conserve the “intimate” Day of the Dead
By the end of the 20th century, long before James Bond or Disney’s help, Day of the Dead became established as big business in Mexico. In the lead-up to last year’s Day of the Dead, the Tourism Ministry predicted spending of 37.7 million pesos. Despite new international interest in the holiday, most of that tourism is still domestic, with only a quarter of Day of the Dead travelers coming from abroad.
Commercialization of the holiday has been butting up against traditional family-oriented observances, especially in places where cemeteries are still located in the center of communities, like in San Andrés Mixquic on the edge of Mexico City. Tour operators like Jonás of Coyo Tours in Mexico City blame local officials for not doing more to conserve the intimate character of cemetery traditions. When you’re in the cemetery surrounded by tourists taking selfies, it’s easy to see his point.
The problem is less pronounced in places like the Yucatán Peninsula, where tourism is focused on the beach rather than culture. There, tourists have relatively little interest in local traditions, says 25-year tour veteran Bernardo Gallo. Those interested in Day of the Dead generally head over to the Xcaret resort for La Catrina-themed activities.
Overcrowding and commercialization have long been problems on Lake Pátzcaro, but no one dares try to limit the number of visitors to Pátzcuaro and Janitzio Island. However, guides Jaime Hernández Balderas and Jen Bjarnasen say that smaller, lesser-known lake communities have taken steps to limit cemetery tourism in favor of local residents, moves that both guides support.
Advice for foreigners during Day of the Dead celebrations
So, how should you experience Day of the Dead to the fullest? Fortunately, there’s no single right answer. If you want to have a good time with dancing skeletons, Mexico has got you covered. If you want to learn about and honor ancient traditions, Mexico has memorable experiences for you as well.
The trick is to know the local culture and environment, and the best way to do that is to take your cues from locals. Otherwise, you risk a faux pas equivalent to wearing an elf costume at a Christmas midnight mass.
Leigh Thelmadatter arrived in Mexico over 20 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.
Real estate investment trust Fibra Next is set to become the largest IPO on the Mexican stock market since 2018. (Sordo Madaleno)
The Mexican Stock Exchange (BMV) could soon see its biggest initial public offering (IPO) since 2018.
Mexican real estate investment trust Fibra Nearshoring Experts and Technology, or Fibra Next, plans to launch its IPO this year, according to Oct. 19 filings with the BMV.
Fibra owns much of Mexico’s commercial real estate. (Fibra Uno)
Bloomberg reported Tuesday that Fibra Next – made up of assets of parent trust Fibra Uno, Latin America’s largest real estate investment trust – “is planning to raise as much as [US] $1.5 billion in what would be Mexico’s biggest initial public offering since 2018.”
That information, the news agency said, came from people familiar with the deal.
Bloomberg said that Fibra Next’s primary offering in Mexico will be backed by industrial and warehouse properties. The creation of the trust was approved by investors last month to take advantage of the nearshoring trend, according to Reuters, which also cited a draft notice saying that Fibra Next would comprise 196 properties.
According to the Bloomberg sources, Fibra next has hired banks and recently held meetings with investors. But the unidentified people said that a firm date for the IPO hasn’t been set.
Increased demand for commercial space as a result of nearshoring has seen the value of Fibra skyrocket in recent months. (Prologis/Twitter)
Reuters reported that BBVA, Merrill Lynch, BTG Pactual, J.P. Morgan and Citigroup’s Mexico arm are managing Fibra Next’s offering.
The new trust is headed up by Raúl Gallegos, an executive with Credit Suisse and president of the Mexican Association of Private Capital, or Amexcap.
Bloomberg reported that the Fibra Next IPO will follow “a handful of offerings that have injected some life into Mexico’s stock market” after an extended period in which no new companies listed on the BMV and some firms exited. Aeroméxico formally exited the BMV last December.
By placing some of its properties in a new real estate investment trust, Fibra Uno is seeking to take advantage of growing demand for factories, warehouses and industrial parks in Mexico, according to Bloomberg.
Numerous foreign companies have recently announced plans to relocate to Mexico or expand their existing operations here.
As it seeks to capitalize on the nearshoring opportunity, the federal government last month announced tax incentives aimed at boosting investment in Mexico.
"Portrait of Cristina, my sister" shows the artist beginning to find her own signature style. (fridakahlo.org)
A portrait painted by Frida Kahlo when she was 21 years old could fetch US $12 million – or even more – when it goes up for auction later this month at Christie’s auction house in New York City.
“Portrait of Cristina, My Sister” is a simple composition, but it represents an early stage in the iconic Mexican artist’s career when she was eschewing the styles of the masters and embracing techniques and colors that would become her trademarks.
The portrait was completed during Kahlo’s convalescence after a serious bus accident. (Pinterest)
Moreover, it was painted in 1928, not long after the severe accident that left her disabled — a long metal rod tore through her midsection when she was riding in a bus that slammed into a trolley car — and left her confined to bed in a full-body plaster cast, changing the trajectory of her life.
“In 1928, Frida was still recovering from her accident, she was just beginning to make that transition from convalescence at home to finally going out into the outside world again, and Cristina was a very important figure for her during those three years while she was recovering,” said Marysol Nieves, Christie’s Latin American Art specialist.
The painting’s appearance at auction is a rare event. Not only is Kahlo’s body of work limited because she painted very little, but in 1984, all of her works were declared by Mexico to be national artistic monuments — preventing any works in the country from being taken abroad.
“Portrait of Cristina, My Sister” comes from the estate of music mogul Jerry Moss, the co-founder of A&M Records who died in August at age 88. Other paintings from his collection that will be up for auction include works by Andy Warhol, Pablo Picasso and Tamara de Lempicka.
Cristina (left) and Frida (right) lived together for much of their lives. (Cristina Kahlo Alcala)
The auction will be held Nov. 9-10 at Christie’s in Rockefeller Center, and is expected to generate US $50 million.
Bidding for “Portrait of Cristina, My Sister” is expected to start at US $8 million and go up to US $12 million, but “it seems to us that the estimate is conservative given the importance of this work within Kahlo’s career as an artist,” Nieves said.
The work is expected to take over second place on the list of what Kahlo paintings have sold for, overtaking “Dos desnudos en un bosque” (Two Nudes in the Forest), which sold for US $8 million in 2016.
The Mesoamerican ball game, which dates back over 3,500 years, was an important ritual among pre-hispanic civilizations, including the Mayas.
The Mesoamerican ball game, which dates back over 3,500 years, was an important ritual among pre-Columbian civilizations, including the Maya. The ball courts they used for this sport exist to date in archaeological sites in Mexico and elsewhere. Despite the age of the game, some variations have survived over the millennia and are still played today – visitors to Mérida can watch the Maya ball game every Saturday evening in the city’s historic center.
The ball game played a vital role in ancient Maya society
The Maya called the ball game “Pok-Ta-Pok,” supposedly due to the sounds of the ball hitting the court’s walls. According to the National Institute of Anthropology and History (INAH),the ball court represented the universe, with the play areas’ borders reflecting the stars’ rising and setting. While the ball game is usually played with the hips, it was also played in other ways, such as using shoulders.
The pattern of play is believed to have resembled the movements of celestial bodies and the confrontation between opposing phenomena, such as cycles of day and night. As sun was thought to face off the opposing forces in the underworld (Xibalba) to rise every morning, so too did the players on the court. The ritual game was also linked to the seasonal rebirth of plants.
The ball is traditionally made of rubber and had weighed about three kilograms in ancient times. Players are said to have worn certain protective gear. The game in Mérida is played on the street in front of the famous Mérida cathedral, with the ball ring in the center of the play area and the two teams on each side. In pre-Columbian times, the rings were on the side walls of the ball court. INAH says up to seven players participated in each team, which supposedly had complicated scoring methods.
You can witness ceremonial activities before the ball game in Mérida begins, including a purification ritual by a Maya priest. The players wear colorful attire with headdresses and use their hips to strike the ball. This means they must sometimes get down to floor level to hit the ball. You might even see a goal or a few. We saw a few goals in a recent Mérida game, which was a wonderful experience amid the vibrant atmosphere. The players continue the game after a goal, unlike in ancient times when a goal was supposed to have meant immediate victory. There is an ongoing commentary about the ball game and related history throughout the performance, although this is in Spanish. In the final part of the Mérida ball game, the participants use a fireball and play it with their bare hands. The players showcase impressive skills in handling a ball in flames.
In prehispanic times, the rings were on the side walls of the ball court. INAH says up to seven players participated in each team, which supposedly had complicated scoring methods. (Canva)
So, what would happen if you lost the Maya ball game in ancient times? According to some theories, the losers were sacrificed. However, it is unclear if human sacrifices were part of the ball game ritual, although they may have happened in certain instances, such as when war prisoners were involved.
Plan your visit to see the Maya ball game in Mérida
The ball game usually takes place on Saturdays at 8.00 pm in front of the Mérida cathedral. It is a free event. The seats fill up fast, so try to get there about an hour before if possible. You can also take pictures with the players after the game and get a cleansing ritual from a Maya priest.
Watching this depiction of the ancient ball game will give you a glimpse into the fascinating history and culture of the Maya and what this ritual must have been like in ancient times. To learn more about the Maya culture and history, visit a few of the many archaeological sites in Yucatán. You can see a magnificent ball court, considered ceremonial in purpose, at the famous Maya city of Chichén Itzá, about an hour and a half’s drive from Mérida. The site has 13 ball courts. Archaeologists also found a ball game scoreboard made of stone in Chichén Itzá. The Maya city of Uxmal and its ball court are also beautiful.
Thilini Wijesinhe, a financial professional turned writer and entrepreneur, moved to Mexico in 2019 from Australia. She writes from Mérida, Yucatán. Her website can be found at https://thilini.me/
