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Fitch Shifts Mexico Debt Outlook From Stable to Negative

Fitch Ratings changed its outlook on Mexico’s long-term foreign-currency debt issues Wednesday from “stable” to “negative,” citing the potential policies of President-elect Andres Manuel Lopez Obrador.

The leftist Lopez Obrador has tried to smooth anxieties in the business community, but upset many on Monday by cancelling a partly built, $13 billion new airport on the outskirts of Mexico City.

The private sector had strongly backed the airport project, but Lopez Obrador called it wasteful. Instead he plans to upgrade existing commercial and military airports. He made the decision based on a public referendum that was poorly organized and drew only about 1 percent of the country’s voters.

 

Alfredo Coutino, Latin America director at Moody’s Analytics, said the decision to cancel the airport project “added not only volatility but also uncertainty to the economy’s future, because it signals that policymaking in the new administration can be based more on such kind of subjective consultation and less on technical or fundamentals consistent with the country’s needs.”

“The cancellation has certainly introduced an element of uncertainty in markets and investors,” Coutino wrote, “which could start affecting confidence and credibility.”

Fitch confirmed its BBB+ investment-grade rating for Mexican government debt, but said Wednesday “there are risks that the follow-through on previously approved reforms, for example in the energy sector, could stall.”

Lopez Obrador has said he will review private concessionary oil exploration contracts granted under current President Enrique Pena Nieto’s energy reform, but won’t cancel them if they were fairly granted. The fear is that future exploration contracts may be delayed or cancelled.

Lopez Obrador won’t take office until December1, but has already announced major policy decisions.

 

Some of his policy announcements – like fiscal restraint, respect for the independence of the central banks and a pledge to avoid new debt – earned praise from investors.

But Fitch noted the decision to cancel the airport “sends a negative signal to investors.”

Lopez Obrador has also pledged to have the state-owned oil company, Pemex, build more refineries to lower imports of gasoline.

Fitch wrote that this type of proposal will “would entail higher borrowing and larger contingent liabilities to the government.”

 

 

ap_graham_congress-1

Fitch Shifts Mexico Debt Outlook From Stable to Negative

Fitch Ratings changed its outlook on Mexico’s long-term foreign-currency debt issues Wednesday from “stable” to “negative,” citing the potential policies of President-elect Andres Manuel Lopez Obrador.

The leftist Lopez Obrador has tried to smooth anxieties in the business community, but upset many on Monday by cancelling a partly built, $13 billion new airport on the outskirts of Mexico City.

The private sector had strongly backed the airport project, but Lopez Obrador called it wasteful. Instead he plans to upgrade existing commercial and military airports. He made the decision based on a public referendum that was poorly organized and drew only about 1 percent of the country’s voters.

 

Alfredo Coutino, Latin America director at Moody’s Analytics, said the decision to cancel the airport project “added not only volatility but also uncertainty to the economy’s future, because it signals that policymaking in the new administration can be based more on such kind of subjective consultation and less on technical or fundamentals consistent with the country’s needs.”

“The cancellation has certainly introduced an element of uncertainty in markets and investors,” Coutino wrote, “which could start affecting confidence and credibility.”

Fitch confirmed its BBB+ investment-grade rating for Mexican government debt, but said Wednesday “there are risks that the follow-through on previously approved reforms, for example in the energy sector, could stall.”

Lopez Obrador has said he will review private concessionary oil exploration contracts granted under current President Enrique Pena Nieto’s energy reform, but won’t cancel them if they were fairly granted. The fear is that future exploration contracts may be delayed or cancelled.

Lopez Obrador won’t take office until December1, but has already announced major policy decisions.

 

Some of his policy announcements – like fiscal restraint, respect for the independence of the central banks and a pledge to avoid new debt – earned praise from investors.

But Fitch noted the decision to cancel the airport “sends a negative signal to investors.”

Lopez Obrador has also pledged to have the state-owned oil company, Pemex, build more refineries to lower imports of gasoline.

Fitch wrote that this type of proposal will “would entail higher borrowing and larger contingent liabilities to the government.”

 

 

ap_graham_congress-1

Порошенко: в Україні мінімальну зарплату отримує понад 4,5 мільйони людей

Мінімальну зарплату офіційно отримує понад 4,5 мільйони людей в Україні, повідомив президент України Петро Порошенко під час зустрічі з представниками бізнесу.

«Зараз в Україні понад 4,5 мільйони людей працює за мінімальну заробітну плату. Це неправильно і це означає, що нам є куди рухатися», – сказав Порошенко.

Він зазначив, що «є два шляхи»: підвищувати мінімальну заробітну плану або проводити детінізацію зарплат.

З 1 січня 2018 року мінімальна зарплата була встановлена на рівні 3 723 гривень. Уряд обіцяє, що у 2019 році «мінімалка» зросте до 4 170 гривень.

ap_graham_congress-1

Порошенко: в Україні мінімальну зарплату отримує понад 4,5 мільйони людей

Мінімальну зарплату офіційно отримує понад 4,5 мільйони людей в Україні, повідомив президент України Петро Порошенко під час зустрічі з представниками бізнесу.

«Зараз в Україні понад 4,5 мільйони людей працює за мінімальну заробітну плату. Це неправильно і це означає, що нам є куди рухатися», – сказав Порошенко.

Він зазначив, що «є два шляхи»: підвищувати мінімальну заробітну плану або проводити детінізацію зарплат.

З 1 січня 2018 року мінімальна зарплата була встановлена на рівні 3 723 гривень. Уряд обіцяє, що у 2019 році «мінімалка» зросте до 4 170 гривень.

ap_graham_congress-1

Birthday Blues for Bitcoin as Investors Face Year-on-Year Loss

Bitcoin was heading towards a year-on-year loss on Wednesday, its 10th birthday, the first loss since last year’s bull market, when the original and biggest digital coin muscled its way to worldwide attention with months of frenzied buying.

By 1300 GMT, bitcoin was trading at $6,263 on the BitStamp exchange, leaving investors who had bought it on Halloween 2017 facing yearly losses of nearly 3 percent.

A year ago, bitcoin closed at $6,443.22 as it tore towards a record high of near $20,000, hit in December.

That run, fueled by frenzied buying by retail investors from South Korea to the United States, pushed bitcoin to calendar-year gains of over 1,300 percent.

Ten years ago, Satoshi Nakamoto, bitcoin’s still-unidentified founder, released a white paper detailing the need for an online currency that could be used for payments without the involvement of a third party, such as a bank.

Traders and market participants said the Halloween milestone was inevitable, given losses of around 70 percent from bitcoin’s peak and the continuing but incomplete shift towards investment by mainstream financial firms.

“The value mechanisms of crypto and bitcoin today are based more on underlying tech than hype and FOMO (fear of missing out),” said Josh Bramley, head trader at crypto wealth management firm Blockstars.

Growing use of blockchain – the distributed ledger technology that underpins bitcoin – is now powering valuations of the digital currency, he said, cautioning that some expectations for widespread use have not yet materialized.

Others said improvements to infrastructure such as custody services may allow mainstream investors who are wary of buying bitcoin to take positions.

“We see behind closed doors financial and non-financial institutions beavering away to create the infrastructure,” said Ben Sebley, head of brokerage at NKB Group, a blockchain advisory and investment firm.

Bitcoin has endured year-on-year losses before, according to data from CryptoCompare, most recently in 2015.

Retail investors still account for a strong proportion of trading, market players said.

Investors who bet early on bitcoin and have stuck with it have faced a roller-coaster ride in its first decade. Many told Reuters they are optimistic that they are still onto a winner.

 

ap_graham_congress-1

Birthday Blues for Bitcoin as Investors Face Year-on-Year Loss

Bitcoin was heading towards a year-on-year loss on Wednesday, its 10th birthday, the first loss since last year’s bull market, when the original and biggest digital coin muscled its way to worldwide attention with months of frenzied buying.

By 1300 GMT, bitcoin was trading at $6,263 on the BitStamp exchange, leaving investors who had bought it on Halloween 2017 facing yearly losses of nearly 3 percent.

A year ago, bitcoin closed at $6,443.22 as it tore towards a record high of near $20,000, hit in December.

That run, fueled by frenzied buying by retail investors from South Korea to the United States, pushed bitcoin to calendar-year gains of over 1,300 percent.

Ten years ago, Satoshi Nakamoto, bitcoin’s still-unidentified founder, released a white paper detailing the need for an online currency that could be used for payments without the involvement of a third party, such as a bank.

Traders and market participants said the Halloween milestone was inevitable, given losses of around 70 percent from bitcoin’s peak and the continuing but incomplete shift towards investment by mainstream financial firms.

“The value mechanisms of crypto and bitcoin today are based more on underlying tech than hype and FOMO (fear of missing out),” said Josh Bramley, head trader at crypto wealth management firm Blockstars.

Growing use of blockchain – the distributed ledger technology that underpins bitcoin – is now powering valuations of the digital currency, he said, cautioning that some expectations for widespread use have not yet materialized.

Others said improvements to infrastructure such as custody services may allow mainstream investors who are wary of buying bitcoin to take positions.

“We see behind closed doors financial and non-financial institutions beavering away to create the infrastructure,” said Ben Sebley, head of brokerage at NKB Group, a blockchain advisory and investment firm.

Bitcoin has endured year-on-year losses before, according to data from CryptoCompare, most recently in 2015.

Retail investors still account for a strong proportion of trading, market players said.

Investors who bet early on bitcoin and have stuck with it have faced a roller-coaster ride in its first decade. Many told Reuters they are optimistic that they are still onto a winner.

 

ap_graham_congress-1

З 2 листопада між Україною і Катаром починає працювати безвізовий режим – Аваков

З 2 листопада українці зможуть подорожувати до Катару по безвізовому режиму. Про це повідомив міністр внутрішніх справ України Арсен Аваков після зустрічі з прем’єр-міністром Катару Абдулою Аль Тані.

Угоду про безвізовий режим Київ і Доха уклали в березні цього року.

Згідно глобального рейтингу паспортів, де український займає 27 місце, громадяни країни можуть відвідувати 130 країн без візи, або ж отримати її після прибуття.