El Tigre Mexicano
Páginas: 9 (2113 palabras)
Publicado: 6 de febrero de 2013
Mexico: Aztec tiger - FT.com
13-02-01 10:06 PM
January 30, 2013 6:04 pm
Mexico: Aztec tiger
By Adam Thomson
The country has emerged from Brazil’s shadow to become the darling of investors
©AFP
Heart throb: Peña Nieto has set investors’ hearts racing with his pledge to take on dominant businesses and introduce greater competition
H
igh street stores do not come much moreMexican than Sanborns. With its rather disjointed collection of chocolates, jewellery and magazines and its cafeterias staffed by waitresses in folkloric skirts, the retail chain has long been a symbol of homespun tradition. But even with its chaotic charm and staid looks, Sanborns, owned by Carlos Slim, the world’s richest man, is now also becoming a symbol of Mexico’s new-found economicdynamism. This month, Mr Slim confirmed that he would list Sanborns on the stock market to raise about $800m. The idea, he said, was to take advantage of high stock valuations and use the money to cater to the increasing prosperity of the
http://www.ft.com/intl/cms/s/2/dc545d0a-696a-11e2-8d07-00144feab49a.html#axzz2JhuzG7wL Page 1 of 6
Mexico: Aztec tiger - FT.com
13-02-01 10:06 PM
country’smiddle classes. Sanborns’ plans to list come as the country is becoming the latest darling of international investors, emerging from the shadow of Brazil, whose economy has lost its lustre. Mexico’s economy Click to enlarge expanded almost 4 per cent last year, about double the average annual growth rate this century. This month, Larry Fink, who heads BlackRock, the world’s largest asset-managementcompany, called Mexico an “incredible growth story”. Lisa Schineller of Standard & Poor’s, the rating agency, says the country’s BBB sovereign debt rating could be poised for an upgrade if Mexico enacts critical structural reforms. Foreign investors have poured money in. During the first nine months of 2012, they funnelled $57bn into Mexican stocks and bonds – more than five times the amount theyinvested in Brazil during the same period. Little wonder the country’s IPC stock market index hit a record high this year. It is all a far cry from the gloom that hung over the country a few years ago when some US commentators, unimpressed by low growth and alarmed by drugs-related violence, began to suggest that Mexico could become a failed state. So what has happened to turn Mexico’s prospectsaround? And is the optimism in the centrist Institutional Revolutionary party (PRI) justified? After all, the last time that there was so much excitement about Mexico’s economic prospects, during the 1988-94 PRI administration of Carlos Salinas, the country ended up in the throes of the so-called tequila crisis with its sharp devaluation and swingeing recession. The most recent answer to the firstquestion is Enrique Peña Nieto. Ever since the 46-year-old former state governor won July’s presidential election for the PRI, investors have seen him as the best chance to free up the congressional gridlock that has blocked the structural reforms that many analysts believe could transform Mexico’s often sluggish economy into an Aztec tiger. International interest in Mexico has so far focused onthe country’s prowess as a production base from where companies can export to the US. But Mr Peña Nieto’s reforms are intended to cultivate a healthier environment for far broader investment throughout the domestic economy. He is seeking to introduce more competition in telecommunications and energy while taking steps to shake up the notoriously inefficient tax and educational systems. Much of thehope that he may be able to push through his reforms rests on the PRI itself, which ruled Mexico for 71 consecutive years under a quasi democracy until losing the presidency in 2000.
http://www.ft.com/intl/cms/s/2/dc545d0a-696a-11e2-8d07-00144feab49a.html#axzz2JhuzG7wL Page 2 of 6
Mexico: Aztec tiger - FT.com
13-02-01 10:06 PM
During that period, many Mexicans associated the PRI with...
13-02-01 10:06 PM
January 30, 2013 6:04 pm
Mexico: Aztec tiger
By Adam Thomson
The country has emerged from Brazil’s shadow to become the darling of investors
©AFP
Heart throb: Peña Nieto has set investors’ hearts racing with his pledge to take on dominant businesses and introduce greater competition
H
igh street stores do not come much moreMexican than Sanborns. With its rather disjointed collection of chocolates, jewellery and magazines and its cafeterias staffed by waitresses in folkloric skirts, the retail chain has long been a symbol of homespun tradition. But even with its chaotic charm and staid looks, Sanborns, owned by Carlos Slim, the world’s richest man, is now also becoming a symbol of Mexico’s new-found economicdynamism. This month, Mr Slim confirmed that he would list Sanborns on the stock market to raise about $800m. The idea, he said, was to take advantage of high stock valuations and use the money to cater to the increasing prosperity of the
http://www.ft.com/intl/cms/s/2/dc545d0a-696a-11e2-8d07-00144feab49a.html#axzz2JhuzG7wL Page 1 of 6
Mexico: Aztec tiger - FT.com
13-02-01 10:06 PM
country’smiddle classes. Sanborns’ plans to list come as the country is becoming the latest darling of international investors, emerging from the shadow of Brazil, whose economy has lost its lustre. Mexico’s economy Click to enlarge expanded almost 4 per cent last year, about double the average annual growth rate this century. This month, Larry Fink, who heads BlackRock, the world’s largest asset-managementcompany, called Mexico an “incredible growth story”. Lisa Schineller of Standard & Poor’s, the rating agency, says the country’s BBB sovereign debt rating could be poised for an upgrade if Mexico enacts critical structural reforms. Foreign investors have poured money in. During the first nine months of 2012, they funnelled $57bn into Mexican stocks and bonds – more than five times the amount theyinvested in Brazil during the same period. Little wonder the country’s IPC stock market index hit a record high this year. It is all a far cry from the gloom that hung over the country a few years ago when some US commentators, unimpressed by low growth and alarmed by drugs-related violence, began to suggest that Mexico could become a failed state. So what has happened to turn Mexico’s prospectsaround? And is the optimism in the centrist Institutional Revolutionary party (PRI) justified? After all, the last time that there was so much excitement about Mexico’s economic prospects, during the 1988-94 PRI administration of Carlos Salinas, the country ended up in the throes of the so-called tequila crisis with its sharp devaluation and swingeing recession. The most recent answer to the firstquestion is Enrique Peña Nieto. Ever since the 46-year-old former state governor won July’s presidential election for the PRI, investors have seen him as the best chance to free up the congressional gridlock that has blocked the structural reforms that many analysts believe could transform Mexico’s often sluggish economy into an Aztec tiger. International interest in Mexico has so far focused onthe country’s prowess as a production base from where companies can export to the US. But Mr Peña Nieto’s reforms are intended to cultivate a healthier environment for far broader investment throughout the domestic economy. He is seeking to introduce more competition in telecommunications and energy while taking steps to shake up the notoriously inefficient tax and educational systems. Much of thehope that he may be able to push through his reforms rests on the PRI itself, which ruled Mexico for 71 consecutive years under a quasi democracy until losing the presidency in 2000.
http://www.ft.com/intl/cms/s/2/dc545d0a-696a-11e2-8d07-00144feab49a.html#axzz2JhuzG7wL Page 2 of 6
Mexico: Aztec tiger - FT.com
13-02-01 10:06 PM
During that period, many Mexicans associated the PRI with...
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