Mexico is putting the finishing touches on the draft regulations necessary to stimulate the growth and development of the Mexican stock market, the objective of a reform approved by legislators last yearaccording to the Undersecretary of the Treasury, Gabriel Yorio.
“There are still some elements that we have to continue discussing, but we are progressing quite well”Yorio said Thursday on the sidelines of the Mexican Banking Convention in Acapulco.
Draft It will be sent in the “next few weeks” to the regulatory agency Conamer to a public comment period, Yorio said. Officials and regulators have been working to reach a consensus and accelerate the second phase of approval, she added.
Lawmakers last November approved a reform to reduce obstacles for smaller companies seeking to list stocks and debt in Mexico, where Initial public offerings have declined since 2018. The law also created a new legal framework for hedge funds local, designed to boost the set of investors in the country and increase the demand for local instruments.
Acapulco arrives devastated at the Banking Convention by Hurricane Otis
Not even the money of billionaire Carlos Slim can do a lot for Acapulco.
Along the city’s beaches, where Hollywood stars and millionaires once vacationed, creating a heady mix of money and glamour, the hotels and apartment buildings look dingy. Most of these are abandoned, without facades and with pools full of rubble.
The panorama is desolate after Hurricane Otis devastated the city in October as a Category 5 storm, leaving at least 50 dead and an estimated economic cost of about $20 billion. The insurance companies have only paid 9 billion pesos to the owners, according to Government figures, while private investment has not covered the city’s recovery needs. Slim sought the help of others to invest in Acapulco, but so far he has had little luck. At least one of them refused without leaving any room for doubt.
The bankers who attend this week to the port to attend the Banking Convention —the largest annual event of the financial sector in Mexico— will stay far from the beach, at the Palacio Mundo Imperial hotel and not at the emblematic Princess hotel, shaped like a pyramid and located on the beach, which was largely destroyed by the storm. Hotel capacity is now less than half of what it was, according to Francisco Madrid, director of the Center for Advanced Research in Sustainable Tourism at the Anáhuac University of Cancún.
More than half of the city’s traffic lights do not work, the streets are littered with trash and washed out roads have left some areas inaccessible. Many luxury restaurants are closed, and the Marina is still full of yachts half sunk and other debris. The destruction reduced fumigation efforts, and swarms of mosquitoes are causing a dengue outbreak. After the hurricane, the gangs looted hundreds of stores and continue to have control over large areas of the city, especially outside the tourist areas.
“The recovery process seems to be going slower than expected” says Chuck Watson, a catastrophe modeler at Enki Research in Savannah, Georgia. “Dengue and the continuing problems of crime and corruption in the reconstruction process means that recovery will be delayed and it will be risky for some time.”
