Sunday, 18 November, 2018

López Obrador: Shades of Bernie in Mexico's populist victor

Lopez Obrador is leading in the polls Reports Show Lopez Obrador With Landlside Win in Mexico Election
Kelvin Reese | 05 July, 2018, 01:09

U.S. Secretary of State Mike Pompeo will visit Mexico on July 13 to meet President-elect Andres Manuel Lopez Obrador and discuss immigration, trade, security and development, the U.S. and Mexican governments said on Tuesday.

We also must wait and see what type of relationship the United State and Mexico will eventually have with Trump and AMLO as their presidents.

Besides choosing their president for the next six years, Mexico's 88 million voters were electing both houses of Congress, with a total of more than 18,000 federal, state and local posts at stake.

Obrador has sought to placate fears that his victory would turn Mexico into another Venezuela, which is suffering a severe economic crisis under socialist rule.

"We're going to accompany the current government in this negotiation, we're going to be very respectful, and we're going to support the signing of the agreement", he told Milenio TV.

"We really aren't thinking about changing the Constitution or major laws", Urzua told Reuters news agency on Monday, insisting that his team's changes at PEMEX would mainly focus on cost-cutting.

Talks to renegotiate the terms of the pact between the US, Mexico and Canada have been bogged down by efforts to satisfy Trump's demands.

Lopez Obrador, who campaigned on vows to transform Mexico and oust the "mafia of power" ruling the country, rode widespread voter anger and discontent with the governing Institutional Revolution Party, or PRI, of President Enrique Pena Nieto and had led opinion polls since the beginning of the campaign.

The peso was down 1.5% to 20.1568 versus the U.S. dollar at 9:30 a.m. ET after preliminary results from Mexico's electoral commission showed Lopez Obrador sweeping up more than half the vote.

Look Federer straight back in the old routine
Last year's runner-up, Marin Cilic , also advanced easily with a 6-1, 6-4, 6-4 win over Japanese player Yoshihito Nishioka . According to reports on US sports site ESPN , Uniqlo initially offered Federer $US21 million to wear its gear.

Worst of the heatwave today, temps near 100, just slightly better Monday
A Code Orange air quality alert is in effect for the entire region and is expected to continue over the next several days. Folks going outside should wear light weight, loose fitting clothing and drink plenty of water.

Saudi Arabia persuaded to help offset high oil price
Saudi Arabia regulates its oil production in agreement with other members of the Organization of Petroleum Exporting Countries. Last week, a source told Reuters that Saudi output would rise to 11 million bpd in July, a whole 1 million bpd above May.

Rivals Ricardo Anaya and Jose Antonio Meade acknowledged Lopez Obrador's win before official results were announced, in a break from past elections. Lopez Obrador himself refused to accept his two previous presidential losses, and in 2006 his supporters set up a protest camp that caused months of chaos in downtown Mexico City.

Supporters of Lopez-Obrador celebrated wildly in Mexico City.

Lopez Obrador promised after his victory on Sunday to increase a welfare program for the elderly, a move likely to increase liabilities.

Lopez Obrador has been compared to Trump for his populist, nationalist rhetoric and sometimes touchy personality - as well as his past skepticism about NAFTA. Mexico had a record 25,000 murders past year, Yahoo News reported.

"If they do, we're going to be living in a dictatorship", Felix said in the report.

Christian Lawrence, a market strategist at Rabobank, said the peso was being further supported because of high Mexican interest rates even though there are concerns about a shift in economic policy. But "independent candidacies are here to stay in Mexico", Janine Otalora Malassis, president of the electoral court, said on Friday.

The American Action Forum found in a report on December 11 that outright withdrawal from NAFTA would cost United States consumers and businesses up to $7 billion annually in increased prices, and could also jeopardize 14 million jobs and threaten almost $1 trillion in North American trade.

But the main question in the new era of AMLO and his party, Morena, will be whether Mexico-U.S. border security and anti-narcotics cooperation will maintain the close cooperation established over the past 12 years.

Carlos Urzua, Lopez Obrador's pick to be his finance minister when he takes office on December 1, told Reuters on Monday that the new government will aim to reform the pension system and to reduce costs at Pemex during its six-year term.

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