Last updateFri, 08 Dec 2017 11am

Business Briefs - July 8, 2017

$ doesn’t follow degree

In Mexico, monthly pay for a postgraduate degree employee fell by 10,000 pesos between 2005 and 2016, according to a study by the Salary Observatory of the University Iberoamericano Puebla.

Investors go crazy for Cuervo

The initial public offering for tequila producer Jose Cuervo on the Mexican Stock Exchange this week was at least four times oversubscribed, according to reports in several business journals.

Bloomberg reported that Jose Cuervo sold about US$790 million of shares in Mexico’s biggest equity offering in more than three years. Industry insiders say Cuervo is looking to transform itself into a global spirits company. Almost two-thirds of the distiller’s output is exported to the United States.

The IPO had been delayed from last year due to the U.S. presidential election. 

US brokerage firms close accounts for US expats

Many American citizens living abroad have recently been contacted by their U.S. brokerage firms to inform them that their accounts have either been frozen, such that they can no longer change their investments, or that they need to close their accounts entirely.

Interest rates rise for fourth time this year

With the peso continuing to bleed amid the fallout from the U.S. presidential election result, the Banco de Mexico, Mexico’s Central Bank, Thursday raised its base interest rate by half a point to 5.25 percent – the fourth rate hike this year.