financetom
Business
financetom
/
Business
/
Mexico's Sheinbaum to push forward with judicial reform, peso slumps
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Mexico's Sheinbaum to push forward with judicial reform, peso slumps
Jun 10, 2024 5:37 PM

MEXICO CITY, June 10 (Reuters) - Mexican President-elect

Claudia Sheinbaum said on Monday she would put up for discussion

proposed constitutional reforms, including a judicial overhaul

that has spooked markets, before the next congressional session

kicks off.

The judicial reform would replace an appointed Supreme Court

with popularly elected judges, as well as for some lower courts,

which critics allege would fundamentally alter the balance of

power in Mexico.

Sheinbaum, speaking in a press conference following a

meeting with outgoing President Andres Manuel Lopez Obrador,

said the reform would be "among the first" that could be passed,

along with some boosted social benefits.

She added she did not believe the proposed reforms would

impact the peso, which tumbled following her election win

earlier this month.

As Sheinbaum was speaking, however, the peso weakened by

nearly 2% against the U.S. dollar in international trading.

Some of the measures are part of a slew of

constitutional reforms Lopez Obrador proposed in February that

would also eliminate key regulatory agencies.

At the time they did not cause market jitters, but investors

sounded the alarm as the ruling coalition honed in on a

congressional super-majority needed to pass constitutional

reforms in the June 2 election.

The coalition led by MORENA secured a two-thirds

super-majority in the lower house but fell just short in the

Senate, although analysts believe those extra votes can likely

be secured through negotiation.

While the newly elected Congress will take office at the

beginning of September, Sheinbaum will not be inaugurated until

a month later, which could give Lopez Obrador and lawmakers a

window to try to enact the reforms.

"In the case of the judicial reform, (discussion) should

be through the bar association, professors of law, the ministers

and magistrates themselves," Sheinbaum said.

She added she would name her cabinet next week, and that she

would receive a team sent by U.S. President Joe Biden on

Tuesday.

Lopez Obrador had said earlier in the day he would not

pressure Sheinbaum to rush the package of constitutional reforms

through Congress.

Mexico's peso is now down 8% since the elections Sheinbaum

and her party won in a landslide - its biggest plunge since the

COVID-19 pandemic - while the country's main stock index has

fallen nearly 4%.

(Reporting by Raul Cortes Fernandez, Ana Isabel Martinez, Kylie

Madry, Diego Ore, Lizbeth Diaz and Aida Pelaez-Fernandez;

Editing by Brendan O'Boyle, Alistair Bell, Christian Plumb and

Lincoln Feast.)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Samsung says AI to drive technology demand in second half
Samsung says AI to drive technology demand in second half
Apr 29, 2024
* Posts 10-fold increase in Q1 operating profit * Memory chip sales nearly double from prior year * Operating profit highest since Q3 2022 (Updates shares in paragraph 4; adds mobile profit in final paragraph) By Joyce Lee and Heekyong Yang SEOUL, April 30 (Reuters) - Samsung Electronics ( SSNLF ) said on Tuesday it expected demand for artificial intelligence...
Samsung first-quarter profit up 10-fold on memory chip recovery
Samsung first-quarter profit up 10-fold on memory chip recovery
Apr 29, 2024
SEOUL, April 30 (Reuters) - Samsung Electronics ( SSNLF ) reported on Tuesday a more than 10-fold rise in its first-quarter operating profit, as memory chip prices rose steeply from a severe downturn thanks in part to a boom in artificial intelligence. The world's biggest maker of memory chips and TVs said operating profit rose to 6.6 trillion won ($4.8...
Computer parts maker Logitech Q4 sales rise; first positive qtr in over 2 years
Computer parts maker Logitech Q4 sales rise; first positive qtr in over 2 years
Apr 29, 2024
ZURICH, April 30 (Reuters) - Logitech International increased its sales during its fourth quarter, the computer peripherals maker said on Tuesday, snapping two-and-a-half years of sales downturns after a pandemic-driven boom. The maker of computer mice and keyboards said its sales increased by 5% in U.S. dollars and constant currency to $1.01 billion during the three months to March. It...
China Vanke's first public commercial REIT falls in early trade on debut
China Vanke's first public commercial REIT falls in early trade on debut
Apr 29, 2024
SHANGHAI (Reuters) - China Vanke's first public commercial real estate investment products fell as much as 3% in early trade on their debut on Tuesday, reflecting caution towards China's second-largest developer amid a prolonged property market downturn. The CICC-SCPG Consumption Infrastructure real estate investment trust (REIT) listed in Shenzhen is backed by shopping centres owned by SCPG Holdings, the commercial...
Copyright 2023-2026 - www.financetom.com All Rights Reserved