Economy

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

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

Lopez Obrador will take office in December facing a USA government that has been openly antagonistic to Mexico over trade and migration under President Donald Trump.

The next president will also inherit a simmering dispute with USA counterpart Donald Trump over migration and trade, with talks to rework the North American Free Trade Agreement (Nafta) unresolved, pressuring Mexico's peso currency. In a post-election speech, however, he has taken a more concilliatory tone saying he would like to "pursue a relationship of friendship and co-operation with the United States, always rooted in mutual respect and in the defence of our fellow Mexicans who live and work honourably in that country".

"We are going to change this rotten, corrupt regime of injustices and privileges, and we are going to promote development".

"This new national project will seek to establish an authentic democracy and we do not intend to establish a dictatorship", Lopez Obrador said.

In addition to calling President Trump "erratic and arrogant", a two-time failed presidential candidate published a book condemning Trump's plan to build a wall on the southern USA border.

Mexico's business and political elite, who fiercely opposed Lopez Obrador's populist candidacy, have pledged to support his presidency, while the largely orderly vote in which his rivals conceded defeat quickly and gracefully is being hailed as a win for democracy.

Lopez Obrador, who will take office on December 1, won more than 53 per cent of votes in Sunday's election, preliminary results showed, more than double the votes of his nearest rival. In his first loss - by a mere 0.56 percent to conservative Felipe Calderon in 2006 - his supporters held months-long protests in Mexico City and he referred to himself as "the legitimate president".

Polls have opened in Mexico's presidential and local elections, and front-running candidate Andres Manuel Lopez Obrador is among the first to line up at his polling place in Mexico City.

"I see that the results [of the voting] are favorable for Lopez Obrador".

Then, he cried fraud and declared himself the rightful victor, but alienated many supporters with huge street protests that brought much of the capital to a standstill for weeks.

He said contracts obtained under energy reforms passed under President Enrique Pena Nieto will be scrutinized for any corruption or illegality, but otherwise contracts will be honored.

Rating agency Moody's said on Monday that Lopez Obrador's election would result in short-term market volatility and represented risks for the oil sector.

If that happens, it will mark a "major shift in Mexican politics and a coup for a party launched only six years ago, originally as a grassroots movement to support Lopez Obrador's 2012 campaign", Duncan Wood, director of the Mexico Institute at the Woodrow Wilson International Center for Scholars in Washington, told Yahoo News. "But it has to be made clear that he has to deliver what he promises and not become like the rest", he said.

Many Mexicans liked this rhetoric and saw in him a man who can stand up to Trump and reclaim the nation's dignity on the global arena. "We'll be looking in the coming weeks for indications of the size and nature of any fiscal stimulus or signs of a more interventionist energy policy".

Last year, Mexico recorded more homicides than at any point in its modern history, and it is on track to break that record this year. The effort, she said, would help reintegrate into society some of the estimated 600,000 Mexicans employed by drug cartels.

Mexico is on track to register even more murders this year than in 2017, according to government data, and Lopez Obrador's vows to curb violence appealed to many voters frustrated with the ruling Institutional Revolutionary Party's inability to stem the bloodshed.

"It's really a question of when the talks resume", Ross said.


  • England fan apologizes for defacing monument outside World Cup stadium

    England fan apologizes for defacing monument outside World Cup stadium

    Harry Kane has significantly scaled back his social media usage as England vie for glory at the World Cup in Russian Federation .
    HTC to lay off nearly  a quarter of its workforce

    HTC to lay off nearly a quarter of its workforce

    This represents about a quarter of the 6,450 staff it employed globally as of June, data from the company shows. HTC has previously said it wants to better coordinate its smartphone and virtual reality businesses.
    Spain vs. Russia - Football Match Report

    Spain vs. Russia - Football Match Report

    A few weeks ago, Spain vs Russian Federation would have been a serious mismatch but what difference a month makes in football. Cherchesov introduced Cheryshev for Alexander Samedov on the hour, a move greeted by a deafening roar from the home support.
  • Five injured as bridge falls near Andheri station

    Five injured as bridge falls near Andheri station

    Fire brigade, Mumbai police and ward staff have rushed to the spot", said the official adding no casualty was reported so far. The Western Railway resumed services between Bandra and Churchgate and between Goregaon and Virar around 9 a.m.
    Steve Kerr, Warriors finalizing contract extension

    Steve Kerr, Warriors finalizing contract extension

    The Warriors are staying patient to ensure they find the right pieces, a luxury afforded to them due to their all-time great core. Kerr, 52, just finished the fourth year of a five-year, $25 million contract he signed when he joined the Warriors in 2014.
    Lionel Messi starts in 4-4-2

    Lionel Messi starts in 4-4-2

    In the image, Messi is surrounded by five French players , including Benjamin Pavard, N'Golo Kante, Raphael Varan, Samuel Umtiti and Paul Pogba.
  • Trump To Get Played By Putin?

    Trump To Get Played By Putin?

    Trump will sit down with Putin in Helsinki on July 16, the first formal one-on-one meeting between the two leaders. Dmitry Peskov responded to comments made by President Donald Trump to reporters riding Air Force One on Friday.
    Gangster makes spectacular escape from French jail in helicopter

    Gangster makes spectacular escape from French jail in helicopter

    Following a decade in prison, he was released under conditions in 2009 after convincing parole officers that he had changed. One of his prison supervisors said that Faid had never had any disputes with staff, "but we must always be wary".
    Lakers’ NBA title odds improve to 7-2 after adding LeBron James

    Lakers’ NBA title odds improve to 7-2 after adding LeBron James

    Only the two-time defending champion Golden State Warriors have better championship odds than the Lakers at the Westgate. The Cleveland Cavaliers unrestricted free agent has made a decision to take his talent to the iconic franchise.
  • Reaching Model 3 production target doesn't solve Tesla's problems

    Reaching Model 3 production target doesn't solve Tesla's problems

    Tesla's shares sank 1% on Monday amid the news about the production milestone, giving short sellers some modest relief. The company had failed to meet any of its production and delivery targets for the Model 3 up until now.
    Canada strikes back at USA  with tariffs

    Canada strikes back at USA with tariffs

    The tit-for-tat duties are a response to the punishing USA steel and aluminum tariffs imposed at the start of June. "We will not escalate, and we will not back down", Freeland told reporters at a steel mill in Hamilton, Ontario.
    Experts question US plans to denuclearise North Korea 'within a year'

    Experts question US plans to denuclearise North Korea 'within a year'

    Trump is scheduled to meet with Putin on July 16, several days after he stops in Brussels for a North Atlantic Treaty Organisation summit.