Cliffy
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Loreto banks closed?
Just read somewhere else that all the banks in Loreto have been closed this week?
If this is so, with my upcoming trip can I get ATM service in Muleje?
I hope!
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chuckie
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ATM in Mulege (with a g) works fine
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elizabeth
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Bancomer on the plaza is still here! It's Banamex that closed.
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Hook
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Is Loreto now a one-bank town? If so, how is that working?
Over here in San Carlos, the ATMs at our one bank (our Banamex also closed) are running out regularly on weekends. Is that happening in Loreto, too?
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MitchMan
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No airlines going to Loreto, no decent big store for the longest time, virtually no administrative offices where the few accountants and attorneys
have to frequently travel to La Paz, Cabo, and Constitucion to get things done, now banks pulling out and the town going back to one bank again...and
still, for some unknown reason, real estate is still multiples more expensive than real estate in La Paz even when there are hundreds of unsold
residential lots with city services offered for sale for the last 10 years only a half a mile from downtown Loreto.
Somebody needs to explain the concept of supply and demand to the 14,000 residents of Loreto to start inviting more investment into the town, more
people, more flights, and more banks.
Weird, inexplicable, delusional.
BTW, anybody know what happened to La Giganta Real Estate office?
[Edited on 2-21-2014 by MitchMan]
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ncampion
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| Quote: | Originally posted by MitchMan
No airlines going to Loreto, no decent big store for the longest time, virtually no administrative offices where the few accountants and attorneys
have to frequently travel to La Paz, Cabo, and Constitucion to get things done, now banks pulling out and the town going back to one bank again...and
still, for some unknown reason, real estate is still multiples more expensive than real estate in La Paz even when there are hundreds of unsold
residential lots with city services offered for sale for the last 10 years only a half a mile from downtown Loreto.
Somebody needs to explain the concept of supply and demand to the 14,000 residents of Loreto to start inviting more investment into the town, more
people, more flights, and more banks.
Weird, inexplicable, delusional.
BTW, anybody know what happened to La Giganta Real Estate office?
[Edited on 2-21-2014 by MitchMan] |
Not really valid to compare Loreto (pop. 14,000) with Cabo/SJC (combined pop. 137,000) or La Paz (pop. 215,000). Alaska Airlines still has a daily
flight to Loreto from LAX and Aero Califia flies twice a week from TJ. Loreto residents do not need or want to be another Cabo. People here prize
the slower, more tranquil lifestyle that the other cities to the South don't have Things are more expensive here because we feel that they're worth
it. One bank is plenty what with on line banking and at least 5 ATM's that I know of. We have enough services to satisfy 90% of our needs and the
occasional trip to La Paz takes care of the other 10% as well as remindes us why we live in Loreto. Actually we like it just the way it is, nothing
weird or inexplicable about it.
BTW I see just as many or more For Sale signs around La Paz as in Loreto and we even have street signs on the roads.
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MitchMan
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Good response, ncampion. Appreciated.
I have a great big soft spot in my heart for Loreto. There are plenty of for sale signs in La Paz, but the prices are in line, all things considered.
In both places, there is a vast abundance of real estate for sale...everywhere in every direction...no shortage...just massive abundance.
You got me on the signage...funny. La Paz has some ill-placed one way streets and a monumental lack of street signage. Driving around town with a
map in hand doesn't help that much.
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ncampion
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| Quote: | Originally posted by MitchMan
Good response, ncampion. Appreciated.
I have a great big soft spot in my heart for Loreto. There are plenty of for sale signs in La Paz, but the prices are in line, all things considered.
In both places, there is a vast abundance of real estate for sale...everywhere in every direction...no shortage...just massive abundance.
You got me on the signage...funny. La Paz has some ill-placed one way streets and a monumental lack of street signage. Driving around town with a
map in hand doesn't help that much. |
A few years ago we built a great house on the beach just North of town and I like to tell people that we own one of the most illiquid assets in the
world. Real estate sales here pretty much mimic the amount of disposable income the Norte Americanos have at the time. Good thing I'm not interested
in selling.
BTW, I sure agree with the useless map comment. Actually we love to go "on vacation" to La Paz - we call it going to the "big city"
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wessongroup
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This may have something to do with the closing
LATIN AMERICA NEWS
Stalled Government Spending Chokes Mexico's Growth
2013 Economic Performance Is Worst Since 2009 Global Recession
http://online.wsj.com/news/articles/SB1000142405270230363640...
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Hook
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I think it was more a corporate decision by Citibank.
Not that I can read your article, WG.........Looks like you have to subscribe to read it.
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LaTijereta
Super Nomad
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| Quote: | Originally posted by MitchMan
BTW, anybody know what happened to La Giganta Real Estate office?
[Edited on 2-21-2014 by MitchMan] |
Rebeca went to work for the new mayor's office, and her RE office was a "conflict of interest" in her words..
BTW..Loreto is doing fine..
Democracy is like two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote.
Ben Franklin (1759)
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wessongroup
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Here ya go ...
By JUAN MONTES
Updated Feb. 21, 2014 12:02 p.m. ET
MEXICO CITY— Paul Noriega's travails reflect what went wrong with Mexico's economy last year. His company, a cleaning-products supplier whose main
clients are public hospitals, was stalled for months, sales fell by half and some workers were laid off.
The reason: government spending didn't flow for much of the year.
"We hadn't lived anything like this in the last 12 years," says Mr. Noriega, a young Mexican businessman who runs the firm with his father. "Orders
from the IMSS [the social security system] suddenly plummeted. We had to tighten our belts and use our savings to survive."
Massive delays in government spending are one of the reasons behind Mexico's poor performance last year. Latin America's second-largest economy
expanded just 1.1% in 2013, the statistics agency said Friday, which translates into the creation of around 200,000 new jobs in a country of 112
million people.
The growth data poured cold water on the optimism with which President Enrique Peña Nieto began his administration in December 2012. Instead of the
3.5% growth initially expected in his first year in office, it was the slowest growth since the 2009 recession.
Mr. Peña Nieto has attributed the economic downturn mainly to the change of administration and weak export demand north of its border. "The U.S.
recovery wasn't as strong as expected, and that affected the dynamism of our own exports. And then we have the turnover in government: as happens
every six years, the rhythm of spending changes," Mr. Peña Nieto said in an interview this week.
Other factors also determined Mexico's sluggish performance, economists say.
The construction sector fell into recession due in part to the unsustainable pile of debt at the country's biggest housing construction companies. The
lack of natural gas supplies in some regions also dented activity. And many investors postponed decisions until seeing the final outcome of Mr. Peña
Nieto's economic reforms in energy and telecommunications, which passed Congress last year.
"Definitely, it was the perfect storm," said Jonathan Heath, an independent economist who has worked for Mexico's statistics agency.
But some analysts say the government's initial optimism and badly handled spending also had a crucial impact.
"First, the government asked Congress for a balanced budget in 2013...when the global economy was still fragile. That was a mistake because it
involved a contraction of spending compared to the previous year," said Gerardo Esquivel, an economist at the Colegio de México university.
"On the other hand, it is now clear that Finance Minister Luis Videgaray neglected the daily management [of the economy] because he was too involved
in the political negotiations to get the economic reforms passed in Congress," Mr. Esquivel added. He said government spending fell 10% in the first
quarter of last year, compared to the 3% and 6% increases respectively seen at the start of the two previous administrations.
Last year was a busy one for Mr. Videgaray and his team. Some of the key officials appointed at the finance ministry, including the deputy finance
minister and the deputy minister of spending, lacked any experience in the federal-government machinery. Also, working out complex banking and tax
overhauls took up much of their time, according to several senior government officials who asked not to be named.
Several ministries with significant budgets, such as the transport ministry, or SCT, took a long time to start up. Regional delegates of the SCT, who
are in charge of speeding up infrastructure projects and tenders, weren't named until April, according to the government officials.
By May, the economic slowdown was already evident. The government slashed its GDP forecast three times last year: first to 3.1%, then to 1.8, and
finally to 1.3%.
Spending delays were starting to have notable side effects: suppliers weren't paid on time, and new tenders were postponed. For Mr. Noriega, the
businessman, the data had a bitter effect. "By midyear, we had the warehouses full of stock waiting to be sold," he says.
The Finance Ministry started work over the summer on a request for Congress to approve a small budget deficit for 2013 and a wider one for next year
to support economic growth through additional public spending—financed with more debt and new taxes.
From September, government spending accelerated, supported in part by the reconstruction efforts after several major storms hit the country, and by
the end of the year the budget had been fully exercised.
But the harm to the economy was already done. The October-December period didn't see a recovery, growing just 0.2% from the previous quarter. For
2014, Mr. Peña Nieto expects the economy to expand an above-consensus 3.9%, although many analysts are seeing a weak first quarter.
"The recovery will take some time because the impact of the new spending won't be immediate," said Mr. Heath, the economist. "The new taxes have also
created uncertainty and are already hurting household consumption and business confidence."
Mr. Noriega doesn't see light at the end of the tunnel yet. "As of today, we haven't seen any improvement in activity," he says.
Write to Juan Montes at juan.montes@wsj.com 
[Edited on 2-21-2014 by wessongroup]
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