hsbc ceo stuart gulliver announced last week that his bank would sell its units in brazil and turkey.
the news was reported around the world, and the question on many people’s minds here in mexico was the same as the headline for this article by katy barnato on the financial news website cnbc.com
Why does HSBC like Mexico but want to quit Brazil?
stuart gulliver looked at this picture & remembered the good times. ain’t no way we can quit u, mexico. (edgard garrido,reuters)
according to the article, gulliver told investors
mexico [is] “on the cusp of a major take-off” thanks to energy reforms introduced by controversial president enrique peña nieto.
on the cusp of means close. the expression is usually used to refer to the arrival of something positive.
more detail about peña nieto’s role was included
peña nieto has delivered on his legislative pledges, including measures to end the state’s monopoly over energy and open the telecommunications sector to competition, breaking the stronghold of billionaire carlos slim over the industry.
pledges are strong promises. stronghold is a place of strength. click here to hear the correct pronunciation for billionaire (the e at the end is silent).
steve and josie stronghold aka the commander and jetstream from the movie sky high
president peña nieto has promoted energy reform since taking office in 2012. the most important component of the reform is pemex (mexican petroleum), the petroleum company that has been run by the mexican government since president lazaro cardenas expropriated the nation’s oil reserves in 1938.
july should bring the auction of the first set of mexican oil fields up for grabs, ending the decades-long monopoly
up for grabs means available, and indicates there will be various groups interested in exploiting the newly available mexican petroleum. auction indicates that the business will go to the highest bidder, like on ebay, deremate.com or mercadolibre.com
the bridal bouquet is up for grabs (brides.com)
marc chandler, head of currency strategy at brown brothers harriman, mentioned these positive points about mexico’s economy
a respectable pace of economic growth coupled with low inflation
depreciation of the peso, which has boosted the country’s competitiveness and seen the currency tumble
pace means speed or rate. boosted means helped or increased. tumble means fall, usually in a spectacular way.
david beckham took a serious tumble on this kick. (reuters)
finally, hsbc isn’t the only transnational bank that has a chance to benefit from mexico’s economic potential
another european beneficiary of a booming mexico could be spanish bank bbva. mexico represents 40 percent of its earnings
earnings are money made from work or investments. earn and earner (also used in the cnbc article) are related.
it is correct to say that u win money playing poker on-line, but it is incorrect to say u win a $70,000 annual salary.
if spanish is your first language, it’s natural to translate, for example, the question cuánto ganas por mes? as how much do you win a month? DON’T DO IT!! win is for money made from gambling.
how do u feel about hsbc staying in mexico? hsbc leaving brazil? mexico’s energy reform? share your opinions under leave a reply
have fun, amigos.