MEXICO CITY (AP) -- Mexico is looking to penetrate the Chinese market after a new report suggested that Mexican labor costs have fallen below those of China.
President Enrique Pena Nieto visited Hong Kong on Friday, and said "I am convinced that Mexican products should take advantage of the dynamism of China's markets."
Just a decade ago, Mexico's prospect of exporting much to China seemed distant. Mexican average labor costs were then almost double China's.
But a report by a chief economist for Bank of America Merrill Lynch this week estimated that Mexico's labor costs are now 19.6 percent lower than China's.
The study by chief economist Carlos Capistran cites the bank's own estimates and official data indicating that a big increase in China's costs have turned the balance.
WASHINGTON (AP) -- Regulators have closed a small bank in Arizona, bringing the total number of U.S. bank closures to five for this year.
The Federal Deposit Insurance Corp. said Friday that state regulators closed Gold Canyon Bank, in Gold Canyon, Ariz.
The bank had about $45.2 million in assets and $44.2 million in deposits as of Dec. 31.
First Scottsdale Bank, N.A., based in Scottsdale, Ariz., agreed to assume all of Gold Canyon's deposits and buy essentially all of the failed lender's assets.
The failure of Gold Canyon Bank, which had two branches, is expected to cost the deposit insurance fund $11.2 million.
U.S. bank closures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.