Mexico Won On Hedged Oil
The Financial Times reported that the Mexican finance minister, Agustin Carstens, who is suddenly a figure in global markets, hedged oil prices for 2009 and won his bet on a global level. His finesse earned the country an extra 8 billion US while the OPEC countries are counting backwards. Check the story out at FT’s Emerging Markets. It is also reported that President Calderon replaced the head of PEMEX in his cabinet shake-up.
Picture of the day: You can’t have an omelet without breaking a few eggs – or some such cliché.
Photo © Howard Dratch, 2009.