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MEXICO CITY (AP) — President Andres Manuel Lopez Obrador launched an ambitious plan Saturday to stimulate economic activity on the Mexican side of the U.S.-Mexico border, reinforcing his country's commitment to manufacturing and trade despite recent U.S. threats to close the border entirely.Mexico will slash income and corporate taxes to 20 percent from 30 percent for 43 municipalities in six states just south of the U.S., while halving to 8 percent the value-added tax in the region. Business leaders and union representatives have also agreed to double the minimum wage along the border, to 176.2 pesos a day, the equivalent of .07 at current exchange rates.Lopez Obrador, who took office on Dec. 1, said the idea is to stoke wage and job growth via fiscal incentives and productivity gains. U.S. President Donald Trump has repeatedly complained that low wages in Mexico lure jobs from the U.S. Mexico committed to boost wages during last year's negotiations to retool its free trade agreement with the U.S. and Canada.Speaking from Ciudad Juarez, a manufacturing hub south of El Paso, Texas, Lopez Obrador said Saturday he agrees with Trump that Mexican wages "should improve." He decried, for instance, that Mexican auto workers earn a fraction of what their U.S. counterparts take home, topping out at just an hour versus a typical wage of an hour in the U.S.Yet the economic plan comes at a delicate moment for the border region. Trump threatened as recently as last week to close the U.S.-Mexico border "entirely" if Democrats refuse to allot .6 billion to expand the wall that separates the two countries.Economy Minister Graciela Marquez noted Saturday that the border region targeted for economic stimulus accounts for 7.5 percent of Mexico's gross domestic product. And in recent years, she said, the 43 municipalities included in the plan have boasted combined economic growth of 3.1 percent, above the national average of 2.6 percent for the six years through 2017.Much of that robustness owes to trade and proximity with the U.S., the world's biggest economy."We have to take advantage of this locomotive that we have on the other side of the border," she said.Marquez expressed optimism that the stimulus plan will direct more Mexican and foreign investment into the border region. The plan for the border region is part of what Lopez Obrador calls "curtains of development" to shore up different corridors of the country so that Mexicans stay rather than migrating in search of better economic prospects. 2543

Millions of people forced to work from their homes took on new projects and Home Depot is supplying a lot of the material. At Home Depot stores open at least a year, sales surged an remarkable 25% in the U.S. during the second quarter. Overall revenue for the Atlanta company hit .05 billion, far exceeding the .94 billion Wall Street was expecting, according to a Zacks Investment Research survey. It easily topped last year’s revenue of .84 billion for the three months ended Aug. 2. Sales at stores open at least a year climbed 23.4%, globally, trailing only the massive surge in comparable-store sales in the U.S. The overall comparable-store sales were almost twice the 12.2% increase that industry analysts had projected. 744

Lumber stocks are at a historic high. We haven't seen these numbers since the 2008 housing boom and then crash. Experts say that's in part because of the housing market and record low mortgage rates.2020, the unprecedented year where nothing goes as expected, has brought us what realtors call a "sellers' market"."There’s plenty of buyers in the marketplace, but not enough supply so what we are seeing is multiple offers happening frequently on mid-price homes. So heavy competition in the marketplace.” Dr. Lawrence Yun, chief economist for the National Association of Realtors, said.The country's largest trade organization has 1.4 million members who help people buy and sell homes. Dr. Yun says the nation's housing market has even surpassed pre-pandemic sales. He attributes a lot of that to low mortgage rates and people realizing that working from home means they need more room.“Because of the strong demand for housing and we have a shortage of homes in the marketplace, so whatever home builders build, they can find a buyer so they build more homes. But one of the constraints is lack of construction workers along with the material cost that goes into construction, such as lumber,” says Dr. Yun, who also pointed out the country's underproduction.“Home builders have been producing below historical average for 10 straight years and the cumulative effect of underproduction is we don’t have sufficient inventory and that is the reason why home prices are rising and we need to build more homes to get into balance,” added Dr. Yun.Which is why, Laura Gonzalez, associate professor of Finance at California State University Long Beach, says we're experiencing a supply and demand situation when it comes to wood.“We just don’t have enough wood,” Gonzalez said. “It's difficult to make it ready and then transport it because of the pandemic. It's not that the industry is changing its just that we have had a shift both in supply and demand.”Gonzalez also says it's the basic equation of high demand meaning lower supply, which sends prices up and stocks soaring. Then there's the factor of where our wood comes from. She says, “We import some of our lumber from Canada both from lumber and other products. If we depend on other nations, we are more susceptible to changes in supply.”So, what comes next?“The issue of supply versus demand is going to correct in two years, but the opportunities for climate finance are ongoing that is not going to finish,” Gonzalez said.Which is why Dr. Yun says home prices will hold firm, and if you're waiting for a ‘burst’ or for prices to decrease, you might be waiting a while.“In future years, mortgage rate will certainly rise and that will choke off some of the demand, but hopefully we have adequate supply so we have a more balanced market condition where prices rise in manageable, 3-4% each year and people will feel comfortable at that rate of price appreciation,” says Dr. Yun.Dr. Yun recommends if you want or need to buy, don't overstretch your budget as the competition is fierce out there. If you want to sell, don't get greedy and overprice because your home will get stuck on the market. It's yet another aspect to this odd year that has brough the unexpected to us all. 3245

Major 2020 election news will likely take place with Democratic nominee Joe Biden set to reveal his pick for vice president. THE PROCESSThe Biden team has been very secretive with the vetting process like previous presidential campaigns. According to sources, many top-level advisers are not even privileged to the selection process. Biden said months ago he would pick a woman to be his running mate but has not narrowed it down any further. THE POSSIBLE PICKSWhile it is possible Biden will pick someone not on this list, it is expected he will choose from these 11 women: Stacey Abrams: A former legislator in Georgia who came close to winning the Governor's Race in Georgia in 2018. Abrams is an African American leader and viewed as a rising star but some question whether she has enough national experience. Tammy Baldwin: A United States senator representing the swing state of Wisconsin, but some question whether she has had enough exposure on the national stage. Karen Bass: A member of the House of Representatives representing California, Bass is an experienced legislator and African-American leader. Being from California, however, doesn't help with swing states.Keisha Lance Bottoms: Mayor of Atlanta and an African-American leader, Bottoms, however, has limited national experience. Val Demings: A member of Congress from the crucial state of Florida, Demings is a prominent member of the Congressional Black Caucus who gained exposure during the impeachment of President Donald Trump. Some attack her time as a police chief, however. Tammy Duckworth: A United States senator representing Illinois, Duckworth is also a veteran. Some wonder if she is well-known enough. Michelle Lujan Grisham: As governor of New Mexico and a former Member of Congress, Grisham has the experience and is one of the nation's top Latinas. Critics point to the fact few know her outside of New Mexico. Kamala Harris: A United States senator and African-American leader, Harris is well-known as a former presidential candidate. Some Biden advisers don't like how she attacked Biden during the campaign, not to mention her time as a prosecutor could hurt her with some voters. Susan Rice: An African-American woman who served as former National Security Adviser under President Obama, Rice has qualifications but has never held elected office. Gretchen Whitmer: Whitmer leads the swing state of Michigan as governor but some question whether Biden should pick an African-American to serve as his number two. Elizabeth Warren: Warren is well-known on the national stage as a progressive, which could help turn out for Joe Biden. However, she is also a lightning rod for conservatives. 2686

MEXICO CITY (AP) — Mexican authorities say gunmen burst into an unregistered drug rehabilitation center in central Mexico and opened fire, killing 24 people and wounding seven.Police in the north-central state of Guanajuato said the attack occurred Wednesday in the city of Irapuato. Apparently, the attackers shot everyone at the rehab center. Three of the seven wounded were reported in serious condition.State police say nobody was abducted.Guanajuato is the scene of a bloody turf battle between the Jalisco cartel and a local gang.No motive was given in the attack, but Mexican drug gangs have killed street-level dealers at such facilities in the past. 666