Investors Reap 22% Gain as Big Rally Sweeps Mexico's Peso Bonds
Mbonos, which the government issues to finance public spending, have handed investors a 22% gain in 2025, trailing only Brazilian government bonds in an index of emerging-market local debt, according to data compiled by Bloomberg. Bets that Mexican policymakers would keep cutting interest rates and a resilient peso in the face of Donald Trump's tariff war have sent yields plunging.
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Ofsted chief inspector apologises for short notice on school inspection reforms
The chief inspector of Ofsted has apologised that schools will no longer get a full term's notice before inspection reforms are introduced in England. Last month, the watchdog said it would delay setting out its final plan for school inspections until September – just weeks before new report cards are due to be rolled out in November. School leaders' unions have threatened to tell their members to quit as Ofsted inspectors unless changes are made to the timescale for inspection reform. Speaking at the Festival of Education, Sir Martyn Oliver, chief inspector of Ofsted, said he was 'sorry' about the delayed timescale as he acknowledged it was 'difficult' for schools. At the event at Wellington College, Berkshire, Sir Martyn called on school leaders to 'judge' him on the Ofsted's revised inspection model once it is published at the start of the academic year. Last year, the Government announced that headline Ofsted grades for overall effectiveness for schools in England would be scrapped. Previously, Ofsted awarded one of four single-phrase inspection judgments: outstanding, good, requires improvement and inadequate Under proposed report cards, set out in February, schools could be graded across at least eight areas of a provision using a colour-coded five-point scale. They would receive ratings, from the red 'causing concern' to orange 'attention needed', through the green shades of 'secure', 'strong' and 'exemplary' for each area of practice. During the Q&A session at the event on Thursday, Sir Martyn suggested that Ofsted ratings can alter local house prices by thousands of pounds because parents 'value' them. When asked whether Ofsted's new report cards could affect house prices, Sir Martyn said: 'Well, I don't know.' But Sir Martyn, who used to be an academy trust leader, spoke of how he had supported two 'special measures' schools where he lived and the house prices 'shot up' after they received better Ofsted ratings. He told the audience: 'They were both in special measures, both went outstanding, and the house prices went up £15,000 within a week. 'It does make a difference.' Sir Martyn added that 'parents obviously put a value on it'. Ofsted had planned to publish its formal response to its consultation on proposed inspection reforms in the summer term ahead of the changes coming into effect in November. But Ofsted will now publish its full response in September due to the scale of the feedback it received. When asked whether this delay was fair on school leaders, Sir Martyn said: 'I think that is difficult and again I'm sorry about that.' On single-word judgments, he added: 'We've been doing something for 30-plus years in a single way. 'If I look at my phone, there will be pictures of people standing in front of their schools with balloons, with an O, an U, with a T – 'outstanding', and local newspapers up and down the country celebrate. 'It happens all of the time, and we're about to take that away and change it to something else that for more than three decades people are used to.' Sir Martyn said: 'Here's a burning question, what's Rightmove going to do?' Currently, Rightmove includes the Ofsted ratings for local schools in its listings for houses for sale. In a speech at the event, Sir Martyn said children are increasingly receiving life lessons from influencers or 'AI-generated summaries'. The Ofsted boss argued that classroom learning with human interaction 'has never been more important' as many children spend much of their lives online. He said: 'Young people are growing up in an increasingly curated world in which their favoured influencers or corporate algorithms can have a disproportionate impression on their views and opinions. 'It's more important than ever that young people are able to lift their eyes from the screen and connect with their teachers, in person.'
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Canada Exports to US Keep Falling as Tariffs Curb Shipments
(Bloomberg) -- Canada's share of exports destined for the US shrank to the smallest proportion since at least 1997, excluding the Covid pandemic. Shipments to other countries reached a new high, led by gold exports. NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds Massachusetts to Follow NYC in Making Landlords Pay Broker Fees What Gothenburg Got Out of Congestion Pricing Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals With President Donald Trump's tariffs crushing exports and imports between Canada and its biggest trading partner, the country's share of exports destined for the US shrank to 68.3% in May, from last year's monthly average of 75.9%, according to Statistics Canada data Thursday. Exports to the US were down for a fourth straight month, declining 0.9% in May. Canadian businesses and consumers were also buying fewer cars and other products from the US, with imports falling 1.2%, a third straight monthly drop. Canada exports most of the cars it makes to the US. While the country's shipments of cars and parts rose 0.9% in May from a month earlier, shipments plunged 8.4% from a year ago. Prime Minister Mark Carney met Wednesday with auto industry representatives to discuss trade negotiations with the US. Canada's goods trade surplus with the US widened slightly to C$3.2 billion ($2.4 billion) in May, from C$3.1 billion in April. 'Canada-US trade is stuck in a lull and it is unlikely to improve for a while. Activity in both directions has slowed, and the drop in imports, especially for integrated trade like energy and manufacturing, is a warning sign that exports could be impacted in the coming months,' Andrew DiCapua, principal economist at the Canadian Chamber of Commerce, said in an email. Exports to countries other than the US, however, surged to a record high, led by higher shipments of gold to the UK, crude oil to Singapore and unwrought aluminum and pharmaceutical products to Italy. Canada's trade deficit with countries excluding the US narrowed to C$9.1 billion in May, from C$10.7 billion in April. Higher shipments elsewhere helped narrow Canada's trade deficit to C$5.9 billion in May, from a record C$7.6 billion in April. May's smaller trade gap was in line with the median projection in a Bloomberg survey of economists. Alexandra Brown, economist at Capital Economics Ltd., called the increased shipments to non-US destinations 'a small consolation,' saying in a report to investors that 'the outlook for exports continues to be weak.' Total exports rose 1.1% in May, the first increase since January, led by higher gold shipments. However, excluding metal and non-metallic mineral products, exports were down 1.2%. Exports of consumer goods rose 2.6% due to higher pork exports to Japan. A 5.6% decrease in energy exports partially offset some of the gains. Total imports were down 1.6% in May, the third consecutive monthly decline, led by lower inbound shipments of unwrought gold, which saw a strong increase in April when imports from US surged. Imports of cars and parts fell 5.3%, with passenger cars and light trucks dropping 9.7% to the lowest level in more than two years. In volume terms, total exports were up 0.7%, and imports fell 0.6%. --With assistance from Mario Baker Ramirez. (Recasts with new headline and details starting from the second paragraph.) SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too How to Steal a House America's Top Consumer-Sentiment Economist Is Worried China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Europe's Billionaires Are Bending to Trump--Here's Why Investors Should Pay Attention
With Donald Trump's July 9 tariff deadline approaching, pressure is mountingnot just in Brussels, but in boardrooms across Europe. Automakers like Mercedes-Benz (MBGAF), BMW (BMWKY), and Volkswagen (VWAGY) have been quietly flying executives to Washington, lobbying U.S. officials directly and proposing their own peace terms to head off a potential 50% tariff on European exports. Luxury powerhouses like LVMH (LVMUY) and pharmaceutical giants like Sanofi have joined in, signaling a clear shift: many of Europe's biggest companies are no longer aligned with the EU's hardline approach. Behind the scenes, they're urging Brussels to cut a quick deal and scale back retaliatory measures, including removing high-profile U.S. products like bourbon from any counter-tariff list. Warning! GuruFocus has detected 4 Warning Sign with MBGAF. What's driving this sudden corporate detente? Profitsand survival. European companies generate wide margins in the U.S. and rely heavily on American technology, suppliers, and research partnerships. A retaliatory tariff packageinitially floated at 95 billionhas already been softened by member state requests that could slash it by nearly 70 billion. Lobby groups representing sectors from medical devices to spirits warn that hitting back at the U.S. would hurt European firms just as much, if not more. If the EU retaliates, the sector is hit twice, said MedTech Europe CEO Oliver Bisazza. That fear has flipped the script, with industries now pressing Brussels to de-escalate, even if it means swallowing a flat 10% tariff and lobbying for carve-outs in key sectors like pharma, semiconductors, and aerospace. But this fractured front comes at a delicate time for the EU. With domestic demand weakening, China gaining ground, and energy costs still elevated post-Ukraine, the U.S. market is more important than ever. Brussels wants to preserve unity, but member states are growing impatient. German Chancellor Friedrich Merz has openly criticized the Commission's slow, complex process and called for speed over perfection. LVMH Chairman Bernard Arnault has gone furtheractivating long-standing ties with Trump and making personal trips to Washington to promote a calmer path. His message? In this geopolitical chess match, compromise could be the smartest move Europe has left. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
