Mexico's penny-pincher in power

In his first year in office, Mexican president Andrés Manuel López Obrador has proved a contradiction: a populist who does not like to spend.

As a result, the economy has screeched to a halt: zero growth is expected this year after 2 per cent last year. But López Obrador prides himself on his obstinacy and will not abandon higher pensions, grants for unemployed young people or his controversial refinery, airport and train projects, the Financial Times reports.