Government suspends high-speed train project

Mexico's government has cut its 2015 budget by nearly 3 percent after a drop in global prices hurt public finances, and it is shelving a tainted $3.75 billion high-speed train tender as part of its austerity measures.

Minister of Finance Luis Videgaray announced the decision on Friday, and the pinch will be felt with the high-speed train project.

Videgaray cited plummeting oil prices as one of the main reasons behind the 2015 budget cut of $8.42 billion.