Andres Manuel Lopez Obrador

Photographer: Alejandro Cegarra/Bloomberg

President Andres Manuel Lopez Obrador delayed a bill that would ban most outsourcing in Mexico after business chambers warned it would be disastrous for the economy.

Lopez Obrador signed an agreement with labor unions and business leaders at his morning press conference Wednesday to seek negotiations over the bill, currently in congress, until February’s legislative session. Those negotiations include the possibility of capping profit sharing rates for companies to make it less onerous for them to hire workers directly, he said.