Wal-Mart Mexico Unit Probed on Complaints of Cockfight

September 18, 2014

09/18/14 Bloomberg

cockfightWal-Mart de Mexico SAB, the country’s biggest retailer, is being probed by local officials after shoppers complained that a store hosted a cockfight to promote a soda company. Fines of as much as 96,000 pesos ($7,240) could be levied if Walmex is found responsible, said Jose Luis Hernandez, commercial director of the city of Boca del Rio, where betting on fighting roosters is illegal. A Walmex spokesman, Antonio Ocaranza, said the roosters weren’t armed with blades, no betting took place at the store and no birds were harmed.

Read More…


Mexico Has Reformed Its Energy Sector, Now What?

September 18, 2014

09/16/14 Forbes

Energy -electricity_transmission_linesMEXICO CITY – When Mexican President Enrique Peña Nieto signed into law the enabling reforms for his country’s energy sector last month, it marked the fulfillment of a campaign promise two years in the making. Although Mexico’s Congress last year agreed in principle to the reforms, the secondary laws passed last month actually define the parameters for the reshaped energy sector. Their passage is effectively the green light for private investors—both foreign and domestic—to enter the Mexican energy market. So what happens next?

Read More…


Former Mexico official pleads guilty in corruption probe

September 18, 2014

09/17/14 Reuters

justice-systemA former top official in the northern Mexican state of Coahuila, whose case became a symbol of Mexican government corruption, has pleaded guilty in Texas to federal money laundering charges, according to court documents. Hector Javier Villarreal Hernandez was charged in Mexico with using his position as Coahuila’s Secretary of Finance to take out nearly a quarter billion dollars in fraudulent loans between 2008 and 2011, using the credit of the state as collateral.

Read More…


Mexico’s Cemex to buy back over $950 million of debt

September 18, 2014

09/17/14 Reuters

finance-market_dataMexican cement producer Cemex said on Wednesday it would buy back more than $950 million worth of its debt from bondholders through a tender offer, as part of a wider plan under a new chief executive to reduce its leverage. Cemex, one of the world’s largest cement maker, said holders of $592.5 million worth of outstanding 9 percent notes due in 2018 and $365.1 million worth of 9.25 percent notes due in 2020 had tendered their notes by the Wednesday deadline.

Read More…


Investing in Mexico: not all about oil

September 18, 2014

09/17/14 Financial Times

gas pipeline and gaugeOil and gas prospects are obviously at the front of Mexico’s investment prospects – the country’s energy reform is expected to attract as much as $50bn in foreign investment in 2020. But there’s more, the government says. And not just in the increasingly high-tech manufacturing industry that Mexico has embraced – it is the world’s fourth exporter of cars and first of flat-screen TVs, and its aerospace industry has rocketed. No, Mexico is targeting a range of other areas that are either untapped or could be developed further: think organic agriculture, halal products to serve the world’s 1.2bn strong Muslim market; the development of smart cities; shipbuilding; videogames; and medical tourism.

Read More…

 


Mexican art galleries suffer as drug-money laws end anonymous cash buys

September 18, 2014

09/18/14 The Washington Post

money laundering -- dollar billsThe new anti-money-laundering regulations have many supporters among those who fear the turbulence of an economy awash in narco dollars. But gallery owners and auction-house directors here say they have become collateral damage. Since the law went into effect last year, Zajarias estimates that sales at his gallery in the posh Lomas de Chapultepec neighborhood have fallen by 30 percent, a figure echoed by other gallery owners. “And it’s 100 percent related to this law,” he said. “This is fiscal terrorism and it is not fair.”

Read More…


Perry Urges Mexican President to Visit Texas Border

September 18, 2014

09/17/14 The Texas Tribune

Enrique PeñaNieto 2Gov. Rick Perry on Wednesday invited Mexican President Enrique Peña Nieto to witness for himself the operations of the National Guard patrolling the Texas side of the Rio Grande. The invitation was a response to the Mexican president telling media outlets that Perry’s decision to deploy the guard was “reprehensible.”

Read More…


Follow

Get every new post delivered to your Inbox.

Join 10,155 other followers