Constellation Brands expected to announce new brewery in Veracruz

12/08/2021

Source: Mexico News Daily

A United States company that brews Corona and other Mexican beers for sale in the U.S. will build a new brewery in Veracruz, according to Governor Cuitláhuac García.

Constellation Brands, whose $1.4 billion nearly-completed brewery project in Mexicali, Baja California, was halted by the federal government after a referendum in March 2020, is expected to announce the new brewery project with President López Obrador as soon as this week, said a person familiar with the plans.

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Minimum wage to jump 22%, business group says

Source: Mexico News Daily

The National Minimum Wage Commission (Conasami) agreed to bump the minimum wage by 22% next yar, the Business Coordinating Council (CCE) said. 

Low wage earners will earn a daily rate of 172.87 pesos (US $8.11) in most of Mexico in 2022, up from the current rate of 141.70 pesos ($6.65).

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Mexican regulators approve $31B deal that could create Mexico-Canada-US railroad

11/28/2021

Source: The Hill

Mexican regulators have approved Canadian Pacific’s $31 billion deal to acquire Kansas City Southern, which could create a railroad linking Mexico, Canada and the United States, The Associated Press reported. 

The deal includes 2.884 Canadian Pacific shares and $90 in cash for each shareholder, as well as Canadian Pacific assuming $3.8 billion of Kansas City Southern’s debt.

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Mexico president says pitched plan to curb import reliance at leaders summit

Source: Reuters

MEXICO CITY, Nov 22 (Reuters) – Mexican President Andres Manuel Lopez Obrador said on Monday he proposed a plan last week to boost investment in North America to reduce reliance on foreign imports in his talks with U.S. President Joe Biden and Canada’s Prime Minister Justin Trudeau.

During the summit in Washington, Lopez Obrador said if North America did not move to strengthen its economy, the region risked being left behind by China, and suggested Canada and the United States should make more use of migrant labor.

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Mexican Economy Shrinks in Third Quarter in Blow to Recovery

10/29/2021

Source: Bloomberg

Mexico’s economy shrank in the third quarter after new legislation banning labor outsourcing hit the services industry and coronavirus cases surged.

Gross domestic product declined 0.2% from the previous three-month period, compared to the median estimate in a Bloomberg survey of no growth. It’s the first contraction since the second quarter of 2020, when Mexico imposed its harshest set of restrictions to tackle the Covid-19 pandemic. From a year ago, GDP grew by 4.6%, according to preliminary data from the national statistics institute published Friday.

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“Bad news” for Mexico’s economy as it shrinks in August

10/25/2021

Source: Yahoo! News

Mexico’s economic growth decelerated in August, dragged down by primary activities such as farming, fishing and forestry, as well as tertiary activities, which include services and retail, data from the national statistics agency INEGI showed on Monday.

Economic activity slipped 1.6% in August from July in seasonally adjusted terms, as primary activities decreased 2.4% and tertiary activities fell 2.5%, according to the data.

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Mexico Economy Grows Less Than Expected in Gradual Recovery

07/30/2021

Source: Bloomberg

Mexico’s economy grew less than expected in the second quarter as demand from the U.S. as well as improving domestic consumption translate into a gradual recovery.

Gross domestic product rose 1.5% from the previous three-month period, less than the 1.8% median estimate in a Bloomberg survey. From a year ago, GDP grew by 19.7%, according to preliminary data from the national statistics institute published Friday.

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Khiron Accelerates Entry into Mexico, Awarded High-THC Extract Export Quotas for Mexico by the Government of Colombia

06/28/2021

Source: Yahoo! News

With a population close to 130 million people, Mexico is among the top 15 economies worldwide and second largest in Latin America. Approximately 11.7 million people have conditions treatable with medical cannabis (Source: IMS Quintiles)

Leveraging its Project of National Strategic Interest (PINES) designation, Khiron receives THC extract export quota for Mexico from Colombia, for up to 700 Kg of extract and finished medical product

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Mexico’s Clip hits unicorn status after SoftBank investment

06/20/2021

Source: Reuters

Mexican payments startup Clip on Thursday said its valuation has jumped to nearly $2 billion after a recent investment led by SoftBank Latin America Fund and Viking Global Investors LP, putting it in a small but growing club of Mexican “unicorns.”

The company was the first in Mexico to receive funding from SoftBank’s Latin America fund in 2019. The latest investment round amounted to $250 million, Clip said.

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Toyoda Gosei Starts Operation of New Plant in Mexico

05/17/2021

Source: Business Wire

KIYOSU, Japan–(BUSINESS WIRE)–Toyoda Gosei Co., Ltd. (TOKYO:7282) has established a new plant in Mexico, the TAPEX Mexicana, S.A. de C.V. (TAPEX) Monterrey Plant, and started its production of the bags that are a main component of automotive airbags in March 2021. This will help to meet the growing demand for airbags.

In Toyoda Gosei’s medium-term 2025 Business Plan, airbags and other safety system products are a key area that will drive future business growth, and the company is focusing effort on increasing sales to Japanese automakers and other customers. The bags are produced mainly in Mexico and Vietnam to raise cost competitiveness. With the operation of the new plant in Mexico, Toyoda Gosei will increase annual bag production capacity by about 8 million units.

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