Mexico Targets Pemex Oil Trader for $1 Million Storage Payment

09/30/2022

Source: Bloomberg

Mexican authorities say an oil trader at state-owned Petroleos Mexicanos acted improperly when he struck a deal in 2017 to store crude at sea after Hurricane Harvey.

Emilio Sampayo, who recently resigned as deputy director of crude trading at Pemex’s trading arm PMI is being targeted for authorizing payments totaling $1.14 million to keep a million barrels of oil floating in a tanker for 38 days until a buyer could take delivery, according to people familiar with the matter. Pemex auditors flagged the transaction to the federal comptroller, which ruled that Sampayo acted improperly by paying storage fees not typically shouldered by PMI, said the people, who asked not to be named because the information isn’t public.

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Mexican automotive exports reach highest point in last 15 months

09/28/2022

Source: Mexico News Daily

Automotive exports hit a record high of over US $15 billion in August, the national statistics agency INEGI reported Tuesday.

Exports of Mexican-made vehicles and auto parts totaled $15.24 billion last month, a 42.5% increase compared to August 2021.

The annual growth in percentage terms was the highest since June 2021, when auto exports surged 859% a year after the pandemic forced the closure of many plants.

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Mexico draws young American professionals working remotely

09/29/2022

Source: CBS News

As remote work in the age of COVID-19 is forecast to stay for many Americans, more and more professionals are choosing new places to live. Lately, more Americans have been choosing to live in Mexico, including Mexico City. 

It has become a top destination for young professionals working remotely, CBS News correspondent Enrique Acevedo reports.

“Now we have younger Americans that can work remotely looking for a better quality of life … and they’re coming now to Mexico City,” said Alexandra Demou, founder of a relocation and real estate company called Welcome Home Mexico.

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La escalada imparable de la inflación en México: llega al 8,76% en septiembre

23/09/2022

Fuente: El Pais

La inflación está imparable en México. En esta primera quincena de septiembre, el Índice Nacional de Precios del Consumidor se ha incrementado un 0,41% lo que sitúa la tasa de inflación generalizada en el 8,76%. El país no se encontraba en estos niveles desde hace más de dos décadas. En los datos, publicados este jueves por el Instituto Nacional de Estadística y Geografía (Inegi), se nota la vuelta a las clases: las colegiaturas de preescolar y primaria han subido 5% y 4,1%, respectivamente, en los últimos 15 días.

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The Empire of Los Chapitos

A postcard from Culiacán

Source: Ioan Grillo Substack, Narco Politics

We run into the punteros by the tollbooth on the road from Mazatlán into Sinaloa’s colorful state capital of Culiacán. They are operating so brazenly they have even put up a tarp to shield themselves from the punishing sun. An older guy with a baseball cap and mustache stands under the tarp with his open palm above his belt buckle in the pistol-packing pose. A younger guy with a mop of black hair buzzes over to us on his motorbike and asks what we are up to. 

Punteros is a term you hear more in Sinaloa, the cradle of Mexican drug trafficking, than in other states. It is often used in place of halcones, the lookouts for the cartels, but the punteros of Culiacán are a little different. Halcones in other Mexican cities usually adopt a low profile as they keep their eyes open for anything that moves and report it up the chain by cellphone or radio. The punteros in Culiacán can be more overt, so marking the territory, or el punto. They usually have motorbikes and are often armed. And they frequently sell drugs at their point as well as providing eyes.

We are filming a shot of the highway with a drone, which is grabbing their attention. When the puntero comes over, I explain we are making a documentary series which is just about music and he looks over the shoulder of the cameraman at the images from the sky. Our local producer gives the puntero a fist bump and asks what he is selling. The puntero flashes bags of weed and wraps of cocaine and asks if we want to buy. 

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Chinese Manufacturers Get Around US Tariffs With Some Help From Mexico

Source: Bloomberg

9/14/2022

When César Santos was growing up in the 1960s, he spent his weekends surrounded by horses and cattle on his father’s ranch outside Monterrey, Mexico. Today, a red monolith emblazoned with the words “Hofusan Industrial Park” announces that the patch of dusty wasteland has a new purpose.

Located in a prime spot between Mexico’s industrial capital and the US border, Hofusan has become a haven for Chinese manufacturers looking to sidestep US tariffs and shorten supply chains that have been strained to a breaking point during the pandemic. The 11 plants and warehouses on the 850-hectare (2,100-acre) estate are part of the latest chapter in Chinese capitalism: The country dubbed the world’s factory now also exports white-collar managers to set up and run operations in places such as Vietnam, Thailand, and Mexico.

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U.S. and Mexican Business Leaders’ Input on the Upcoming U.S.-Mexico High-Level Economic Dialogue

Source: US Chamber of Commerce

9/12/2022

U.S. and Mexican officials are set to meet today in Mexico City to hold a second edition of the re-launched U.S.-Mexico High-Level Economic Dialogue (HLED). Created in 2013, the HLED has historically served as a forum through which both governments advance the strategic economic and commercial priorities for both countries. On the agenda for this meeting will be a discussion around strengthening regional supply chains and “exploring the vision for North America over the next 20 years.”

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Mexico annual inflation reaches 8.70% in August

Source: Reuters

9/8/2022

Sept 8 (Reuters) – Mexican annual inflation rose in August to its highest level in nearly 22 years, official data showed Thursday, rising faster than expected and supporting bets the central bank may continue raising the key interest rate to slow upward spiraling prices.

Inflation rose to 8.70% in the year through August from 8.15% in July, statistics agency INEGI said. A Reuters poll of analysts had forecast 8.67% annual inflation.

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Over Caves and Over Budget, Mexico’s Train Project Barrels Toward Disaster

Source: New York Times

8/29/2022

PLAYA DEL CARMEN, Mexico — Twisted tree trunks were plowed into high piles along a slash of freshly cut jungle, like thousands of discarded matchsticks as far as the eye could see. This path of deforestation in southern Mexico was recently cleared to make way for an ambitious government project: the Maya Train railway.

Pitched as a means to reinvigorate the country’s poorest region and one of its least connected, the Maya Train is one of President Andrés Manuel López Obrador’s crown jewels — a project on which he has staked his legacy.

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Vacaciones dignas y derechos de repartidores marcan agenda laboral del Congreso

Fuente: El Economista

29/08/2022

La Cámara de Diputados y el Senado llegarán al próximo periodo ordinario de sesiones con una extensa lista de pendientes relacionados con la ampliación de los derechos laborales, pero son pocos los temas que tienen posibilidad de avance.

De cara al inicio del segundo año de la LXV Legislatura, el Congreso de la Unión tiene una agenda cargada entre pendientes legislativos en materia laboral y nuevos temas que se han sumado a la lista. En el tintero hay muchas reformas, pero el incremento de los días de vacaciones, la regulación de las plataformas digitales, los derechos de los sindicatos minoritarios y la seguridad social para las trabajadoras del hogar se perfilan como temas prioritarios.

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