Mexico Moves to Seize American Assets


Source: Wall Street Journal

Under cover of darkness, according to a person familiar with the matter, Mexican National Guard troops sealed the front gates of the Monterra Energy fuel terminal in Tuxpan, Veracruz, last month. The facility was closed by order of Mexico’s energy regulator.

Monterra Energy is owned by the American global investment firm KKR. Its Tuxpan terminal stores gasoline imported from refineries on the U.S. Gulf Coast. The fuel is destined for service stations in Mexico, which are owned and operated by a variety of companies.


Ford to suspend production for two days at Mexico plant on material shortage


Source: Reuters

U.S. automaker Ford will temporarily suspend production from Oct. 11-12 at its Hermosillo plant in Mexico because of a shortage of material, the plant’s labor union said on Thursday.

Workers will be paid 75% of salaries on those days, the union added in a statement.

Ford produces its Bronco Sport SUV at the Hermosillo plant in Sonora. It did not specify which materials were in short supply.



Mexico fines tampon, diaper makers for price fixing


Source: AP News

A regulatory commission in Mexico fined three manufacturers of tampons and diapers just over $15 million Monday for allegedly conspiring to fix prices for the products.

Mexico’s Commission on Economic Competition said the price-fixing probably cost consumers about $73 million in artificially inflated prices.


Aeromexico shares rise more than 3% following restructuring plan submission


Source: Reuters

Shares in Mexican carrier Grupo Aeromexico rose by more than 3% in early trading on Monday after the company said it had presented a restructuring plan to debtors as part of its Chapter 11 bankruptcy process in the United States.

Shares of Aeromexico, which in June last year filed for court protection while it reaches an agreement with its creditors, were up 3.24% to 5.73 pesos, on track to post their fourth straight day of gains.


Mexico to reserve future lithium production for government


Source: AP News

Mexico said Friday it wants to declare lithium a “strategic mineral” and reserve any future exploration and mining for the government.

The move is likely to leave Mexico’s only privately exploited mine, expected to start production in 2023, in the hands of a Chinese lithium company.

The changes are contained in a bill that President Andrés Manuel López Obrador has sent to congress. The bill also changes the Constitution to strengthen government control over electricity production and distribution.


Canadian Pacific clinches $27-bln Kansas City Southern deal as rival bows out


Source: Reuters

Sept 15 (Reuters) – Canadian Pacific Railway Ltd (CP.TO) inked a $27.2 billion cash-and-stock deal to buy Kansas City Southern (KSU.N) on Wednesday after Canadian National Railway Co (CNR.TO) conceded it could not save its own $29.6-billion deal for the U.S. railway.

The combination will create the first direct railway linking Canada, the United States and Mexico, with a network spanning 20,000 miles and approximately $8.7 billion of annual revenue. It marks the end of a high-stakes bidding war.


Photos of a new, sprawling Amazon warehouse in Mexico surrounded by deteriorating shacks have gone viral as the tech giant continues to expand its footprint internationally


Source: Business Insider

A sprawling new Amazon fulfillment center in Tijuana, Mexico, is surrounded by deteriorating housing.

The photographer Omar Martinez captured images of the warehouse, which show a stark contrast between Amazon’s crisp, white facility and the crumbling shacks around it. They were shared widely and discussed on Reddit and Twitter.


Citrus exports soar 28% in first seven months of the year


Source: Mexico News Daily

The export of citrus fruits shot up 28.3% in the first seven months of the year in annual terms.

The value of those exports was US $912.3 million, compared to US $711 million over the same period in 2020.

Mexico is the world’s second largest exporter of lemon, with 17.7% of the value of world sales, and the fourth largest exporter of grapefruit. However, the agricultural sector commits the largest growing area of any citrus fruit to oranges.


Mexico Is Refinancing Pemex Debt After Getting IMF Reserves


Source: Bloomberg

Mexico has begun a process of refinancing state-owned Petroleos Mexicanos’s debt, after the nation received a transfer of about $12 billion from the International Monetary Fund. 

President Andres Manuel Lopez Obrador said Monday that refinancing had begun, and restated that he wants to use newly issued IMF reserves to pay debt, but that he couldn’t provide further details. His spokesman Jesus Ramirez confirmed to Bloomberg News that Pemex’s debt is being refinanced.


BMW launches new sports car line in Mexico after plant expansion


Source: Reuters

German automaker BMW kicked off a new production line on Thursday for its Series 2 Coupe compact sports car at the company’s two-year-old factory in central Mexico, doubling down on its Mexican operations in a push to accelerate global sales.

Exports of the new models to North America are expected to begin by the end of this year, with European sales set to start in early 2022, the company said in a statement.