Target of AMLO’s wrath has reduced investment by US $200 million

The Spanish energy company’s investment in Mexico has dropped sharply in recent years

Date: April 29th, 2022

Source: Mexico News Daily

Spanish energy company Iberdrola’s investment in Mexico fell to just US $16.1 million in the first quarter of 2022, a 93% decline compared to five years ago and a 60% drop in the space of a year.

The company – which President López Obrador holds up as an example of what he calls unscrupulous foreign firms that have “looted” the country – has cut its investment in the first quarter of every year since the president, a staunch energy nationalist, took office.

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Mexico Hands Control of Large Oilfield to Pemex in Dispute With U.S.’s Talos


Source: The Wall Street Journal

Mexico’s government designated state oil company Petróleos Mexicanos as the operator of a large offshore oil reservoir it shares with a consortium led by Houston-based Talos Energy Inc., which has already invested heavily in the reservoir.

The designation gives Pemex management control of the joint development and comes as nationalist President Andrés Manuel López Obrador steps up efforts to revert key parts of an overhaul in 2014 that opened oil exploration and production to foreign investment.


Mexican president says government not seeking to control Zama oilfield


10/03/19 – Reuters

By David Alire Garcia

Mexican President Andres Manuel Lopez Obrador said on Thursday that his government is not seeking to take control of the Zama oilfield discovery, which is currently operated by a private consortium led by U.S.-based Talos Energy.

Reuters reported earlier this week that Mexico’s national oil company, Pemex, wants to take control of Zama from Talos, which made the discovery on the edge of its block, adjacent to an area belonging to Pemex and where the find likely extends.

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Despite Weak Growth, AMLO’s Mexico Still ‘Extremely Interesting’ For Wall Street


10/03/19 – Forbes

By Kenneth Rapoza

Wealthy Mexicans might not like him. They’re putting money in the U.S. out of fear they’ll over tax them, or ruin their economy. But U.S. fund managers seem fine with Andres Manuel Lopez Obrador, aka AMLO. His politics might make them a little nervous, but Mexico’s central government keeps the stress levels to a minimum.

“Get me out of here? I do hear that. But Mexico is extremely interesting to us,” says Pedro Zevallos, a co-fund manager for Dalton Investments, 20 year old boutique private wealth management firm with $3.4 billion under management.

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Exclusive: Mexico’s Pemex seeks control of U.S. oil firm’s billion-barrel find

energy - oil pumps

09/30/19 – Reuters

By David Alire Garcia

When U.S. oil firm Talos Energy found nearly a billion barrels off Mexico’s southern Gulf coast two years ago, it marked the first discovery by a foreign firm since the oil industry was nationalized eight decades earlier.

Now Mexico’s state-run oil firm Pemex wants to take over the lucrative project, according to two former Mexican energy officials and two company executives with knowledge of internal Pemex discussions.

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Lopez Obrador says will shop abroad if necessary to fix medicine shortages

5/27/2019 – Reuters

By Diego Oré

07-05-2019-FOTO-PORTADA--770x433Mexican President Andres Manuel Lopez Obrador vowed on Monday to alleviate a medicine shortage in public hospitals, pledging to shop abroad for essential drugs if necessary and blaming the situation on companies upset about his crackdown on overpricing.

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Ikea plans to open first Mexico store in 2020

5/22/2019 – Reuters

ikeaBy Daina Beth Solomon

IKEA, the world’s largest furniture seller, will open its first store in Mexico next year and plans to launch other stores around the country, the company said on Wednesday, as it expands in Latin America to counter growing competition in its core U.S. and European markets.

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Goldman plans expansion in Mexico with stock brokerage

4/26/2019 – Bloomberg

blue and yellow graph on stock market monitor
Photo by on

By Sridhar Natarajan and Michelle Davis

Goldman Sachs Group Inc. is planning to open a stock-trading brokerage in Mexico as it boosts its presence in Latin America’s second-largest economy.

The move will allow the firm to buy and sell stocks locally on behalf of clients, according to people with knowledge of the matter. The new business line, still months away from being up and running, would give Goldman a bigger role in a market where some of its larger U.S. banking rivals already offer full-service stock brokerages A Goldman spokesman declined to comment on the plan.

Goldman already had a license to carry out fixed-income trades in Mexico, a business it’s been operating for the past few years, and plans to expand the platform into equities. A fully functional stock brokerage in Mexico could also bolster Goldman’s effort to handle more initial public offerings, with the ability to provide liquidity following the IPOs.

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AMLO’s Mexico: no need to be terrified

4/24/2019 – Forbes

03-04-2019-FOTO-04-CONFERENCIA-DE-PRENSA-MATUTINA-1024x683By Kenneth Rapoza

“I’m terrified,” said one Mexican fund manager dealing with high net worth individuals in Mexico. He was talking about Andres Manuel Lopez Obrador, better known as AMLO. He’s been president for all of four months, but according to one money manager who did not want to be quoted on the record on this issue, he “has never seen” so many rich Mexicans taking money out of the country and parking it in the U.S.

Since he took over in December, AMLO has canceled a new and much-needed Mexico City airport on account of concerns that the contracts were crony capitalism and those days are over. Lenders to the developers panicked. Some members of his party, the National Regeneration Movement, said AMLO would tax or ban certain bank fees. During his campaign he said he would review the previous president’s policy to open offshore oil drilling to foreigners, a business once solely in the hands of Pemex, an oil company barely firing on all four cylinders. As everyone knows, the market hated all of these things.

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Mexican Voters Love Their President, But Investors Are Wary

3/7/2019 – Bloomberg


By Nacha Cattan

Mexican President Andrés Manuel López Obrador, or AMLO as he’s known, is doing spectacularly well with voters 100 days into his term. The latest survey pegs his approval rating at 78 percent, a record for the first trimester of a presidential term since polling began in the 1980s.

But just as his popularity is soaring, market sentiment is souring, widening a divide between investors and the president’s base. The clearest sign of this is a substantial markdown in growth forecasts by Wall Street analysts. In a poll of institutional investors commissioned by Credit Suisse Group AG in February, three-quarters said the current economic situation was worse or much worse than a year ago.

In contrast, the majority of Mexicans see a president who’s delivering on his campaign pledges to fight crime, raise living standards, and reduce inequality. Since taking office on Dec. 1, his administration has launched welfare programs for the elderly and disadvantaged youth, abolished cushy retirement pensions for former presidents, and cracked down on gangs of gasoline thieves whose appetite for destruction rivals those of Mexico’s infamous drug cartels. The social-media-adept president touts his government’s achievements in daily press conferences watched by hundreds of thousands on YouTube.

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