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☆ At Least 126 Activists Killed in Latin America in 2023 -Report
▼ + stars: | 2024-03-05 | by ( March | At P.M. | ) www.usnews.com time to read: +1 min

MEXICO CITY (Reuters) - At least 126 human rights and environmental defenders were murdered in Latin America in 2023, according to data from the Inter-American Court of Human Rights (IACHR) published on Tuesday, matching the previous year's figure. The IACHR, an autonomous organ of the Washington-based Organization of American States, expressed alarm over "high rates of violence" against human rights defenders in the region, where 54 assassinations were reported just in the year's final three months. Colombia was the deadliest country for environmental and human rights activists, with murders rising to 34 last year from 26 in 2022. Brazil was second with 10 murders, followed by Mexico with four, and Guatemala, Honduras and Peru with three, two and one assassination respectively. The IACHR congratulated Mexico's budget increase aimed at bolstering a government program for the protection of human rights defenders and journalists, while expressing concern over the killings of four human rights defenders.

Persons: IACHR, Aida Pelaez, Fernandez, Sandra Maler Organizations: MEXICO CITY, Inter, American, of Human Rights Locations: MEXICO, America, Washington, Colombia, Brazil, Mexico, Guatemala, Honduras, Peru

☆ Mexico Activists Protest Return of Bullfights to Capital
▼ + stars: | 2024-01-28 | by ( Jan. | At P.M. | ) www.usnews.com time to read: 1 min

MEXICO CITY (Reuters) - Animal rights defenders in Mexico City on Sunday marched to protest the return of the centuries-old spectacle of bullfighting to the capital after almost two years. "Torture is not art, it is not culture," demonstrators shouted near the Plaza Mexico bullring. Mexico's capital held its first bullfight in almost two years on Sunday, after the Supreme Court paved the way for the spectacle's return in December. Bullfights have been held in Mexico since the 16th century. While a ruling suspended bullfighting in 2022 as a precautionary measure amid a longer-running case, the Supreme Court struck that decision down.

Persons: Bullfights, Toya Sarno Jordan, Aida Pelaez, Fernandez, Oliver Griffin, Stephen Coates Organizations: MEXICO CITY, Mexico Locations: MEXICO, Mexico City, Mexico

☆ Argentine oil company YPF swings to loss amid dampened fuel prices
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] The headquarters of Argentina's state energy company YPF is seen in Buenos Aires, Argentina February 10, 2021. REUTERS/Matias Baglietto Acquire Licensing RightsCompanies Ypf Sa FollowNov 8 (Reuters) - Argentine national oil company YPF swung to a loss in the third quarter, hurt by lower local fuel prices and higher operating costs, the company said on Wednesday,The result was significantly behind analyst expectations. The state-run producer's revenue fell about 16% to $4.5 billion during the July-to-September period, due in part to a drop in local fuel prices in dollars, YPF said in a statement. In August, Argentina froze fuel prices in a bid to tame surging triple-digit inflation. YPF said total oil and gas production increased 3% in the third quarter, with crude output up 5.4%.

Persons: Matias Baglietto, YPF, Isabel Woodford, Aida Pelaez, Fernandez, Valentine Hilaire, Leslie Adler Organizations: REUTERS, Thomson Locations: Buenos Aires, Argentina, Argentine, Vaca, U.S

☆ Walmex Q3 net profit jumps more than 12%, pushed by higher sales
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

The logo of Walmart is pictured outside a store in Mexico City, Mexico July 27, 2023. Walmart de Mexico, or Walmex, the biggest retailer in Mexico, posted net profit of 13.63 billion pesos ($782 million). Quarterly revenue at the chain rose 7.7% from the year-earlier period to reach 213.07 billion pesos, missing slightly the LSEG estimate of 213.34 billion pesos. Sales increased 9.5% in Mexico and 9% in Central America, with the retailer adding 24 new stores in Mexico and three in Central America, which contributed 1.6% to total revenues. Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter rose 8.5% to 23 billion pesos.

Persons: Henry Romero, Walmex, Guilherme Loureiro, Loureiro, Cofece, Valentine Hilaire, Aida Pelaez Fernandez, Brendan O'Boyle, Tom Hogue, Cynthia Osterman Organizations: Walmart, REUTERS, MEXICO CITY, Central America, Thomson Locations: Mexico City, Mexico, MEXICO, Mexican, Central America

☆ Mexico Energy Secretary Steps Down, to Seek Veracruz Governorship
▼ + stars: | 2023-10-13 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

MEXICO CITY (Reuters) -Mexico Energy Secretary Rocio Nahle has presented her resignation and will step down immediately, Mexican President Andres Manuel Lopez Obrador said on Friday, as she prepares to enter the race for governor of Veracruz state. The refinery aims to help Mexico become energy self-sufficient but has not yet begun to market its products. The list also includes Eric Cisneros and Zenyazen Escobar, who resigned from their posts as Veracruz government secretary and education secretary, respectively. The current state governor is MORENA's Cuitlahuac Garcia. Nahle sent a message on social messaging platform X thanking Lopez Obrador.

Persons: Rocio Nahle, Andres Manuel Lopez Obrador, Lopez Obrador, Nahle, Miguel Angel Yunes, MORENA, Sergio Gutierrez Luna, Claudia Tello, Manuel Huerta, Eric Cisneros, Zenyazen Escobar, MORENA's Cuitlahuac Garcia, Diego Ore, Aida Pelaez, Fernandez, Sarah Morland, Lincoln Organizations: MEXICO CITY, Mexico Energy, Dos Bocas, PAN Locations: MEXICO, Mexico, Mexican, Veracruz, of Mexico, Dos, Tabasco

☆ Americas rights court condemns violence against Haiti journalists
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

Oct 3 (Reuters) - The Inter-American Commission on Human Rights (IACHR) on Tuesday condemned an escalation of violence against journalists in Haiti, saying media workers are among those who have been killed, kidnapped and lost their homes as gang violence has surged. The IACHR said around a dozen journalists fled their homes recently as violence escalated in Port-au-Prince's Carrefour-Feuilles neighborhood. The commission cited the kidnappings of at least seven journalists as well as armed attacks at reporters' homes and work places. The response to Haiti's request for assistance was delayed due to difficulties to find a country willing to lead a security assistance mission, until Kenya stepped forward in July with a pledge of 1,000 police. Reporting by Aida Pelaez-Fernandez; Editing by Sarah Morland and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Aida Pelaez, Fernandez, Sarah Morland, David Gregorio Our Organizations: Inter, American, Human Rights, Carrefour, United Nations, Security, Thomson Locations: Haiti, Port, Feuilles, Caribbean, Kenya

☆ Argentina's economy shrinks for first time in nearly three years
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: 1 min

BUENOS AIRES, Sept 19 (Reuters) - Argentina's economy shrank 4.9% in the second-quarter of 2023 versus the year-ago period, the country's statistics agency said on Tuesday, slightly missing analysts' forecast of a 4.8% contraction and posting the first break in growth for years. Tuesday's result marks the first time the country's growth was in the red since 2020. The agricultural sector registered the highest drop, with a 40.2% decrease compared to the same period the previous year. The country is battling to salvage a $44 billion deal with the International Monetary Fund (IMF) amid a steady depreciation of the peso, negative central bank reserves and a flagging economy due to the impact of drought on the farming sector. Reporting by Hernan Nessi; Writing by Carolina Pulice; Editing by Aida Pelaez-Fernandez and Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.

Persons: Hernan Nessi, Carolina Pulice, Aida Pelaez, Fernandez, Isabel Woodford Organizations: International Monetary Fund, Thomson Locations: BUENOS AIRES

Workers install connected buoys, a measure by Texas authorities in an attempt to deter migrants from crossing the border, in the Rio Grande in Eagle Pass, Texas, U.S. July 24, 2023. The Biden administration argued in a legal challenge that the 1,000-foot (305-meter) barrier illegally disrupts navigation and was installed without permission from the U.S. Army Corps of Engineers. The floating barrier is one of multiple strategies Abbott has launched to deter migrants, including coils of razor wire placed along the riverbank. "Unfortunately for Texas, permission is exactly what federal law requires before installing obstructions in the nation's navigable waters." The Texas Department of Public Safety said the victim appeared to have drifted into the barrier after drowning.

Persons: Go Nakamura, Joe Biden, David Ezra, Biden, Greg Abbott, Abbott, Governor Abbott, Ezra, Biden's, Ezra's, Vanita Gupta, Weeks, Ronald Reagan, Ted Hesson, Aida Pelaez, Fernandez, Bill Berkrot, Stephen Coates Organizations: REUTERS, Go, Rights, U.S . Army Corps of Engineers, Texas, Republican, Democrat, Operation Lone Star, Circuit, Appeals, U.S . Justice, Texas Department of Public Safety, Thomson Locations: Texas, Rio, Eagle Pass , Texas, U.S, Mexico, Austin, Eagle, Washington

☆ Mexican Senator Xochitl Galvez hailed as opposition candidate for 2024 election
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +2 min

[1/5] Mexican Senator Xochitl Galvez speaks at a rally to be announced as the opposition Broad Front for Mexico 2024 presidential candidate, in Mexico City, Mexico September 3, 2023. REUTERS/Henry Romero Acquire Licensing RightsMEXICO CITY, Sept 3 (Reuters) - Thousands of supporters celebrated the nomination of Mexican Senator Xochitl Galvez on Sunday as the 2024 presidential candidate of an opposition alliance set to take on the country's ruling party. Galvez, a spirited communicator who has energized the opposition, is seen as the main candidate to take on President Andres Manuel Lopez Obrador's National Regeneration Movement (MORENA), which is due to announce its own candidate on Sept. 6. Supporters could be heard chanting "we are going to win" as they waved flags and banners supporting Galvez's nomination and the alliance. Representatives of the coalition, the center-right PAN, the leftist PRD and the once-powerful PRI party - which supported Galvez at the expense of its own challenger, Beatriz Paredes - had called for Galvez's nomination earlier in the week.

Persons: Xochitl Galvez, Henry Romero, Galvez, Andres Manuel Lopez, Lopez Obrador, Hector Chavez, Beatriz Paredes, Aida Pelaez, Fernandez, Cassandra Garrison, Alberto Fajardo, Liamar Ramos, Deepa Babington, Diane Craft Organizations: REUTERS, Regeneration, Frente Amplio, PAN, PRD, PRI, Thomson Locations: Mexico, Mexico City, MEXICO

☆ Mexican peso hits 7-1/2 year high vs dollar, further gains eyed
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

The currency, which has been dubbed the "super peso" in some quarters, including by its most prominent cheerleader, President Andres Manuel Lopez Obrador, strengthened by more than 1.3% in morning trading to 16.63 per dollar. "What's happening with the peso right now is due to weakness in the dollar, but also because of optimism surrounding the Mexican peso," said Banco Base analyst Gabriela Siller. "And with this international investors keep buying Mexican pesos and it may keep appreciating," she added. Data pointing to softening U.S. inflation on the one hand and better-than-expected growth data on the other has helped weaken the dollar and boost the peso, which could continue firming to 16.40 to the dollar, Siller said. Reporting by Anthony Esposito and Aida Pelaez-Fernandez, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Andres Manuel Lopez Obrador, Gabriela Siller, Siller, Anthony Esposito, Aida Pelaez, Fernandez, Deepa Babington Organizations: MEXICO CITY, greenback, Federal Reserve, Banco Base, JPMorgan, Thomson Locations: MEXICO, America, United States

Bimbo cut its annual sales forecast to low-to-mid single-digit growth, Chief Financial Officer Diego Gaxiola said in a call with analysts, down from a previous projection of mid-to-high single-digit growth. "Compared to our initial sales guidance, we have an impact of more than six percentage points" due to the strength of the peso, Gaxiola said. Earlier on Tuesday the firm, which sells buns, cakes, cookies, bagels and tortillas across 34 countries, reported that revenues increased 4% to a second-quarter record of 100.37 billion pesos ($5.86 billion) following price hikes, which were also offset by the peso's strength. The strong peso also partially contributed to a nearly 30% drop in quarterly net profit, falling to 4.30 billion pesos, Bimbo said. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter rose 7.8% to 14.00 billion pesos.

Persons: Bimbo, Diego Gaxiola, Gaxiola, Kylie Madry, Aida Pelaez, Fernandez, Brendan O'Boyle, Sonali Paul Organizations: MEXICO CITY, U.S, Thomson Locations: Canada, MEXICO, U.S, Mexico

☆ Argentina economic activity slumps 4.2% in April as drought hit farming
▼ + stars: | 2023-06-30 | by ( Hernan Nessi | ) www.reuters.com time to read: +1 min

3 for corn and an important wheat supplier, but the most recent harvest was pummeled by one of the country's worst droughts in history. Government data showed that agriculture and fishing had the worst results for the month, with the former the main driver of the overall activity decline. The 'EMAE' activity index is a useful early indicator of likely economic growth. "These two sectors contributed four percentage points to the year-on-year drop in the EMAE," INDEC said. Argentina is battling inflation of over 100% and a weak peso currency, with around four-in-10 people living in poverty.

Persons: INDEC, Hernan Nessi, Carolina Pulice, Aida Pelaez, Fernandez Organizations: International Monetary Fund, Reuters, Thomson Locations: BUENOS AIRES, Argentina

☆ Mexican officials find 129 migrants in truck amid heat wave
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +2 min

Instituto Nacional de... Read moreMEXICO CITY, June 17 (Reuters) - Mexican authorities found 129 migrants, mostly from Guatemala, crowded into a truck trailer in the eastern state of Veracruz, the National Migration Institute (INM) said in a statement on Saturday. The migrants were crammed into a trailer in the midst of a heat wave in Mexico, where higher-than-normal temperatures have topped 45C (113F) in several states, including Veracruz, where the operation took place. Immigration agents in late May had uncovered another 175 migrants further south, mainly from Central America, in Chiapas state. Migrants fleeing violence and poverty in Latin America frequently pay smugglers in an attempt to pass through Mexico bound for the U.S. Among the travelers found on Friday were adults from Guatemala, Honduras, India and El Salvador, and 19 unaccompanied minors, the migration institute said.

Persons: Francisco Garduño, Lucinda Elliott, Aida Pelaez, Fernandez, Franklin Paul Organizations: Mexico's National Institute of Migration, INM, Instituto Nacional de, Read, MEXICO CITY, National Migration Institute, U.S, Franklin Paul Our, Thomson Locations: Guatemala, Honduras, El Salvador, India, MEXICO, Veracruz, Mexico, Central America, Chiapas, America

☆ Argentina annual inflation hits 114% but monthly rate slows unexpectedly
▼ + stars: | 2023-06-14 | by ( Jorge Otaola | ) www.reuters.com time to read: +2 min

BUENOS AIRES, June 14 (Reuters) - Argentina's annual inflation rate topped 114% in May, but in a silver lining for the embattled South American country the monthly rise came in well below analyst forecasts and posted a surprise slowdown versus a peak the month before. Reuters Graphics Reuters GraphicsAnnual inflation, at its highest level since 1991, was also below a Reuters analyst poll of a 116.1% increase. It remains one of the fastest inflation rates in the world and is far above neighboring countries. Argentina has long battled high inflation, currency weakness and indebtedness, but high global prices linked to the war in Ukraine and a historic drought have hindered the government's ability to rein in prices and stabilize the economy. A central bank source told Reuters on Wednesday that a slower-than-expected inflation reading should mean the entity can avoid a new rate hike at its weekly meeting on Thursday.

Persons: Jorge Otaola, Carolina Pulice, Aida Pelaez, Fernandez, Lisa Shumaker Organizations: Reuters Graphics, Reuters Graphics Reuters, Reuters, Thomson Locations: BUENOS AIRES, Argentina, Ukraine, Brazil, Mexico, Chile

☆ Mexico makes lots of electric cars, but few Mexicans drive them
▼ + stars: | 2023-03-21 | by ( Aida Pelaez-Fernandez | ) www.reuters.com time to read: +5 min

General Motors Co, Ford Motor Co, BMW and Volkswagen's Audi unit also are producing EVs in Mexico, or plan to. "There are still a number of issues that need resolving in Mexico before there's a massive influx of electric cars," said Mario Hernandez, KPMG's lead manufacturing partner in Mexico. Hernandez said drawbacks included a lack of subsidies for buyers, high costs for installing charging devices at homes and a shortage of public charging stations, vital for longer journeys. Mexico has about 1,100 charging stations nationwide, mostly in the capital and other major cities, according to AMIA. Pedro Corral, director of operations for EV charging stations platform Evergo, drives his all-electric i3 BMW around Mexico City.

☆ Factbox: Hold or hike? Latin American central banks' wield rates to battle rising prices
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +3 min

As countries begin to diverge in strategies, here are the latest rate decisions from Latin America's top economies:BIGGEST MARKETS* Brazil's central bank decided at a February meeting to keep its Selic benchmark interest rate at 13.75%. The central bank aims to bring inflation down to 3%, plus or minus one percentage. SOUTH AMERICA* Argentina is battling one of the highest inflation rates in the world, with annual price rises nearing 100%. As locals struggle to keep up with daily price increases, the central bank since September has maintained its benchmark rate at 75%. * Peru's central bank maintained its benchmark interest rate at 7.75% in February, unchanged from a 25-bps hike a month earlier.

☆ Mexico to maintain its diplomats despite Peru pulling its ambassador
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] Mexico's President Andres Manuel Lopez Obrador speaks during a news conference at the Old City Hall (Antiguo Palacio del Ayuntamiento), in Mexico City, Mexico January 20, 2023. REUTERS/Henry Romero/MEXICO CITY, Feb 25 (Reuters) - Mexico's foreign ministry said on Saturday the country will maintain its diplomatic and consular representation in Peru and vowed to keep communication channels open, while regretting Peru's decision to remove its ambassador from Mexico. Peru's newly installed President Dina Boluarte announced on Friday the withdrawal of the country's ambassador in Mexico, Manuel Gerardo Talavera, in response to comments from her Mexican counterpart branding her government as unconstitutional. In addition, the conservatives of Peru, which are a minority, violated the constitution," Lopez Obrador said. In a television address, Boluarte said the statements made on Friday by Lopez Obrador "violate the principle of international law about non-interference in internal affairs."

☆ Mexican airline Volaris hopeful Mexico recovers Category 1 safety rating in next six months
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Feb 22 (Reuters) - Mexican low-cost carrier Volaris is "optimistic" the country will recover the coveted Category 1 safety rating, which allows airlines to open new routes to the United States, in the next six months, the airline's chief executive said on Wednesday. Mexico was downgraded in May 2021 by the U.S. Federal Aviation Administration, which argued that the country fell short of regulation airlines in accordance with international safety standards. Since then, the FAA has made a number of visits to Mexico, even establishing an office in the country in December. Mexico has proposed reforming its aviation laws, although the most significant proposals remain stuck in Congress. One such proposal would allow "cabotage," a rare practice allowing foreign carriers to open domestic routes in the country.

☆ Mexico's America Movil projects $8 bln to $8.2 bln investment in 2023
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Feb 15 (Reuters) - Mexican telecommunications firm America Movil expects to invest between $8 billion and $8.2 billion in 2023, which includes radio-frequency concessions, fiber-optic network expansions and digitalization, a company executive said Wednesday. The estimate is in line with the company's plan to invest $24 billion over three years, Chief Financial Officer Carlos Garcia said in a call with analysts. The firm, controlled by the family of billionaire Carlos Slim, saw its fourth-quarter profit slide by 90%, it reported Tuesday. America Movil expects to enact price hikes in 2023, though it is still evaluating which countries will see the increases, executives said Wednesday on the call. Reporting by Kylie Madry, Aida Pelaez-Fernandez and Cassandra Garrison Editing by Caitlin WebberOur Standards: The Thomson Reuters Trust Principles.

☆ At least 8 dead in southern Peru landslide, more missing
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - A landslide triggered by strong rains in Peru killed at least eight people in the country's southern Arequipa region, national emergency services said on Monday. Officials said another five people are missing after the landslide struck near the town of Secocha, located in Camana province, following last week's heavy rainfall in the area. [1/2] An aerial view shows an area affected by a landslide caused by a heavy rains, in Arequipa, Peru February 6, 2023. REUTERS/Oswaldo Charcas 1 2Peru's national emergency center COEN said search and rescue efforts are ongoing. The deadly landslide follows nearly two months of anti-government protests in the South American country, largely centered in Peru's Andean south, after the Dec. 7 removal of former President Pedro Castillo.

☆ Organization of American States backs Peru's president as protests mount
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

[1/2] Secretary-General of the Organization of American States (OAS) Luis Almagro heads a session at the OAS 52nd General Assembly, in Lima, Peru October 7, 2022. REUTERS/Angela Ponce/File PhotoJan 25 (Reuters) - The Organization of American States' permanent council expressed its "full support" for Peruvian President Dina Boluarte on Wednesday, following weeks of anti-government protests that have left dozens dead. Attending virtually, Boluarte told the council meeting in Washington that she had asked Peru's Congress to approve early elections "as soon as possible". The Congress is set to hold a second and final vote to ratify early elections, moving them from 2026 to April 2024. However, there is mounting pressure to move the elections forward even earlier, as the death toll from weeks of social unrest ticks up.

☆ Bolivia judge rules opposition governor must remain detained ahead of trial
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Manuel ClaureLA PAZ, Jan 19 (Reuters) - A Bolivian judge ruled Thursday that Santa Cruz Governor Luis Camacho, a leader long in opposition to the left-leaning federal government, must remain detained while he awaits trial. Since then, weeks of protests and blockades in Camacho's Santa Cruz region, an agricultural hub, have impacted trade with the rest of the country, putting pressure on political capital La Paz. Camacho's lawyer had appealed his four-month detention ahead of his expected trial, arguing that he was not a flight risk and should be placed under house arrest. But judge Rosmery Lourdes Pabon on Thursday ruled that he should remain imprisoned. Morales' successor, the conservative former Senate Vice President Jeanine Anez, was sentenced to 10 years in prison in June for orchestrating a coup.

☆ Indigenous fashion designers, artisans challenge plagiarism on Mexico City runway
▼ + stars: | 2022-11-23 | by ( Aida Pelaez-Fernandez | ) www.reuters.com time to read: +3 min

MEXICO CITY, Nov 23 (Reuters) - Wrapped in colorful haute couture, artisans and indigenous designers took a Mexico City fashion event by storm, all while trying to carve out a sustainable future in an industry threatened by plagiarism, instability and lack of funds. World-renowned brands such as Ralph Lauren and Chinese fast-fashion company Shein have in recent months faced accusations of plagiarizing indigenous Mexican designs, threatening the country's ancient textile tradition. [1/10] Artisan Juana Bravo Lazaro from the Urupan indigenous community, attends the Original Mexican Textile Art meeting, in Mexico City, Mexico November 20, 2022. Plagiarism of ancient indigenous designs has drawn ire from Mexican President Andres Manuel Lopez Obrador. "They plagiarize designs from artisans and indigenous people from Hidalgo, Chiapas, Guerrero," he told a news conference last week.

☆ Colombia's Grupo Aval posts 23.2% decrease in Q3 net profit
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Colombian financial conglomerate Grupo Aval (GAA.CN) reported third quarter net profit down 23.2% from a year earlier on Wednesday, landing at 929.8 billion pesos ($193.4 million), citing a higher effective tax rate and increased costs. The conglomerate's portfolio includes Colombian banks Banco de Bogota (BBO.CN), Banco Popular (BPO.CN), Banco AV Villas (VLL.CN) and Banco de Occidente (BOC.CN). The central bank of Latin America's fourth-largest economy has raised its benchmark interest rate to 11% - its highest level in 21 years - in continued efforts to respond to rising inflation. Grupo Aval, controlled by business magnate Luis Carlos Sarmiento, said its consolidated portfolio grew 16.5% during the quarter compared to 3Q21. (1 dollar = 4,806.07 Colombian pesos at end-September)Reporting by Aida Pelaez Fernandez and Carolina Pulice, Writing by Kylie Madry; Editing by Brendan O'BoyleOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico's Banorte reports 30% surge in Q3 net profit
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: 1 min

MEXICO CITY, Oct 20 (Reuters) - Mexico's Grupo Financiero Banorte (GFNORTEO.MX) reported on Thursday that its third-quarter net profit surged 30% to 11.54 billion pesos ($573.56 million) from the year-ago period. Revenue for the group, which owns one of the country's largest banks and pension funds, totaled 29.91 billion pesos in the third quarter, up 24% from a year earlier. ($1 = 20.1271 pesos by end-September)Register now for FREE unlimited access to Reuters.com RegisterReporting by Carolina Pulice and Aida Pelaez-Fernandez; Editing by Christian PlumbOur Standards: The Thomson Reuters Trust Principles.

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