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☆ At Least 19 Dead in Mexico Highway Crash Involving Passenger Bus -Local Media
▼ + stars: | 2024-01-30 | by ( Jan. | At A.M. | ) www.usnews.com time to read: 1 min

MEXICO CITY (Reuters) - A fiery highway collision between a truck and a bus filled with passengers in Mexico's northwestern Sinaloa state early on Tuesday killed at least 19 people, according to local news outlet N+. Local authorities have yet to announce a death toll, or how many others were injured in the accident, which took place along a coastal highway that connects the beach front cities of Mazatlan and Los Mochis. Circulation on the highway was closed due to the accident, according to the N+ report. Images of the aftermath of the accident in the early morning hours of Tuesday showed the charred vehicles still burning, with flames and smoke billowing out, as emergency personnel arrived on the scene. (Reporting by Noe Torres; Editing by Cassandra Garrison)

Persons: Noe Torres, Cassandra Garrison Organizations: MEXICO CITY Locations: MEXICO, Sinaloa, Mazatlan, Los

☆ Mexico's real estate trust Fibra Next eyes $865 mln IPO to cash in on nearshoring
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

Fibra Next, spun off by parent trust Fibra Uno (FUNO11.MX), plans to issue some 277.8 million Real Estate Trust Stock Certificates (CBFIs) in the offering, scheduled for November 28, according to the document dated Tuesday. Fibra Nearshoring Experts and Technology, as Fibra Next is officially known, had reportedly initially been targeting a valuation of $1.5 billion according to media reports last month, pricing it as the largest local IPO since 2018. The funds raised will be used for the acquisition and development of properties, Fibra Next stated in a separate presentation to investors. Fibra Next is tapping in on the real estate buzz from nearshoring - the trend of locating manufacturing capacity in Mexico, closer to the U.S. market, rather than in Asia - to boost profits and economic growth. Another real estate trust, Vesta (VESTA.MX), debuted on New York Stock Exchange earlier this year with a $400 million initial public offering.

Persons: Fibra Uno, Fibra, Noe Torres, Adriana Barrera, Isabel Woodford, Michael Perry Organizations: MEXICO CITY, Technology, Fibro Uno, New York Stock Exchange, Thomson Locations: MEXICO, Mexican, Mexico, U.S, Asia

☆ Mexican businesses warmed by glow of 'nearshoring' dawn
▼ + stars: | 2023-11-06 | by ( Noe Torres | ) www.reuters.com time to read: +4 min

MEXICO CITY, Nov 6 (Reuters) - Mexican businesses, particularly those linked to real estate and construction, are counting on investment from so-called "nearshoring" to boost profits and economic growth, especially in industrial zones near the U.S. border. "Many companies are already talking about this - about nearshoring and the economic benefits," said Gerardo Copca, an analyst at consultancy MetAnalisis. One notable project - electric vehicle maker Tesla's plans for a reported $5 billion factory in northern Mexico - has been credited with attracting $1 billion in Chinese investments to nearby industries. Mexican real estate investment trust Fibra Uno (FUNO11.MX) plans to launch a trust allowing investors to cash in on expected growth of industrial assets. Total Mexican construction output jumped almost by 46% in August year-on-year, with northern states performing strongly.

Persons: Gerardo Copca, Nearshoring, Fibra Uno, Andre El, Mann, AMPIP, Lorenzo Berho, El, Berho, Enrique Navarro, Andres Manuel Lopez Obrador's, Noe Torres, Dave Graham, David Alire Garcia, Christian Plumb, Josie Kao Organizations: MEXICO CITY, Fibra, Banco Regional, U.S, UBS, Cement, GCC, Thomson Locations: MEXICO, U.S, Mexico, Asia, Mexican, Queretaro, Guanajuato, Jalisco, United States, Canada, China, Swiss, Chihuahua, Texas

☆ Mexico President Taps New Energy Chief as His Term Enters Final Year
▼ + stars: | 2023-10-16 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

MEXICO CITY (Reuters) - Mexican President Andres Manuel Lopez Obrador announced he has picked Miguel Angel Maciel to be his next energy minister, less than a year before the end of his six-year government, he wrote in a Monday post on social media. Maciel will replace Rocio Nahle, who served as energy chief and chair of the board of state-owned oil company Pemex since the beginning of Lopez Obrador's term in late 2018. Maciel has previously served as deputy energy minister, and Lopez Obrador stressed in his post on X that the petroleum engineer by training is trusted "due to his honesty and proven convictions in favor of national sovereignty." Nahle formally left her job as minister before the president's most important energy infrastructure project, the Olmeca oil refinery in his home state Tabasco, has come online. Lopez Obrador tasked Nahle with overseeing the project, which is running behind schedule and over budget.

Persons: Andres Manuel Lopez Obrador, Miguel Angel Maciel, Maciel, Rocio Nahle, Lopez, Nahle, Lopez Obrador, Noe Torres, Stefanie Eschenbacher, Valentine Hilaire Organizations: MEXICO CITY Locations: MEXICO, Veracruz, Tabasco, Dos Bocas, Houston, wean Mexico

☆ Two injured in shootout outside Mexico City airport, flights operating normally
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

A member of the security forces stands guard outside the Mexico City International Airport after a suspected robber fired at police, in Mexico City, Mexico, September 12, 2023. REUTERS/Luis Cortes Acquire Licensing RightsMEXICO CITY, Sept 12 (Reuters) - Two people were injured just outside Mexico City International Airport on Tuesday after a suspected robber fired at police, but flights are operating normally, the city government said. A suspected gunman has been arrested, the city's security ministry said in a statement. Carlos Velazquez, the head of the airport - Latin America's busiest - told reporters that the terminal where the incident occurred was operating without interruptions and that passengers were not in danger. Mexico City security minister Pablo Vazquez told local news outlet Milenio that the situation was under control.

Persons: Luis Cortes, Carlos Velazquez, Pablo Vazquez, Carolina Pulice, Lizbeth Diaz, Noe Torres, Raul Cortes, Brendan O'Boyle, Mark Porter Organizations: Mexico City International, REUTERS, Mexico City International Airport, Thomson Locations: Mexico, Mexico City, MEXICO

REUTERS/Raquel Cunha Acquire Licensing RightsMEXICO CITY, Sept 11 (Reuters) - The Mexican government's plan to run up the biggest budget deficit in decades during the 2024 general election year could put pressure on public finances and eventually threaten its credit rating, analysts said on Monday. Lopez Obrador last week backed former Mexico City Mayor Claudia Sheinbaum as his party's candidate to succeed him. Historic data show the projected budget deficit for 2024 will be the highest since 1988 as a proportion of GDP. The government's higher spending plans should bolster Latin America's second-biggest economy, which has outpaced forecasts this year, brightening the outlook for 2024. He also noted that since Mexico's current account deficit is currently considerably lower than foreign direct investment, there was a pool of untapped demand in the economy that the government could temporarily offset via higher spending.

Persons: Mexico's Finance Ministry Rogelio Ramirez de la O, Marcela Guerra, Raquel Cunha, Andres Manuel Lopez Obrador, Lopez, Patricia Terrazas, Lopez Obrador, Mexico City Mayor Claudia Sheinbaum, Gabriela Siller, Alberto Ramos, Goldman Sachs, Ramos, Raul Feliz, Feliz, Dave Graham, Diego Ore, Noe Torres, Jamie Freed Organizations: Mexico's Finance Ministry, Mexican, REUTERS, Lopez Obrador's, Action Party, PAN, Mexico City Mayor, Banco Base, Bank of, Thomson Locations: Mexico City, Mexico, MEXICO, Bank of Mexico

☆ Mexico's Election Year Deficit Plan Fuels Fear Over Finances
▼ + stars: | 2023-09-11 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

By Dave Graham and Diego OréMEXICO CITY (Reuters) - The Mexican government's plan to run up the biggest budget deficit in decades during the 2024 general election year could put pressure on public finances and eventually threaten its credit rating, analysts said on Monday. Lopez Obrador last week backed former Mexico City Mayor Claudia Sheinbaum as his party's candidate to succeed him. Historic data show the projected budget deficit for 2024 will be the highest since 1988 as a proportion of GDP. The government's higher spending plans should bolster Latin America's second-biggest economy, which has outpaced forecasts this year, brightening the outlook for 2024. He also noted that since Mexico's current account deficit is currently considerably lower than foreign direct investment, there was a pool of untapped demand in the economy that the government could temporarily offset via higher spending.

Persons: Dave Graham, Diego, Andres Manuel Lopez Obrador, Lopez, Patricia Terrazas, Lopez Obrador, Mexico City Mayor Claudia Sheinbaum, Gabriela Siller, Alberto Ramos, Goldman Sachs, Ramos, Raul Feliz, Feliz, Diego Ore, Noe Torres, Jamie Freed Organizations: MEXICO CITY, Lopez Obrador's, Action Party, PAN, Mexico City Mayor, Banco Base, Bank of Locations: MEXICO, Mexico, Bank of Mexico, Mexico City

☆ Mexico's core inflation to fall to lowest level since late 2021 in August
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

Customers look at fruits at a makeshift stall in a market in Mexico City, Mexico April 8, 2022. Meanwhile, annual core inflation is forecast to have slowed to 6.12%, which would mark its lowest level since December 2021. The closely watched core price index is considered a better gauge of price trends because it strips out some volatile food and energy prices. In August alone, consumer prices likely rose 0.52% compared to July, while core inflation is forecast to have risen 0.30%, according to the poll. (MXINFL=ECI), (MXCPIX=ECI)Mexico's national statistics agency INEGI will publish consumer price index data for August on Thursday.

Persons: Luis Cortes, Bank of Mexico Governor Victoria Rodriguez, Noe Torres, Gabriel Burin, Paul Simao Organizations: REUTERS, Bank of, Bank of Mexico Governor, Thomson Locations: Mexico City, Mexico, MEXICO, Bank, Bank of Mexico, Buenos Aires

☆ Sixteen people die after bus crashes with trailer in central Mexico
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

[1/5] Tow trucks and authorities work at the area of a road accident, which left over a dozen migrants dead, in Tepelmeme Villa de Morelos, in Oaxaca state, Mexico August 22, 2023. REUTERS/Jose de Jesus Cortes Acquire Licensing RightsMEXICO CITY, Aug 22 (Reuters) - Fifteen Mexicans and one Venezuelan died in a road accident in central Mexico early on Tuesday, officials from Mexico's INM migration institute said in a statement. The 52 passengers traveling on the bus on Mexico's Miahuatlan-Coixtlahuaca highway included 10 passengers from Venezuela, the INM said, adding they had appointments to seek legal entry to the United States. Some 36 passengers were injured and taken to hospital after the bus crashed with a trailer in the early hours of the morning, officials from the state of Puebla said in a separate statement. A video shared on X by the local Red Cross unit showed a mangled white bus lying on its side while rescue teams worked in the dark.

Persons: Jose de Jesus Cortes, Noe Torres, Lizbeth Diaz, Isabel Woodford, Stefanie Eschenbacher, Anthony Esposito, Chris Reese Organizations: Morelos, REUTERS, MEXICO CITY, Local, Red, Thomson Locations: Tepelmeme Villa, Oaxaca, Mexico, MEXICO, Venezuela, United States, Puebla

☆ Colombia's Grupo Aval posts 75% fall in profit as bank margins fall
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

People walk in front of the Banco de Bogota, belonging to Grupo Aval, in Bogota, Colombia, October 31, 2019. REUTERS/Luisa Gonzalez/File photo Acquire Licensing RightsAug 16 (Reuters) - Colombian financial conglomerate Grupo Aval reported a 75.4% year-over-year fall in net profit in the second quarter, according to a securities filing on Wednesday, despite a strong boost in interest income. In the three-month period to June, net profit reached 166.2 billion pesos ($40.6 million). The financial portfolio of Grupo Aval (GAA.CN) includes Colombian banks Banco de Bogota (BBO.CN), Banco Popular (BPO.CN), Banco AV Villas (VLL.CN) and Banco de Occidente (BOC.CN). ($1 = 4,096.08 Colombian pesos)Reporting by Noe Torres in Mexico City, Writing by Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.

Persons: Luisa Gonzalez, Noe Torres, Isabel Woodford Organizations: Banco, Bogota, Grupo Aval, REUTERS, Colombian, Grupo, Banco de Bogota, Banco Popular, Banco AV Villas, Occidente, Thomson Locations: Bogota, Colombia, Colombian, Mexico City

[1/5] Boards displaying the exchange rate of the Mexican peso against the U.S. dollar are pictured outside exchange houses in Ciudad Juarez, Mexico July 27, 2023. But emergence of the phenomenon known as the "super peso" means those dollars no longer go as far as they did. "The purchasing power of remittances has deteriorated due to peso appreciation," said Carlos Serrano, chief economist at bank BBVA Mexico. "You can see it hitting lower-income families ... in states that bring in most remittances." Georgina Cardenas, 34, said the $1,200 a month she receives from her builder husband in the United States "used to be enough for my two children" and other expenses.

Persons: Jose Luis Gonzalez, Adriana Sanchez, Sanchez, it's, Andres Manuel Lopez, Carlos Serrano, Pablo Lopez Sarabia, Manuel, there's, Veronica, They're, Georgina Cardenas, Lizbeth Diaz, Noe Torres, Dave Graham, Aurora Ellis Organizations: U.S ., REUTERS, BBVA Mexico, Reuters, Tecnologico de Monterrey, Thomson Locations: Ciudad Juarez, Mexico, TLAXCALA, United States, Asia, Tlaxcala, Mexico City, U.S, California

☆ Walmart Mexico posts slightly higher profit amid June sales uptick
▼ + stars: | 2023-07-27 | by ( Carolina Pulice | ) www.reuters.com time to read: +2 min

MEXICO CITY, July 27 (Reuters) - Walmart's Mexico and Central America unit on Thursday posted a 5% year-on-year rise in its second-quarter net profit, boosted by slightly higher sales especially in June, though earnings were slightly behind forecasts. Walmart de Mexico (WALMEX.MX), the largest retailer in Mexico, posted a net profit of 11.44 billion pesos ($668 million). The company posted a profit of 0.66 pesos a share, just below the Refinitiv estimate of 0.69 pesos. Same-store sales increased 8.5% in Mexico and 9.5% in Central America, and the firm expanded its physical footprint with 22 new stores in Mexico. Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter rose 8.5% to 21.9 billion pesos.

Persons: Paulo Garcia, Guilherme Loureiro, Monex, Loureiro, Carolina Pulice, Noe Torres, Kylie Madry, Lincoln, Christopher Cushing Organizations: MEXICO CITY, Central America, Walmart, America, Thomson Locations: MEXICO, Mexico, Central, Central America

☆ Mexico headline inflation seen slowing in early July to 2021 levels: Reuters poll
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

The median forecast of 10 analysts see annual headline inflation (MXCPHI=ECI) at 4.77% in the first 15 days of the month, its lowest level since March 2021. Core inflation (MXCPIC=ECI), which strips out volatile food and energy products, is forecast to have slid to 6.73% year-on-year, marking the eleventh consecutive fortnight of slowdown. Both still remain well above the central bank's target of 3%, plus or minus 1 percentage point. Banxico first paused its rate hikes in May after a nearly two-year hiking cycle that began in June 2021. Mexico's statistics institute will release inflation data for the first half of July on Monday.

Persons: Noé Torres, Marguerita Choy Organizations: MEXICO CITY, Thomson Locations: MEXICO

☆ Mexico's 'super peso' keeps gaining, but exports will likely suffer
▼ + stars: | 2023-06-22 | by ( Noe Torres | ) www.reuters.com time to read: +3 min

The Mexican peso is among the top-performing currencies this year with a 12% surge against the U.S. dollar, after closing last year up about 5%. But the Mexican currency's recent strengthening to about 17 pesos per U.S. dollar, from 19.50 pesos per greenback last December, makes Mexican exports more expensive. In fact, Banco Base sees remittances loosing more than 10% of their spending power if the peso-to-dollar exchange rate holds steady. Mexico's peso is among the world's most liquid currencies since the country adopted a free-floating exchange rate in 1994. Bets for an even stronger peso on the Chicago Mercantile Exchange have grown since March.

Persons: Guillermo Mateos, Andres Manuel Lopez Obrador, Jonathan Zuloaga, Noe Torres, Valentine Hilaire, David Alire Garcia, Diane Craft Organizations: MEXICO CITY, U.S, U.S ., Banco Base, Chicago Mercantile Exchange, Thomson Locations: MEXICO, Columbus de Mexico

☆ Bank of Mexico seen holding key rate at 11.25% for the second time
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, June 20 (Reuters) - Mexico's central bank will likely keep its benchmark interest rate unchanged in its next monetary policy decision, a Reuters poll showed on Tuesday, amid a slowdown in inflation. The 20 analysts polled by Reuters see the Latin American country's central bank maintaining borrowing costs at the current rate of 11.25% for the second time in the announcement scheduled for Thursday. The Mexican central bank, known as Banxico, unanimously held its benchmark interest rate steady at 11.25% in its last meeting, breaking a nearly two-year rate-hike cycle during which it raised the rate by 725 basis points to combat rising consumer prices. According to another Reuters poll, Mexico's headline inflation could hit 5.30% in the first two weeks of June, reaching its lowest level in more than two years. Banxico will announce its next interest rate decision on Thursday at 1 p.m. local time (1900 GMT).

Persons: Banxico, Noe Torres, Gabriel Burin, Jonathan Oatis Organizations: MEXICO CITY, Reuters, Thomson Locations: MEXICO, Mexican, Buenos Aires

☆ Mexican inflation seen at lowest level in more than two years: Reuters poll
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, June 19 (Reuters) - Mexico's headline inflation likely reached its lowest level in more than two years during the first half of June, but remained above the central bank's target, a Reuters poll showed on Monday, reinforcing bets the bank will keep the key rate steady longer. The median forecast of 11 analysts sees annual headline inflation at 5.30%, its lowest level since the second half of March 2021, although it would still be significantly higher than the official target of 3%, plus or minus a percentage point. The core index, which strips out volatile food and energy prices, is forecast to have slid to 7.02% year-on-year, its lowest level since March 2022. (MXCPIF=ECI), (MXCPIH=ECI)Mexico's statistics institute will release inflation data for the first half of June on Thursday. Reporting by Noe Torres; Additional reporting by Gabriel Burin in Buenos Aires; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Noe Torres, Gabriel Burin, Sandra Maler Organizations: MEXICO CITY, Bank of, Thomson Locations: MEXICO, Bank of Mexico, Buenos Aires

Calling the move "surprising", the transport unit Grupo Mexico Transportes (GMXT.MX) said the Navy had occupied its facilities at the Coatzacoalcos-Medias Aguas section at 6 a.m.(1200 GMT), and that it was weighing up its options. Grupo Mexico Transportes will keep providing services under supervision of the armed forces, it said. The section "expropriated" is about 1.1% of the 11,137 km run by Grupo Mexico's transport division, analysts at brokerage Vector said in a client note. Grupo Mexico, owned by tycoon German Larrea, has been closing in on the acquisition of U.S. Citigroup Inc's retail banking operations in Mexico. Shares in Grupo Mexico were down by more than 4% on Friday afternoon, a drop mirrored by Grupo Mexico Transportes' stock.

☆ Mexican peso to stay strong despite end of central bank tightening cycle, analysts say
▼ + stars: | 2023-05-19 | by ( Noe Torres | ) www.reuters.com time to read: +2 min

MEXICO CITY, May 19 (Reuters) - The Mexican peso could remain the top performer among major global currencies in the coming weeks, despite Mexico's central bank choosing to halt a nearly two-year rate-hike cycle, analysts said. The Mexican peso has gained nearly 10% so far this year, driven mainly by the dollar's decline and money entering the country since the central bank started hiking interest rates in June 2021. Reuters GraphicsIn the Chicago Mercantile Exchange, seen as a market bellwether, speculators on different types of assets have been increasingly betting that the Mexican currency will keep appreciating. These positions, anticipating further strengthening of the peso since mid-March, reached 70,007 contracts in favor of the currency last week, a level not seen since March 2020. Considering these factors, Mexican economists expect the peso to weaken to 19.13 by year-end, a survey by the central bank showed, while a poll of Citibanamex experts estimated the figure at 19.20.

☆ Mexico's mighty peso hits 7-year record high against U.S. dollar
▼ + stars: | 2023-05-15 | by ( Noe Torres | ) www.reuters.com time to read: +2 min

Some analysts chalk up the peso's latest gains, however, as mostly the flip side of a weakening greenback. The peso gained 0.95% on Monday to trade at 17.42 pesos per dollar, its strongest level since May 2016. President Andres Manuel Lopez Obrador repeatedly touts the peso's strength as evidence of sound macroeconomic policies, especially his administration's budget austerity and pledge to avoid taking on new debt. "A big part of (the peso's strength) is the dollar's weakness," he said, adding that the Mexican economy further benefits from growing flows of fixed investments into the country. "Mexico has shown itself to be the least ugly person at the party," quipped Gonzali, helping it attract more dance partners.

☆ LATAM Airlines reverses loss, posts $122 mln net profit in Q1
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 3 (Reuters) - LATAM Airlines (LTM.SN) reported a first-quarter net profit of $121.8 million, the company said on Wednesday, reversing a net loss of $380 million in the year-ago period. The airline, created by the 2012 merger of Chile's LAN with Brazilian rival TAM, operates units in Chile, Brazil, Colombia and Peru. Revenue for Santiago-based LATAM during the quarter rose about 43.2% to $2.8 billion from the year-ago period, boosted by an increase in passenger revenue. Last November, LATAM announced the completion of a years-long restructuring process after it declared bankruptcy in 2020. Reporting by Noe Torres and Carolina Pulice; Editing by Brendan O'BoyleOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico's FEMSA Q1 revenues surge, driven by strong sales
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, April 28 (Reuters) - Mexico's FESMA , which controls one of the largest Coca-Cola bottlers and a string of convenience store chains, posted a 22% jump in its first-quarter revenue Friday to 180 billion pesos, driven by strong sales in its key businesses. Sales in the region were seen "widely outpacing the industry," Group CEO Daniel Rodriguez said in a statement. The company's fintech arm, Spin by Oxxo, saw growth of 1.1 million new users in the quarter, taking its total user base to 6.4 million, while total monthly transactions were up 22%. The company's subsidiary, Coca-Cola FEMSA, meanwhile reported a 35% bump in quarterly net income earlier this week following strong growth in Mexico, Brazil, Guatemala and Uruguay. ($1 = 18.0201 pesos by end-March)Reporting by Valentine Hilaire and Noe Torres; Writing by Kylie Madry; Editing by Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Mexico seen hiking key rate by 25 basis points on Thursday
▼ + stars: | 2023-03-27 | by ( Noe Torres | ) www.reuters.com time to read: +1 min

MEXICO CITY, March 27 (Reuters) - The Bank of Mexico is expected to moderate the pace of its monetary tightening, and hike the benchmark interest rate by 25 basis points on Thursday as inflation has shown signs of cooling, a Reuters poll showed on Monday. All 20 analysts surveyed said they expect Banxico, as the Mexican central bank is known, to increase the key rate to 11.25%, in what would be the 15th rate hike in a row. (MXCBIR=ECI)Banxico's five-member governing board unanimously voted to increase the key rate by 50 basis points to 11.00% in early February, beating market forecasts, citing a complex inflation scenario. At the time, Banxico suggested that while its rate hiking cycle was not over, future increases could be smaller. Banxico has raised its key interest rate by 700 basis points to 11.00% since its rate-hiking cycle started in June 2021 to combat inflation.

☆ Mexican finance minister says "satisfied" with Citibanamex sale
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

MERIDA, Mexico, March 17 (Reuters) - Mexico's government is "satisfied" with the sale process of Citigroup's (C.N) Mexican retail bank Citibanamex, Finance Minister Rogelio Ramirez de la O said on Friday, adding that the bank is now in the due diligence process with potential buyers. Billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX) and the head of Mexico's Mifel bank Daniel Becker (MIFEL.UL) are the last two bidders for the bank. "We have not been aware that either of the two have left (the process)," the finance minister said. Reuters had previously reported that Grupo Mexico had emerged as the front-runner to buy the consumer banking unit over rival bidder Becker, having secured a $5 billion debt package for its proposed, citing sources. In February, Citigroup's Chief Executive Jane Fraser met with Mexican President Andres Manuel Lopez Obrador amid the bank's attempt to finalize the sale of its local unit.

☆ Mexico FinMin expects Pemex able to handle 2023 debt amortizations, government there if needed
▼ + stars: | 2023-03-17 | by ( Noe Torres | ) www.reuters.com time to read: +1 min

Companies Petroleos Mexicanos FollowMERIDA, Mexico, March 17 (Reuters) - Mexican Finance Minister Rogelio Ramirez De La O said on Friday he expects state oil firm Petroleos Mexicanos, known locally as Pemex, to be able to handle its debt amortizations in 2023, though reaffirmed that the government would be there if needed. With its financial debt totaling nearly $108 billion at the close of last year, Pemex must pay down some $8.2 billion expiring this year and another $9 billion more in 2024 in both bonds and long-term bank loans, putting it in a challenging financial position. The finance minister's latest comments came after Mexico's President Andres Manuel Lopez Obrador said in January the government would provide further support to Pemex to ensure it meets its debt repayments. The government lifeline has provided the company with some $45 billion between capital injections and tax benefits over the last four years. Reporting by Noe Torres; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

MERIDA, Mexico, March 16 (Reuters) - The Mexican arm of Spain's Banco Santander (SAN.MC) plans to launch digital lender Openbank by the end of March 2024 to offer checking accounts, credit cards and other services over time, the head of the local unit said on Thursday. "We need to 'tropicalize' it and make it fit for the Mexican market and regulation," Santander's Mexico country head Felipe Garcia told Reuters in an interview, adding that because the digital bank already operates in Argentina and some European countries the operation will not be starting from scratch. Garcia did not say how much Spain's biggest bank would invest in the move. The unit is Mexico's third-biggest bank by the size of its credit portfolio and managed some 810 billion pesos ($43.23 billion) at the end of last year, according to data from the national banking regulator. ($1 = 18.7385 Mexican pesos)Reporting by Valentine Hilaire and Noe Torres; Editing by Sarah Morland and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

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