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☆ 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

☆ A Rivian owner was in a fender bender. The repair bill was $42,000.
▼ + stars: | 2023-07-14 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

A Rivian owner said repairs cost $42,000 for his R1T after a fender bender, according to The New York Times. But, after the electric car was taken to a repair shop that was certified to work with Rivian products the cost jumped to $42,000, the publication said. The repair cost over half the starting price of the vehicle. Last year, a study from CCC Intelligent Solutions found that on average EV repairs cost more than repairs for gas-powered cars. Another report from Mitchell that was cited by the Times found that last year EV repairs cost about $2,400 more than fixes for traditional combustion-engine vehicles.

Persons: Chris Apfelstadt, he'd, Noe Mejia, it's, Mitchell, Alexa St, John, Insider's Nora Naughton Organizations: The New York Times, Times, New York Times, Intelligent Solutions, Tesla Locations: Columbus , Ohio, North America, Ohio

☆ 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.

MERIDA, Mexico, March 15 (Reuters) - Mexico's banking system is robust and strong, and has not been affected by last week's sudden collapse of Silicon Valley Bank in the United States, the president of the Mexican banking association (ABM) told Reuters on Wednesday. Fears of contagion sparked a sharp drop in the shares of Mexico's main banks since the collapse, but ABM chief Daniel Becker attributed the price moves to perception and not reality. "It is not uncommon for it to generate nervousness and drag some fear, but this is more due to a domino effect, a perception, than to a reality of what could happen in the Mexican financial sector," Becker said during an interview. After the failure on Friday of Silicon Valley Bank and on Saturday of Signature Bank, the U.S. Federal Reserver created an emergency program to guarantee deposits and try to stem further financial contagion. Reporting by Valentine Hilaire and Noe Torres; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

MERIDA, Mexico, March 15 (Reuters) - Mexico's banking system is robust and strong, and has not been affected by last week's sudden collapse of Silicon Valley Bank in the United States, the president of the Mexican banking association (ABM) told Reuters on Wednesday. Fears of contagion sparked a sharp drop in the shares of Mexico's main banks since the collapse, but ABM chief Daniel Becker attributed the price moves to perception and not reality. After the failure on Friday of Silicon Valley Bank and on Saturday of Signature Bank, the U.S. Federal Reserve created an emergency program to guarantee deposits and try to stem further financial contagion. The Mexican banking system has a "solid" position and entities maintain liquidity levels that "comfortably exceed" the regulatory minimums, based on the Mexican central bank's latest financial stability report. Reporting by Valentine Hilaire and Noe Torres; Editing by Anthony Esposito and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ Five people in Mexico held over killings of Americans, state prosecutor says
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, March 10 (Reuters) - Five people have been detained in the case of the deadly kidnapping of four Americans in the border state of Tamaulipas, the state's attorney general said on Friday. Government officials found the four Americans on the city's outskirts on Monday, by which time only two were alive. Mexican officials gave the bodies of the two dead men, identified as Shaeed Woodard and Zindell Brown, to U.S. officials on Thursday afternoon. Law enforcement agents in the Latin American country are investigating the possibility that members of a drug cartel kidnapped the four foreigners thinking they were encroaching on their turf. Suspected drug cartel members on Thursday handed over five purported henchmen as a would-be apology for the abduction of the four Americans.

☆ Mexico can't match U.S. incentives for proposed Tesla battery plant, minister says
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, March 3 (Reuters) - Mexico would not be able to match the incentives offered under a U.S. act to tame inflation if Tesla Inc builds a battery plant in the country, Mexico's finance minister said on Friday, days after Tesla announced the construction of a "gigafactory" there. Tesla (TSLA.O) has not confirmed whether it will also build a battery plant in Mexico, but local officials say Tesla has visited the central states of Hidalgo, Queretaro and Puebla to scout potential sites. A decision on a battery plant in Mexico has yet to be announced. "The battery plant was not in (Tesla's) original plan, it was the Mexican government's suggestion," Ramirez said. Without legislation, Ramirez said, Mexico would not be able to match U.S. incentives.

☆ Mexican restaurant operator Alsea sees profit dip due to higher taxes
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Feb 27 (Reuters) - Mexican restaurant chain operator Alsea (ALSEA.MX) reported on Monday a 30.7% drop in its fourth-quarter net profit, dipping to 579 million pesos ($29.7 million) compared to gains in the year-ago period, hit by an increase in taxes. Alsea's quarterly revenue grew 14.4% from the year-ago quarter, reaching 19.15 billion pesos, the company said in a filing, and beating Refinitiv's forecast of 18.86 billion pesos. The Mexico City-based company, which operates Starbucks cafes as well as Domino's Pizza and Burger King restaurants among other chains, raked in 3.48 billion pesos in earnings before interest, taxes, depreciation and amortization (EBITDA) in the fourth quarter, down 18.4% from the same three-month period in the previous year. Alsea operates in 11 countries across Latin America and in Europe. ($1 = 19.5089 pesos at end-December)Reporting by Carolina Pulice and Noe Torres; Editing by David Alire GarciaOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico's Televisa posts Q4 net loss, dragged by TelevisaUnivison, Sky
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, Feb 23 (Reuters) - Grupo Televisa , Mexico's largest broadcaster, reported on Thursday a net loss in the fourth quarter of 13.75 billion pesos ($705 million), hurt by losses related to TelevisaUnivison and declines in its satellite TV unit. The result compares with a net profit of 3.7 billion pesos in the year-earlier period, according to a statement filed with the Mexican stock exchange. The company's revenue increased 1.6% from the year-earlier period to 19.13 billion pesos, slightly missing the Refinitiv forecast of 19.28 billion pesos. Televisa has tried to revamp Sky, launching a new mobile service with AT&T in July which executives said would boost the unit's revenue in the coming years. Mexico's Megacable in December rejected an offer by Televisa to merge the companies' pay TV and broadband operations.

Banxico, as the Mexican central bank is known, has raised its benchmark interest rate by 700 basis points since its rate-hiking cycle started in June 2021, as inflation surged far beyond its target of 3%, plus or minus 1 percentage point. Initially Heath, who is regarded as one board's most hawkish members, expected to vote for a 25 basis points hike at the last meeting, until incoming data painted a "less benign" picture for inflation. He added that new information could sway Banxico's board members one way or another before the March 30 meeting. "Frontloading" with a half percentage point hike sought to keep that jump in services inflation to a one-off situation, said Heath, noting he saw price pressures starting to transition to more local and domestic factors from the predominantly global factors seen in recent years. Reporting by Anthony Esposito and Noe Torres; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ See before and after photos of an old hotel being transformed into an example of Hilton's new brand for budget travelers
▼ + stars: | 2023-02-12 | by ( Brittany Chang | ) www.businessinsider.com time to read: +2 min

See before and after photos of an old hotel being transformed into an example of Hilton's new brand for budget travelersThe before and after of Spark by Hilton hotel. Hilton In January, Hilton unveiled Spark by Hilton, a new hotel brand for economy travelers. Hilton In January, Hilton unveiled its 19th brand, Spark by Hilton. Hilton Despite being a budget brand, Spark hotel rooms will still have plenty of amenities like a refrigerator, adjustable desk, and open closet. Hilton Read next Hilton Hotels Business Visual Features More...

☆ Scholz seeks to secure more critical minerals on South America tour
▼ + stars: | 2023-01-30 | by ( Sarah Marsh | ) www.reuters.com time to read: +3 min

Sebastian Rodriguez/Chilean Presidency/Handout via REUTERSSANTIAGO DE CHILE, Jan 29 (Reuters) - German Chancellor Olaf Scholz announced a new, expanded commodities partnership with Chile on Sunday during a tour of South America that Berlin hopes will help secure more access to critical minerals key to the transition to a green economy. That has led to a reliance on China, which has invested widely in the mining sector in resource-rich South America and in processing commodities. Argentina and Chile sit atop South America's "lithium triangle" which holds the world's largest trove of the ultra-light battery metal. "We want to help Chile on the way to a sustainable mining sector," Scholz said in a news conference with his Chilean counterpart in Santiago de Chile on the second leg of his tour. Germany also wanted to ensure mining generated more jobs in the source countries, Scholz said.

☆ Mexico's Mejia says central bank should consider decoupling from U.S. Fed -report
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Jan 25 (Reuters) - Mexico's central bank should consider decoupling from the U.S. Federal Reserve's monetary policy, Deputy Governor Omar Mejia said in a Bloomberg Linea story published on Wednesday, calling for discussion of the issue at the bank's next policy meeting. We have the decision coming soon and these are elements we are going to have to incorporate," Mejia said after a meeting with local bank association ABM. Video accompanying the story quoted Mejia as saying the central bank, known as Banxico, will discuss decoupling from the U.S. monetary authority. Mexico's central bank is considering raising its benchmark interest rate at its next policy meeting, scheduled for Feb. 9, according to minutes from its December session. Banxico's current benchmark interest rate is at 10.50%.

☆ Analysis: Is the party over? Mexico's peso could lose solid gains in 2023
▼ + stars: | 2022-12-29 | by ( Noe Torres | ) www.reuters.com time to read: +2 min

MEXICO CITY, Dec 29 (Reuters) - Mexico's peso, which is ending 2022 with one of its strongest performances in a decade, could have its gains wiped out in 2023 after an expected end to the Bank of Mexico's rate hikes cycle and a possible recession in top trade partner the United States. "The carry trade, the phenomenon that has benefited (the peso) this year, will likely dissipate a bit," said CI Banco analyst James Salazar. The carry trade refers to a trading strategy of taking advantage of yield differences between Mexico and other economies. Traders at the Chicago Mercantile Exchange, considered a bellwether of market sentiment, have started to bet the peso will begin depreciating. Reporting by Noe Torres; Writing by Anthony Esposito; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

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