DIRS.INFO The most relevant business & tech news

☆ Televisa's Izzi unit launches mobile packages with AT&T
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 3 (Reuters) - Mexican broadcaster Televisa's (TLEVISACPO.MX) phone and internet service provider, Izzi, has partnered with AT&T Inc (T.N) to roll out a set of low-cost mobile phone plans across the country, Izzi said on Thursday. The plans with AT&T expand Izzi's coverage and are compatible with all recent smartphones, the spokesperson said, while some phones were not covered under previous Izzi plans. The Izzi deal follows another Televisa partnership with AT&T last month. Televisa's satellite TV unit Sky teamed up with AT&T as part of a revamp announced this summer to offer mobile phone services to existing Sky clients. Reporting by Cassandra Garrison and Kylie Madry in Mexico City Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Congress split on making daylight-saving time permanent
▼ + stars: | 2022-11-03 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Legislative aides told Reuters they do not expect Congress to reach agreement before the end of the year. Daylight-saving time has been in place in nearly all of the United States since the 1960s. Pallone previously said he backs ending the clock-switching but has not decided whether to support daylight or standard time as the permanent choice. On Sunday, Mexico rolled back its clocks one last time after the passage of a law last week to abolish daylight-saving time. The White House declined to say earlier this year if Biden supports making daylight-saving time permanent.

☆ Mexico's FEMSA plans push for European kiosks, B2B fintech
▼ + stars: | 2022-10-31 | by ( Kylie Madry | ) www.reuters.com time to read: +2 min

FEMSA entered the European market earlier this month when it bought Swiss kiosk operator Valora, which it plans to expand with new stores and affiliating independent stores in Germany, Chief Corporate Officer Francisco Camacho told analysts. "We do not expect this to be altogether a major strain on the FEMSA funding structure," Camacho said, adding that if necessary FEMSA would fund the expansion from the firm's other operations. FEMSA is not planning to expand to other geographies for the time being, Camacho said. Executives said FEMSA would also push a business-to-business service through its financial technology arm, though they did not say how much they would invest into it, nor whether it would operate under the same name as its consumer fintech service, Spin by Oxxo. FEMSA ruled out seeking a banking license for the service for the time being, though Carrion said it was seeking permits to allow larger deposits and direct deposit payments from employers.

Quarterly revenue rose 20.5% year-on-year to 171.66 billion pesos ($8.66 billion), driven by increased sales across markets and beating the Refinitiv consensus of 163.17 billion pesos. Operating costs rose in almost all of Femsa's divisions, including a 69.4% jump in its logistics and distribution business on increased transportation and labor costs. Earnings from companies in which Femsa has controlling stakes, including Dutch beer maker Heineken (HEIN.AS), also took a hit in the quarter, Femsa said. Femsa's core earnings, or EBITDA, for the quarter rose 14.4% to 23.20 billion pesos. Revenue at Grupo Nos, Femsa's convenience store joint venture with Brazilian energy firm Raizen (RAIZ4.SA), surged 156% from the year-ago quarter.

☆ Mexico's Q3 economic activity points to 2.4% annual growth -finance ministry
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Edgard GarridoMEXICO CITY, Oct 28 (Reuters) - Mexico's economic activity indicators in the third quarter point to economic growth in line with forecasts of 2.4% annual growth in 2022, the country's finance ministry said on Friday. The ministry said dynamic economic activity and a strong labor market led to "positive results" in tax collection, putting it on track to meet year-end estimates. It also said economic activity was propelled by gross fixed investment, especially in national machinery and equipment and residential construction. Refinancing strategies have managed to refinance an accumulated $78 billion, or 14% of Mexico's total debt, according to the ministry. Mexico's financial system also remained "well capitalized" and its credit market continued to show signs of recovery, the ministry said.

☆ "They shut the door on us": Venezuelans ask Mexico for humanitarian flights home
▼ + stars: | 2022-10-26 | by ( Lizbeth Diaz | ) www.reuters.com time to read: +3 min

Dozens of Venezuelans like Villalobos and her eight-year-old son arrived on Tuesday night at a migrant house in Mexico City funded by the Catholic Church while awaiting a seat on a humanitarian flight. "I want to return to my country because they shut the door on us, in our faces," the 27-year-old said. A first flight returning Venezuelan migrants from Mexico departed on Tuesday, two Mexican officials told Reuters. The Mexican foreign ministry told Reuters a flight paid for by the Mexican government carrying Venezuelan migrants was scheduled to leave on Wednesday. The announcement was made while dozens of Venezuelans protested outside Mexico's foreign ministry in Mexico City, demanding help.

☆ Mexico to discuss lithium, auto industry with U.S. climate envoy Kerry
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

U.S. Special Presidential Envoy for Climate John Kerry attends a meeting ahead of COP27 climate summit in Kinshasa, Democratic Republic of Congo October 3, 2022. REUTERS/Justin MakangaraMEXICO CITY, Oct 24 (Reuters) - Mexico will speak with U.S. climate envoy John Kerry about lithium, batteries and the automotive industry when Kerry visits the northwestern state of Sonora on Friday, Mexican President Andres Manuel Lopez Obrador said Monday. Register now for FREE unlimited access to Reuters.com RegisterThe Sonora Plan also aims to develop the electric car industry in the agricultural state. While Mexico nationalized lithium reserves earlier this year, experts say it could take years for the newly created state firm to start production. Lithium batteries are not currently produced by any Latin American country at a commercial scale.

☆ Tropical Storm Roslyn to strengthen to hurricane near Mexican resorts
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, Oct 21 (Reuters) - Tropical Storm Roslyn is expected to strengthen into a hurricane on Friday as it crawls toward tourist resorts on Mexico's Pacific coast, the U.S. National Hurricane Center (NHC) said. Roslyn is expected to be a hurricane when it makes landfall by Saturday night or Sunday morning, the NHC said in its latest report. Register now for FREE unlimited access to Reuters.com RegisterThe slow-moving storm is recording maximum sustained winds near 70 mph (110 kph) with higher gusts, the NHC said. A Category 1 hurricane packs winds of at least 74 miles per hour (119 kph). The NHC also expects Roslyn to cause a dangerous storm surge, producing "significant coastal flooding" near and to the east of where the storm makes landfall, bringing with it "large, destructive waves."

☆ Hurricane Roslyn forecast to near major strength as it hits Mexican coast
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, Oct 21 (Reuters) - Hurricane Roslyn is expected to hit Mexico's Pacific coast at near major hurricane strength bringing dangerous storm surges and flooding, the U.S. National Hurricane Center (NHC) said, as authorities urged residents in some areas to move to safety. Roslyn had strengthened into a Category 1 hurricane by late on Friday, the Miami-based forecaster said, as it approached resort towns in central Mexico. Hurricane conditions are expected to reach the coast by late Saturday or early Sunday, it said. "Winds are expected to first reach tropical storm strength by midday Saturday, making outside preparations difficult or dangerous," the NHC said. The NHC expects Roslyn to bring a dangerous storm surge with "large, destructive waves" and "significant coastal flooding".

☆ Mexican cable provider Megacable to invest $2 bln over 5 years
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Oct 20 (Reuters) - Mexican pay TV, internet and telephone provider Megacable (MEGACPO.MX) will invest $2 billion over the next five years to expand its network and grow to new cities, the company said in a release on Thursday. With the investment, Megacable expects to double its income and core earnings, or EBITDA, between 2025 and 2026, it said. Megacable has expanded to 11 cities so far this year and aims to hit 15 more by the end of the year, the company said, and hopes to double the number of residences it serves in the next five years. Megacable said the investment will help it to "continue positioning itself" as one of the largest companies in Mexico and Latin America, though it lags behind competitors America Movil (AMXL.MX) and broadcaster Televisa (TLEVISACPO.MX). Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie Madry; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Mexican president hints at Venezuela-U.S. accord amid migration rise
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +4 min

Mexico's President Andres Manuel Lopez Obrador speaks during a news conference, at the National Palace in Mexico City, Mexico September 30, 2022. "Relations between the government of the United States and Venezuela need to be restored," Lopez Obrador told a news conference. Since the policy was enacted, several thousand Venezuelans who entered the United States illegally have been returned to Mexico. Lopez Obrador urged the United States to expand the Venezuela humanitarian access permits beyond 24,000 people. "They're not enough," Lopez Obrador said.

☆ Mexican buy now, pay later app Nelo lands $100 mln credit line
▼ + stars: | 2022-10-19 | by ( Kylie Madry | ) www.reuters.com time to read: +2 min

Transactions made with buy now, pay later firms, through which consumers pay in often interest-free installments over weeks or months, surged during an e-commerce boom triggered by coronavirus lockdowns. At the moment, that growth will be within Mexico's borders, where credit card penetration is less than 12%, Miller said. In April, Nelo launched a virtual credit card with Mastercard (MA.N), which allows users to generate a one-time card for purchases through the app. Miller said the company uses an underwriting algorithm to determine credit limits and interest rates, and checks users' credit history with Mexico's credit bureaus. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie Madry; Editing by Sarah Morland and Richard PullinOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico president says discussed migration, security and development with Biden
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

MEXICO CITY, Oct 18 (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Tuesday he discussed migration, security and cooperation on development with his U.S. counterpart Joe Biden during an afternoon call. Biden also confirmed he would travel to Mexico for the North American Leaders' Summit, set to take place in December, Lopez Obrador said on Twitter. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie MadryOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico's America Movil quarterly profit rises 13.7%, fueled by new subscribers
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Oct 18 (Reuters) - Mexican telecommunications giant America Movil (AMXL.MX) reported on Tuesday reported a 13.7% jump in third-quarter net profit, helped by more wireless subscribers across all the regions where it operates compared to a year earlier. America Movil's revenues edged up 1.8% to 214.47 billion pesos, from 210.77 billion pesos during the year-ago period. Register now for FREE unlimited access to Reuters.com RegisterEarnings before interest, taxes, depreciation and amortization (EBITDA), or core earnings, reached 83.2 billion pesos, a 2.3% increase from a year earlier. America Movil said it added 2.9 million wireless subscribers in the quarter, including 1.9 million postpaid customers largely from Brazil. ($1 = 20.1271 pesos by end-September)Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie Madry and Noe TorresOur Standards: The Thomson Reuters Trust Principles.

The AI software told banks to deny millions of legitimate purchases, at a time when consumers had been scrambling for toilet paper and other essentials. Seasonal variations, data-quality changes or momentous events - such as the pandemic - all can lead to a string of bad AI predictions. Also to blame was its AI system learning from corrupted data, the company said. Arize AI, which raised $38 million from investors last month, enables monitoring for customers including Uber, Chick-fil-A and Procter & Gamble. Zoldi said consumer habits were changing too fast to rewrite the AI system.

☆ Boeing sees LatAm air travel taking off as regulations ease, incomes rise
▼ + stars: | 2022-10-11 | by ( Kylie Madry | ) www.reuters.com time to read: +2 min

MEXICO CITY, Oct 11 (Reuters) - U.S. planemaker Boeing Co (BA.N) sees travel in Latin America ramping up more quickly than in other regions as countries loosen regulations and household incomes rise, the company's regional analyst said on Tuesday. Register now for FREE unlimited access to Reuters.com RegisterFranson said a trend toward looser state control had already helped develop a network of low-cost carriers in the region, adding more routes in Latin America. Airlines across Latin America have added 200 net airport pairs to their networks over the past 10 years, he said. Boeing said it a July report Latin America will need 2,240 new aircraft and will have to train 118,000 new crew members and technicians over the next 20 years to meet growing demand. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie Madry; editing by Richard PullinOur Standards: The Thomson Reuters Trust Principles.

☆ Nicaragua asks EU ambassador to leave the country - diplomatic sources
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Sept 28 (Reuters) - Nicaragua has asked the European Union's ambassador to leave the country, three diplomatic sources told Reuters on Wednesday, after officials deemed the representative "persona non grata." European Union Ambassador Bettina Muscheidt was summoned to the Foreign Ministry, where she was declared "non grata" and notified that she should leave the country, one of the diplomatic sources said. Muscheidt is no longer welcome in Nicaragua, according to one of the diplomatic sources who requested anonymity to discuss the decision. Hugo Rodriguez, a nominee to serve as U.S. ambassador to Nicaragua, was denied his post by the government in June. In February, the Vatican's ambassador to Managua, Waldemar Stanislaw Sommertag, was declared persona non grata and ordered to leave.

☆ 'Mocking us': Parents of missing Mexican students slam government missteps
▼ + stars: | 2022-09-27 | by ( Kylie Madry | ) www.reuters.com time to read: +3 min

The protest through the streets of the capital fell on the eighth anniversary of the students' disappearance. Register now for FREE unlimited access to Reuters.com Register"Truthfully, it feels like they're just mocking us," said Blanca Nava, mother of one of the missing students. Emiliano Navarrete, father of another missing students, said, "The government is at fault. The 43 students were on their way to Mexico City from the Pacific state of Guerrero when they disappeared. Last week, protestors broke down the entrance to a military base in Mexico City before throwing rocks and Molotov cocktails at soldiers.

☆ Chile's Copec buys last-mile firm Blue Express for $225 million
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterCopec fuel storage tanks are seen in Ventanas, Chile September 1, 2018. REUTERS/Rodrigo Garrido/File PhotoSANTIAGO, Sept 26 (Reuters) - Chile's Empresas Copec (COPEC.SN) has entered the customer delivery services business by acquiring last-mile logistics firm Blue Express for about $225 million, the country's largest industrial group said on Monday. Copec subsidiaries signed an agreement with Private Investment Fund BX and Blue Express to purchase 100% of Blue Express' shares, Copec said in a filing to Chile's regulator. Register now for FREE unlimited access to Reuters.com RegisterBlue Express did not immediately respond to a request for comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Natalia Ramos; Writing by Kylie Madry; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Honduras former first lady gets 14 years in prison on fraud charges
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterFormer first lady Rosa Elena Bonilla de Lobo arrives at a court hearing after being convicted on graft charges, in Tegucigalpa, Honduras August 20, 2019. REUTERS/Jorge CabreraTEGUCIGALPA, Sept 21 (Reuters) - A Honduran court sentenced the country's former first lady, Rosa Bonilla, to 14 years in prison on Wednesday on charges of fraud and misappropriation of funds destined for social programs, a judicial spokesperson said. Bonilla had previously been sentenced to 58 years in prison in an earlier trial, which Honduras' Supreme Court annulled in early 2020, arguing it was full of inconsistencies. The Supreme Court ordered a re-trial by a lower court, which found Bonilla guilty in March of this year. (Corrects USD conversion in paragraph 2 to $590,000 from $590 million)Register now for FREE unlimited access to Reuters.com RegisterReporting by Gustavo Palencia; Writing by Kylie Madry; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Mexican used-car startup Kavak lands $810 mln in debt financing
▼ + stars: | 2022-09-20 | by ( Kylie Madry | ) www.reuters.com time to read: +2 min

A logo of used autos platform Kavak is pictured on a car in Mexico City, Mexico, August 25, 2020. The HSBC financing comes in the form of a forward flow agreement, Kavak said, in which the bank will buy collection rights for a set of Kavak's used car loans. Kavak, which calls itself the largest pre-owned car operation in the world, was Mexico's first "unicorn," a startup worth more than $1 billion. The startup for the first time expanded outside of Latin America, launching operations in Turkey, in July. Our debt is cheap, even under a AAA bond on the Mexican stock exchange," he said.

Search resuls for: "Madry"

21 mentions found