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☆ Exclusive: After costly bond issue, Mexico's Pemex banks on high oil prices to pay off debt -sources
▼ + stars: | 2023-02-15 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +4 min

The high cost of borrowing forced a recalibration in Pemex and renewed determination to avoid the market, two company sources familiar with the matter said. Pemex has said it must pay back some $8 billion of financial debt this year and $8.7 billion next. But both sources said Pemex was banking on high crude oil prices to maintain the investments for this year as well as meet its financial obligations - without issuing more bonds. Financial debt started ballooning years ago when the oil company took on debt to pay its debts. Pemex declined to reveal the total value of debt payments due and Reuters was unable to independently calculate the figure.

☆ Mexico president says two locations primed for new Tesla plant
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Feb 8 (Reuters) - Mexican President Andres Manuel Lopez Obrador said Wednesday that electric carmaker Tesla's (TSLA.O) new plant could be installed in either the states of Nuevo Leon or Hidalgo. Lopez Obrador referred to both states as a possibility when asked about the firm's plans, which Tesla has not yet commented on, during a regular news conference. Mexican presidential spokesman Jesus Ramirez said last month Tesla is considering setting up an assembly plant near the new Mexico City airport, which would serve as an export hub for the firm. Tesla's Chief Executive Elon Musk had previously been eyeing a potential investment in the northern state of Nuevo Leon bordering Texas, according to media reports and officials who spoke to Reuters last year. Reporting by Valentine Hilaire; Editing by Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.

☆ A Mexico soccer icon entered politics. Prosecutors say narcos followed
▼ + stars: | 2023-02-03 | by ( Cuernavaca | ) www.reuters.com time to read: +27 min

Regional politicians, officials and military officers gathered in the Morelos state capital of Cuernavaca for breakfast in February 2022 to mark Mexico’s annual Army day. Mexican drug lords have a long tradition of buying off politicians in exchange for government protection of their illicit trade. Attempts to reach two of the alleged drug traffickers in the photo – Figueroa and Irving Solano Vera – were unsuccessful. Prosecutors in April asked the Morelos state congress to impeach Blanco so that he could be stripped of that shield. “He likes me very much because I’m not a politician,” Blanco told Reuters, in reference to the president.

☆ Cargo airlines have until July to move flights from Mexico's capital airport
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, Feb 2 (Reuters) - Cargo airlines operating out of Mexico's busiest airport will have until July to leave the hub, a decree published in the country's national gazette Thursday evening said. The decree comes from President Andres Manuel Lopez Obrador, who has said he would have cargo flights moved due to lack of space at the Benito Juarez International Airport in Mexico City. Around 3% of flights at the airport in 2022 were for cargo, according to flight data. The closest airport is the Felipe Angeles International Airport on the northern outskirts of the city, one of Lopez Obrador's flagship public works projects opened last March. The decree will still allow flights carrying both cargo and passengers to operate out of the Benito Juarez airport.

☆ Mexico in talks with top carmakers to make electric vehicles, foreign minister says
▼ + stars: | 2023-02-03 | by ( Stefanie Eschenbacher | ) www.reuters.com time to read: +3 min

MEXICO CITY, Feb 3 (Reuters) - Mexico is gearing up to build several manufacturing hubs for electric vehicles across the country, Foreign Minister Marcelo Ebrard told Reuters, and is in talks with some of the world's top carmakers. Ebrard said in an interview late on Thursday that Mexico was keen to capitalize on the global shift to electric vehicles. "What they are more concerned about is having a guaranteed supply of clean energy, having water, having the personnel they need, facilitate electric power transmission lines," he said. Harald Gottsche, head of the BMW plant in the state of San Luis Potosi, which will produce fully electric cars, said Mexico also needs to push the consumer shift to electric vehicles. In addition to electric vehicles, Ebrard said he was also keen to attract more semiconductor and battery businesses - and build out transport infrastructure in the port of Coatzacoalcos, in the Gulf of Mexico.

[1/5] Aerial view of the northern border state of Sonora where state electric utility CFE is building the largest solar plant in all of Latin America, in Puerto Penasco, Sonora state, Mexico February 2, 2023. REUTERS/Raquel Cunha/PoolCompanies Alchimie SA FollowPUERTO PENASCO, Mexico, Feb 2 (Reuters) - The first power from a giant solar energy park in the desert of northern Mexico will enter the country's electricity grid in April, officials said on Thursday, as the nation aims to burnish its green credentials with the flagship project. Mexican officials on Thursday, during a tour of the solar park with a group of over 60 foreign diplomats, sought to dampen concerns over Lopez Obrador's commitment to renewables and energy transition. Mexico is looking for partners to help fund the park and the country's broader transition to greener energy sources. Reporting by Stefanie Eschenbacher in Puerto Penasco, Mexico Editing by Stephen Eisenhammer and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico reaches deal with airlines on cargo transfer to new airport, president says
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Feb 1 (Reuters) - The Mexican government and some airlines have reached an agreement to move cargo operations to a new airport on the outskirts of Mexico City to ease congestion at its main hub, President Andres Manuel Lopez Obrador said on Wednesday. Lopez Obrador said earlier this month cargo flights would be moved due to lack of space at the Benito Juarez International Airport. Around 3% of flights at the airport last year were for cargo, according to flight data. Lopez Obrador said cargo operations will be transferred to the new airport in about four months. The first cargo plane will arrive at the Felipe Angeles International Airport the third week of February, Lopez Obrador said.

Feb 1 (Reuters) - Grupo Mexico (GMEXICOB.MX), the conglomerate controlled by billionaire German Larrea, has secured a $5 billion debt package for its proposed acquisition of Citigroup Inc's (C.N) retail operations in Mexico, according to people familiar with the matter. The move represents a major milestone in Grupo Mexico's efforts to put together the deal for Banamex, the unit that encompasses the Citigroup assets. Several banks, including Barclays Plc (BARC.L) and HSBC Holdings Plc (HSBA.L), have pledged to provide the debt financing, the sources said. Citi, Grupo Mexico, Barclays and HSBC declined to comment. Citi stepped back from conversations with Becker to prioritize a potential deal with Larrea, according to sources.

MEXICO CITY, Jan 31 (Reuters) - Electric carmaker Tesla Inc (TSLA.O) is considering setting up an assembly plant near a new Mexico City airport, which would serve as an export hub for the firm, Mexican presidential spokesman Jesus Ramirez said. "Tesla will invest there ... in an assembly plant, to export directly by air," Ramirez told the newspaper. Separately, a Mexican official told Reuters that Tesla had been shown the site, but had given no indication of its plans. Ramirez told El Heraldo de Mexico that Tesla was aiming to invest in the T-MexPark, a major industrial park being built close to the Felipe Angeles airport. Reporting by Diego Ore; Editing by David Gregorio Additional reporting by Raul Cortes Fernandez and Dave Graham in Mexico City, and Hyunjoo Jin in San FranciscoOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Evelyn HocksteinMEXICO CITY, Jan 27 (Reuters) - Citigroup <C.N> Chief Executive Jane Fraser is planning to meet with Mexican President Andres Manuel Lopez Obrador, a government spokesperson told Reuters on Friday, amid the bank's attempt to finalize the sale of its local unit. A spokesperson for Lopez Obrador, Jesus Ramirez, said he did not have further details on the meeting, and said it was subject to final confirmation. The planned meeting comes as Citi aims to sell its Mexican unit, Banamex, as part of the company's planned withdrawal of its retail services in the country after 20 years, first announced last January. Two bidders, which sources told Reuters were Mexican conglomerate Grupo Mexico and Banca Mifel, are vying for Citi's local unit, Lopez Obrador said in December. Reporting by Kylie Madry and Isabel Woodford; Editing by Stephen Eisenhammer, Cassandra Garrison and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ In Peru, protesters were tear-gassed after president called for truce
▼ + stars: | 2023-01-25 | by ( Associated Press | ) www.nbcnews.com time to read: +6 min

LIMA, Peru — Thousands of protesters took to the streets of Peru’s capital and were met with volleys of tear gas and pellets amid clashes with security forces just hours after President Dina Boluarte called for a “truce” in almost two months of protests. “We can’t have a truce when she doesn’t tell the truth,” Blanca España Mesa, 48, said of Peru’s president. Even though her eyes were watering from the tear gas, España Mesa said she was “happy because a lot of people came today. On Tuesday, police fired round after round of tear gas as they blocked the passage of protesters, who seemed more organized than before. “Peru has managed to fly under the radar,” said Marina Navarro, executive director of Amnesty International Peru.

☆ Mexico economy minister meets with Canadian energy firms
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Jan 23 (Reuters) - Mexican Economy Minister Raquel Buenrosto met with Canadian energy firms to follow up on agreements made at a meeting with President Andres Manuel Lopez Obrador, the ministry said Monday. Buenrostro will meet with the firms again next month to discuss progress made on the agreements, the ministry said on Twitter. A Mexican official told Reuters last week a "framework" for each of the companies' problems with Mexico's energy sector had been agreed upon. A spokesperson for Mexico's economy ministry could not immediately confirm whether the four companies were those present at the meeting with Buenrostro. The United States and Canada last year initiated dispute settlement proceedings against Mexico's push to prioritize state-run energy companies under a regional trade pact.

WASHINGTON, Jan 23 (Reuters) - U.S. farm and trade officials raised "grave concerns" over Mexico's agricultural biotechnology policies in meetings with their Mexican counterparts on Monday, as lingering disagreements threaten decades of booming corn trade between the neighbors. The United States accounts for most of Mexican corn imports. U.S. officials traveled to Mexico to discuss Mexico's approach to agricultural biotech products. Mexico's agriculture ministry declined to comment, while the country's economy ministry, which handles trade, did not immediately provide comment. Mexican officials have said they will keep importing GM corn for animal feed.

Federal prosecutors in Brooklyn say Garcia Luna gave the Sinaloa Cartel sensitive information about its rivals as well as safe passage for drug shipments. Garcia Luna has previously accused drug traffickers of leveling false allegations against him as revenge for the actions he took against cartels. Guzman was sentenced to life in prison in 2019 following his conviction in Brooklyn on drug trafficking and murder conspiracy charges. Mexico's government in 2020 issued an arrest warrant of its own for Garcia Luna on charges of illegal enrichment. Mexico also sued Garcia Luna in Florida, where he had been living before his 2019 arrest, in an effort to recover what it called illegally obtained assets.

[1/3] Mexico City's Mayor Claudia Sheinbaum speaks near Mexico's President Andres Manuel Lopez Obrador (not pictured) during a news conference at the Old City Hall (Antiguo Palacio del Ayuntamiento), in Mexico City, Mexico January 20, 2023. "If accidents continue, like a cable or the signal system breaks, the National Guard is not going to detect that or make a difference," Miranda said. A school collapse that killed 19 children in a 2017 earthquake happened on her watch as a district mayor of Mexico City. She filed a criminal complaint accusing two prior attorneys for the district of failing to enforce the law after discovering illegal construction, and became Mexico City Mayor in 2018. Now, Lopez Obrador has backed her decision to use the National Guard, in a clear sign of support for her.

☆ In Mexico, a reporter published a story. The next day he was shot dead
▼ + stars: | 2023-01-21 | by ( Sarah Kinosian | ) www.reuters.com time to read: +10 min

One man got out, walked inside and shot the 42-year-old journalist dead. As he lay dead, a nearby patrol car responded to an emergency call, intercepted the pickup and arrested the two men. "In silence zones people don't get access to basic information to conduct their lives," said Jan-Albert Hootsen, CPJ's Mexico representative. One of those killed was Gustavo Sanchez, a journalist shot at close range in June 2021 by two motorcycle-riding hitmen. "You would think the biggest enemy would be armed groups and organized crime," said journalist Patricia Mayorga, who fled Mexico after investigating corruption.

☆ In Mexico, a reporter published a story. The next day he was dead
▼ + stars: | 2023-01-21 | by ( Sarah Kinosian | ) www.reuters.com time to read: +10 min

A day earlier, Lopez–who ran two online news sites in the southern Oaxaca state–had published a story on Facebook accusing local politician Arminda Espinosa Cartas of corruption related to her re-election efforts. As he lay dead, a nearby patrol car responded to an emergency call, intercepted the pickup and arrested the two men. "In silence zones people don't get access to basic information to conduct their lives," said Jan-Albert Hootsen, CPJ's Mexico representative. The infrastructure was a part of the Interoceanic Corridor–one of Lopez Obrador's flagship development projects in southern Mexico. "You would think the biggest enemy would be armed groups and organized crime," said journalist Patricia Mayorga, who fled Mexico after investigating corruption.

☆ Mexican president defends bid to move cargo from longstanding hub to new airport
▼ + stars: | 2023-01-19 | by ( Kylie Madry | ) www.reuters.com time to read: +2 min

"An agreement is being reached between the directors of the two airports, with customs, with everyone," Lopez Obrador said in a regular news conference. The draft decree, which was sent by the president and published on a government regulatory body's website, would halt all cargo flights out of the Benito Juarez International Airport, the busiest airport in the country. Lopez Obrador said the government was not seeking to make the change "by force" and that it was looking to have buy-in from cargo operators. Lopez Obrador said cargo flights would be moved due to lack of space at the hub. Experts, however, warn that moving cargo flights to the facility could snarl supply chains.

☆ Mexico’s Maya Train will need over 6,500 permanent officers to guard tracks
▼ + stars: | 2023-01-18 | by ( Associated Press | ) www.nbcnews.com time to read: +2 min

The Defense Department said the project will require over 6,500 soldiers and National Guard officers to permanently guard its tracks and stations, out of the country’s total 166,000-member combined force. In comparison, that is more than double the number of officers assigned to drug eradication nationwide, and more officers than are assigned to all but three of Mexico’s 32 states. However, the government hasn’t expressed any public concerns about sabotage on the Maya Train. The 950-mile (1,500-kilometer) Maya Train line is meant to run in a rough loop around the Yucatan Peninsula, connecting beach resorts and archaeological sites. Originally projected to cost around $8 billion, the train line now appears likely to rise to between $11 billion and $15 billion.

☆ Workers at embattled Mexican airline Aeromar hold off on strike, unions say
▼ + stars: | 2023-01-18 | by ( Kylie Madry | ) www.reuters.com time to read: +2 min

[1/3] A person stands at an empty counter of Mexican carrier Aeromar at the Benito Juarez International airport, in Mexico City, Mexico, January 17, 2023. Flight attendants union ASSA said it had chosen to hold off on the strike "for the sake of safeguarding the company once again". Aeromar met with airport officials Monday to present a payment plan, Mexico's transportation ministry said, adding that its operations at Mexico City continued to operate normally. Several of the company's executives met with the flight attendants' union on Monday, the union said, and discussed the company's financial situation as well as the "potential" entrance of an investor. "We continue to demand (Aeromar) pay its debts owed to pilots," union leader Jose Humberto Gual said in a statement.

☆ Mexico’s state oil company illegally flared more than $342 million worth of hydrocarbons
▼ + stars: | 2023-01-18 | by ( ) www.cnbc.com time to read: +5 min

A view shows part of the state oil firm Petroleos Mexicanos (Pemex) refinery in Salamanca. Mexican state oil company Pemex illegally burnt off hydrocarbon resources worth more than $342 million in the three years up to August 2022 at two of its most important new fields, internal documents from the country's oil regulator showed. Burning off gas and condensate - a mixture of liquid hydrocarbons similar to a very light crude oil - has also resulted in extensive environmental damage. There, the documents show Pemex burnt off some 62.9 billion cubic feet of gas and 310,000 barrels of condensate. Missing InfrastructurePemex produced 201.2 billion cubic feet of gas and 24.3 million barrels of condensate from Ixachi.

☆ Exclusive: Mexico's Pemex destroyed resources worth $342 million from two top fields
▼ + stars: | 2023-01-18 | by ( Stefanie Eschenbacher | ) www.reuters.com time to read: +5 min

The three documents, produced by the regulator and dated August 2022, detail how Pemex (PEMX.UL) destroyed resources worth $275 million from the Ixachi field in three years and $67 million from the Quesqui field in two years. There, the documents show Pemex burnt off some 62.9 billion cubic feet of gas and 310,000 barrels of condensate. MISSING INFRASTRUCTUREPemex produced 201.2 billion cubic feet of gas and 24.3 million barrels of condensate from Ixachi. The documents also show that 77.6% of the investment into the field Pemex had pledged in its development plan - totaling $2.9 billion - were not made. The fields were meant to receive more resources so Pemex can start exploration and production earlier and faster and make up for declining production from ageing fields elsewhere.

☆ Ovidio Guzmán's arrest may be the start of a campaign against El Chapo's sons and the Sinaloa cartel
▼ + stars: | 2023-01-17 | by ( Chris Dalby | Insight Crime | ) www.businessinsider.com time to read: +8 min

Mexican authorities arrested Ovidio Guzmán, son of Joaquin "El Chapo" Guzmán, earlier this month. The US has demanded action on fentanyl, and Ovidio's arrest may prompt Mexico to continue a targeted campaign. Ovidio Guzmán López is one of the four sons of Joaquín Guzmán Loera, alias "El Chapo," who is seeking to continue their father's legacy. Vehicles torched during a January 5 operation to arrest Ovidio Guzman in Culiacan on January 7. In the last couple of years alone, they have mounted targeted operations at rivals within the Sinaloa Cartel and beyond.

☆ Turmoil and Protests Shake Latin America as Region Sours on Democracy
▼ + stars: | 2023-01-16 | by ( Ryan Dube | Juan Forero | ) www.wsj.com time to read: 1 min

LIMA, Peru—This country has had six presidents in five years, the latest taking power last month and igniting protests that have cost 42 lives and paralyzed many of Peru’s highland cities. In Mexico, President Andrés Manuel López Obrador has taken measures that undermine the country’s independent electoral agency, while thousands of supporters of former Brazilian President Jair Bolsonaro , many of them who said his opponent had rigged the October presidential election, last week ransacked the country’s presidential palace, the Congress and the Supreme Court.

☆ Mexico’s Turn to Autocracy Should Worry the U.S.
▼ + stars: | 2023-01-14 | by ( Denise Dresser | ) www.wsj.com time to read: 1 min

President Joe Biden and Canadian Prime Minister Justin Trudeau flew to Mexico City this week for what appeared to be a friendly summit with Mexican President Andrés Manuel López Obrador , known as AMLO. The three leaders discussed shared concerns, such as climate and immigration, and promised to “work together on semiconductors.”Beyond that, however, they made few substantive agreements and said noticeably little about significant sources of tension between the Mexican leader and his counterparts to the north.

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