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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.

☆ 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.

☆ Mexico's Monex launches share buyback in move toward market exit
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 9 (Reuters) - Mexican brokerage Grupo Financiero Monex launched a public tender offer on Friday for its shares, priced at 668.23 million pesos ($33.85 million), as the company moves to finalize its departure from Mexico's main stock exchange. The buyback, which ends on Jan. 9, prices the 30.78 million shares held by investors at 21.71 Mexican pesos ($1.10) apiece, according to a document published by the exchange. The firm's shares, which typically have low trading volume, were up slightly to 18.50 pesos on Friday afternoon. Monex (MONEXB.MX) said that once the buyback period is over, it will cancel the purchased shares, making it the most recent in a steady exodus of companies to leave the market. ($1 = 19.7390 Mexican pesos)Reporting by Noe Torres; Writing by Kylie Madryl editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Mexico hiking cycle seen ending with key rate at 11% -Franklin Templeton
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

MEXICO CITY, Dec 8 (Reuters) - Mexico's central bank's monetary policy tightening cycle will likely end in the first half of 2023 with the benchmark interest rate at 11%, before policymakers start to gradually ease rates, a Franklin Templeton executive said on Thursday. Banxico, as the Mexican central bank is called, has increased the key rate by 600 basis points to 10.0% since the middle of 2021 to combat rising inflation. "We believe the terminal rate is going to be at 11% in the first half of 2023," Luis Gonzali, co-chief investment officer of Franklin Templeton's Mexico unit, said during an event with reporters, adding that Banxico will then start to lower rates. Reporting by Noe Torres; Writing by Valentine HilaireOur Standards: The Thomson Reuters Trust Principles.

☆ Mexican judge shot in state of Zacatecas
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 4 (Reuters) - A Mexican judge was in serious condition on Sunday after being shot in the violent state of Zacatecas in northern Mexico, local media reported. The shooting occurred on Saturday morning when the judge, Roberto Elias, was leaving his home, the Reforma newspaper reported. The newspaper El Universal reported that Elias is in "very serious" condition. Zacatecas has become one of the most violent regions in Mexico amid disputes between organized crime gangs for control of the state. Reporting by Noe Torres; Editing by Will DunhamOur Standards: The Thomson Reuters Trust Principles.

☆ Honduras to suspend some constitutional rights to fight gang violence
▼ + stars: | 2022-12-03 | by ( ) www.reuters.com time to read: +1 min

TEGUCIGALPA, Dec 3 (Reuters) - The government of Honduras announced on Saturday that it will suspend some constitutional rights in areas of two main cities controlled by criminal groups. The cities have been struggling with a so-called "war tax", in which gangs offer protection or say that those who pay up will not be killed. The gangs have torched buses and killed drivers who did not pay the fee, prompting businesses and people to pay out of fear. The measure, which is expected to be endorsed by the council of ministers, is part of President Xiomara Castro's plan to deal with violent gangs. Reporting by Gustavo Palencia; Edited by Noé Torres and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ El Salvador deploys 10,000 troops to gang-run capital suburb
▼ + stars: | 2022-12-03 | by ( ) www.reuters.com time to read: +2 min

[1/5] Troops walk in the suburb of Soyapango, after El Salvador's President Nayib Bukele announced the deployment of 10,000 security forces to the troubled area which for years has been considered a stronghold of the violent Mara Salvatrucha and Barrio 18 gangs, in San Salvador, El Salvador December 3, 2022. REUTERS/Jose CabezasSAN SALVADOR, Dec 3 (Reuters) - El Salvador's President Nayib Bukele announced Saturday the deployment of 10,000 security forces to a suburb of San Salvador known to be a stronghold for gangs. Images released by the government showed troops carrying heavy weapons, helmets and bulletproof vests, traveling in war vehicles. The municipality has a population of about 300,000 and was previously considered impregnable for law enforcement. Reporting by Gerardo Arbaiza; Edited by Noé Torres and Alexander Villegas and Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

Summary poll dataBUENOS AIRES/MEXICO CITY, Nov 29 (Reuters) - Brazil stocks will rally by double-digits through end-2023, despite uncertainty about new government policies as President-elect Luiz Inacio Lula da Silva seeks to balance social priorities and budget constraints, a Reuters poll predicted. The benchmark Bovespa stock index (.BVSP) is set to rally 13% by end-2023 to 123,250 points from 108,976 points on Friday, according to the median estimate of 11 strategists polled Nov. 14-23. The Ibovespa (index) is still at a discount, awaiting government news," said Fernando Bresciani, research analyst at Andbank. Members of his transition group have voiced contrasting opinions on 2023 budget talks and the leadership race for the Inter-American Development Bank (IDB). Private economists in a central bank weekly poll projected an expansion rate of just 0.7%.

☆ Mexico headline inflation seen easing in early November, core inflation up
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

The median forecast of 16 analysts sees annual headline inflation slowing to 8.24% from the 8.28% recorded in the second half of October. While annual inflation continues its deceleration from a peak of 8.77% in the second half of August, core inflation is now expected to rise to 8.60%, a level not seen since August 2000. Meanwhile, headline consumer prices are expected to have risen 0.65% in the period. The forecasts keep annual inflation far above the Bank of Mexico's target of 3% plus or minus one percentage point. Mexico's statistics institute will release inflation data for the first half of November on Thursday at 6 a.m. (1200 GMT).

☆ Colombia's Grupo Argos Q3 net profit drops 9.2% after jump in costs
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

MEXICO CITY, Nov 14 (Reuters) - Colombian industrial conglomerate Grupo Argos' third-quarter net profit fell 9.2% from a year earlier, the company said Monday, following a jump in costs and expenses. The company, made up of power utility Celsia (CEL.CN), Cementos Argos (CCB.CN) and road and airport concession company Odinsa, posted a net profit of 192 billion pesos ($39.9 million)for July to September, down from 211.4 billion pesos last year. The firm said revenues grew 23.6% to 5.1 trillion pesos, but reported a 25% jump in costs and expenses. The company's earnings before interest, taxes, depreciation and amortization (EBITDA) grew 9.5% to 1.3 trillion pesos. ($1 = 4,806.07 Colombian pesos)Reporting by Noe Torres; Editing by Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.

☆ Colombia's Grupo SURA posts near-stable Q3 profit as revenues, costs grow
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +1 min

Nov 11 (Reuters) - Net profit at Grupo SURA, Colombia's largest investment company, stayed relatively stable in the third quarter compared to the year-ago period as both revenues and costs grew, the company said in a statement on Friday. The firm's net profit for the three-month period stood at 400.30 billion pesos ($83.29 million), dipping 2% year-on-year. Grupo SURA's revenue for the quarter hit 7.85 trillion pesos, up 19% from the year before, on double-digit growth in its insurance sector. Operational costs for the company also grew, however, rising some 16% from the year-ago quarter. SURA said it would continue to focus on cost control and efficiency, adding the increase in costs was still lower than the jump in revenue.

☆ Colombia's Ecopetrol more than doubles Q3 net profit as oil demand, prices rise
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - Colombia's state oil company Ecopetrol (ECO.CN) on Tuesday reported its third-quarter net profit more than doubled to 9.51 trillion pesos ($1.90 billion), rising 150% from a year earlier, as both sales and prices shot up. The firm's revenues climbed 86% to 43.44 trillion pesos, while earnings before interest, taxes, depreciation and amortization (EBITDA) doubled to 21.14 trillion pesos during the period, it said in a filing. Production rose 5.4% in the third quarter of the year to an average of 720,400 barrels of oil equivalent per day (boed), up from 683,600 boed over the year-ago quarter. High crude prices have led U.S. oil majors Exxon Mobil (XOM.N) and Chevron (CVX.N) to record blockbuster quarterly profits, though Mexican state oil firm Pemex posted a loss, stemming from a weaker currency and higher sales costs. ($1= 5,013.20 Colombian pesos)Reporting by Kylie Madry and Noe Torres; Writing by Valentine Hilaire; Editing by Oliver Griffin and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Mexican headline inflation seen easing in October, core inflation up
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 7 (Reuters) - Mexican inflation is expected to have moderated in October but remained well above the central bank's target, a Reuters poll showed Monday, likely cementing forecasts monetary policy makers will again hike the benchmark interest rate. The median forecast of 16 analysts sees annual inflation at 8.46% in October, down from a 22-year high of 8.70% registered in September and August. The closely watched annual core inflation rate, which strips out some volatile food and energy prices, was forecast to hit 8.44% in October, its highest level since August 2000 and up from 8.28% in September, according to the poll. (MXCCPI=ECI)In October alone, Mexican consumer prices are estimated to have increased by 0.61% from the previous month, while the median projection for monthly core inflation was seen at 0.65%. Reporting by Noe Torres; Additional reporting by Gabriel Burin in Buenos Aires Editing by Alistair BellOur Standards: The Thomson Reuters Trust Principles.

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.

Its year-earlier net loss totaled 77.2 billion pesos. President Andres Manuel Lopez Obrador has pumped in billions of dollars to support the company to fulfill his pledge of growing domestic production of motor fuels by refining more of Pemex's crude oil production at home during his term. On a call with analysts shortly after the results, Pemex's Chief Financial Officer Carlos Cortes hailed progress on growing domestic refining and fuel sales. "Pemex has been replenishing its participation in the national fuel market," he said, noting that during the third quarter domestic fuel sales grew by nearly 70% year on year. Pemex's domestic oil refining in the third quarter rose more than 16% to hit 807,000 bpd.

☆ Walmart's net profit rises 10% in Mexico, even as expenses climb
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, Oct 20 (Reuters) - Walmart's Mexico unit on Thursday posted a 10% jump in third-quarter net profit, tracking analyst estimates, while expenses grew faster than revenue due to higher e-commerce and labor costs, the company said. Walmart de Mexico (WALMEX.MX), the biggest retailer in Mexico, posted a net profit of 12.15 billion pesos ($603.8 million), or 0.70 pesos a share, compared with the Refinitiv estimate of 0.69 pesos. The company known as Walmex said e-commerce makes up 4.8% of total Mexico sales, up from 4.5% a year ago. "The current environment requires a lot more focus and attention than the day-to-day business typically does," said Chief Executive Guilherme Loureiro in the results webcast. Annual inflation hit 8.76% in the first half of September.

☆ Walmart's Mexico unit sees quarterly net profit rise 10%
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Oct 20 (Reuters) - Walmart's Mexico unit on Thursday said its third-quarter net profit rose 10% from the year-earlier period, helped by strong same-store sales as the retailer works to keep prices low at a time of swelling inflation. Walmart de Mexico (WALMEX.MX), the biggest retailer in Mexico, posted a net profit of 12.15 billion pesos ($603.8 million). The quarterly revenue of 197.89 billion pesos equated to a 12.4% rise from the prior July-to-September period. The company known as Walmex said in a statement it opened 26 stores in the quarter in Mexico and Central America, and invested in its e-commerce business, which now makes up 4.8% of total sales in Mexico. ($1 = 20.1271 pesos at end-September)Register now for FREE unlimited access to Reuters.com RegisterReporting by Daina Beth Solomon and Noe Torres; Editing by Cassandra Garrison and Will DunhamOur Standards: The Thomson Reuters Trust Principles.

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