Alfonso Cuaron returns to Mexico for next movie

Deadline – Alfonso Cuarón is teaming with Participant Media on his next feature film, an untitled project he is writing and directing. The movie will chronicle a year in the life of a middle-class family in Mexico City in the early 1970s, and production is slated to begin in Mexico this fall. It will be the Oscar winner’s first movie shot there since his breakout 2001 hit Y Tu Mamá También.

Mexico finance minister Videgaray out in shakeup after unpopular Trump visit

Mexican Finance Minister Luis Videgaray speaks to the media during a news conferece on Brexit at the National Palace in Mexico City. (Reuters)
Mexican Finance Minister Luis Videgaray speaks to the media during a news conferece on Brexit at the National Palace in Mexico City. (Reuters)

By David Luhnow / Wall Street Journal

Mexican Finance Minister Luis Videgaray, seen as the right-hand man to President Enrique Peña Nieto, has resigned and will be replaced by a former finance chief José Antonio Meade.

Videgaray’s resignation comes less than a week after a controversial visit to Mexico by U.S. presidential candidate Donald Trump, which was widely seen as a humiliation for Mexico and its president. Multiple local media reports said the invitation to Trump was Videgaray’s idea, a claim disputed by him as well as Peña Nieto.

Videgaray, a former investment banker and state finance official, won’t take a public post for the time being, Finance Ministry spokeswoman Claudia Algorri said.

The economist with a doctorate from MIT was widely seen as the brains behind the Mexican president and the driving force behind a series of high-profile reforms in the past few years that includes opening Mexico’s closed oil industry to private investment for the first time since 1938.

“He’s leaving with a superb track record on reforms, and will be remembered as one of the main architects of the reform efforts going back to 2013,” said Alonso Cervera, Credit Suisse’s chief Latin America economist.

Newton hits Baja resorts, takes aim toward Arizona

ABC – Newton was rapidly weakening as a tropical storm on Wednesday after slamming the resorts of Mexico’s southern Baja as a hurricane and making landfall on the country’s mainland. The storm remained on a path was expected to take it to the U.S. border with potentially dangerous rains for Arizona and New Mexico even as Mexico changed its earlier hurricane warning to a tropical storm warning for the coast of the country’s mainland from Guaymas to Puerto Libertad.

The man who made Trump hate Mexico

The Daily Beast – Years ago, Trump had signed a business agreement with businessman Pedro Rodriguez worth millions, in order to bring the Miss Universe pageant to Mexico City in 2007. While Rodriguez paid him a fraction of the cost up front, Rodolfo Rosas Moya’s properties were apparently put up in a trust as collateral for the rest. But Trump claims that he didn’t get paid according to the agreement, and subsequent court action has failed to yield the millions of dollars he believes he’s owed.

Mexico drug war fuels private security boom

Al Jazeera -The security business has been booming since Felipe Calderon declared war on organized crime in December 2006, yet insiders and security experts warn that the industry is rife with corruption and that its rapid growth risks exacerbating security inequality by encouraging authorities to neglect public security. There are currently 1,168 private security firms registered with Mexico’s federal government, up from only 173 in 2005.

Asur passenger traffic rises 5% in August

Sentido Comun -Grupo Aeroportuario del Sureste, or Asur, the administrator of nine airports in the country, reported a 5 percent increase in August passenger traffic compared to the same month of 2015. This increase represents the second lowest increase in the past 29 months and the worst for an eighth month since 2011.

Nearly 28,000 people reported missing in 2015

El Dario – The Ministry of the Interior sent a report to the Senate revealing that a total of 27,887 missing or not located people were recorded in 2015. States with the highest numbers were Tamaulipas, with 5,622 (20.9%); State of Mexico, with 2,774 (10.3%), Jalisco and Nuevo Leon, with 2,230 cases each; Sinaloa, a 1,848 reports (6.9%) and Chihuahua, 1,823 (6.8%).

Mexico’s automotive manufacturing boom strains suppliers, supply of workers

BMW has begun training Mexican workers as it builds a plant in San Luis Potosi. Ford plans to build a plant there, and General Motors has operations nearby.
BMW has begun training Mexican workers as it builds a plant in San Luis Potosi. Ford plans to build a plant there, and General Motors has operations nearby.

By Laurence Iliff / Automotive News

Oscar Albin pores over a slide presentation showing Mexico’s key advantages for the automotive supply sector. As executive president of the National Auto Parts Manufacturing Association, Albin is particularly proud of a few of them.

For starters, there are the manufacturing costs, which not only run 10 percent below costs in the U.S. but are below even China’s, according to the slide presentation, which cites sources ranging from government agencies and international consulting firms to the auto-parts group’s own data.

Then there are the free-trade agreements: 14 of them, covering 46 countries, said Albin, a mechanical engineer who spent 23 years at Chrysler de Mexico.

“We are at the center of the world,” said Albin, pointing to a graphic showing Mexico’s access to North America, South America, Europe and Asia. About 90 percent of the top 100 global suppliers have a local presence.

But life is not all wine and roses for the roughly 600 Tier 1 suppliers in Mexico that feed local plants and export to the U.S., among other nations.

Mexico’s fast growth as an export platform for light vehicles and strong demand for components worldwide is causing a shortage of qualified labor, Albin said, and it has quickly become the industry’s biggest challenge.