Efe – South Korean automaker Kia Motors has officially inaugurated a new $3 billion plant in Nuevo Leon. The facility, which began production in May 2016, will eventually have an annual production capacity of 400,000 units.
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.
Buzz Feed – Marriage equality has spread through many Mexico states with little controversy, but conservatives are taking to the streets now that the president has joined the cause.
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.
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.
WSJ – Chinese and Indian newcomers to the U.S. are now outpacing Mexican arrivals in most regions of the country, a marked reversal from a decade ago, when immigrants from America’s southern neighbor dwarfed arrivals from the large Asian countries.
Telegraph – A gang brought down a helicopter during a police operation in Mexico’s troubled western state of Michoacan on Tuesday, killing the pilot and three officers, the governor said.
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.
ESPNfc – The United States’ 4-0 runaway win against Trinidad and Tobago earned the team top spot in Group C and booked them a Hexagonal-opening date with Group A winners Mexico at site yet to be determined in America on Nov. 11.
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.
Fusion – What was Mexican President Enrique Peña Nieto thinking when he invited Donald Trump to Mexico City? He was thinking that he could outsmart Trump, of course. But as everyone saw, Peña Nieto had underestimated his opponent.
NYT – Hillary Clinton said that she would not visit Mexico before the November election, delivering another setback to President Enrique Peña Nieto a week after he faced furious criticism at home for receiving Donald J. Trump.
Sentido Comun – Altos Hornos de Mexico, or Ahmsa, the largest steel producer in Mexico, said it plans to invest about a billion dollars in the north of the country over the next two years. The investment will go to processing plants to produce steel products and steels for the automotive industry.
Sentido Comun – Groupo Vidanta, a developer of resorts, golf courses and rental property, announced the development of a new convention center in Nuevo Vallarta being built in the middle of the group’s five hotels.
Sentido Comun – Grupo AeroMexico said passenger traffic rose 6.7 percent in August over the same month last year, the second biggest gain of the year but lower than the growth of 7.1 percent recorded in the same month 2015.
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.
Sentido Comun – Grupo Aeroportuario del Pacífico, or GAP, which manages 12 airports in Mexico and one in Jamaica, said passenger traffic at Mexican air terminals grew 14.6 percent last month compared to the same period last year, the thirteenth double-digit advance followed and the best showing for August in 10 years.
Sentido Comun -Grupo Aeroportuario Centro Norte, or OMA, the manager of 13 airports in Mexico, increased passenger traffic by 10.7 percent in August over the same month last year, the 60th consecutive increase.
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%).
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.