Category Archives: Companies

Citi to invest $1 billion in renamed Mexico unit

WSJ – Citigroup Inc. added its name to its closely watched Mexico unit and announced plans to upgrade its retail business in the country with an investment of more than $1 billion by 2020. The unit, previously called Banco Nacional de México or Banamex, will now be known as Citibanamex. The change ties the Mexican unit, which ran into problems while operating relatively independently a few years ago, more closely to its U.S. parent.

Goldcorp shuts mine after week-long blockade

Reuters – Canada’s Goldcorp Inc said it was temporarily shutting down operations at its Peñasquito gold mine in Mexico, following a week-long blockade by a trucking contractor to protest the miner’s plans to diversify its local transportation supply chain.

IEnova to offer $350 million in primary stock offer

Reuters – Infraestructura Energetica Nova will offer about $350 million in a primary stock offering later this month, the firm said on Monday. The offer will consist of 323 million shares, but could rise to 380 million shares, including over-subscription options and additional placement options. The company, known locally as IEnova, is a unit of U.S. firm Sempra Energy. 

Solar City Mexico plans $1 billion investment

Fortune – The Mexico unit of SolarCity, the rooftop solar developer controlled by billionaire Elon Musk, aims to invest as much as $1 billion over the next five years. The projected outlay will depend on Mexico keeping at current levels an incentive known as net-metering that requires utilities to buy surplus power generated by rooftop solar panels.

Cisco to create jobs in Mexico with $4 billion spending plan

Bloomberg – Cisco Systems Inc. plans to spend as much as $4 billion in Mexico through 2018 to expand production, creating jobs in the country even as the American company cuts its global workforce by 7 percent. The spending will lead to the 270 new direct jobs and 77 related positions. The biggest maker of equipment that runs the internet plans to upgrade its factories and increase production through contract manufacturers.

Why Big Oil is staying away from latest auction

Oil Price – When Mexico opened up its energy sector for private investors in August 2014, oil prices were hovering above the US$100 mark, and the big price crash had not started yet. Two years later, in the ‘lower for longer’ price environment, Big Oil seems hesitant to jump on the joint-operating-agreement bandwagon with state-run company Petroleos Mexicanos, or Pemex, in the Trion field in the Perdido Fold Belt in the northwestern Gulf of Mexico just next to the U.S. border.

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.