Reuters – Mexico’s competition regulator Cofece said on Wednesday it had opened an investigation into possible “absolute monopolistic practices” in the country’s medicines market.
WRTV -Another Indianapolis company has “tentatively decided” to move jobs to Monterrey, Mexico. Rexnord Bearings announced to its employees hat some jobs were going to be moved out of the country beginning in 2017, according to the union that represents those employees.
The move comes just 8 months after Carrier workers found out their jobs were being phased out of an Indianapolis manufacturing plant and instead moved to Carrier’s facility in Monterrey.
CNBC – Ford Motor Executive Chairman Bill Ford Jr. said on Wednesday he has met with Donald Trump to talk about the Republican presidential candidate’s extensive criticism of the automaker’s investments in Mexico. Ford told the Economic Club of Washington that he thought Trump’s criticism of the No. 2 automaker’s foreign investments were “infuriating and “frustrating” because of the company’s extensive investments and employment in the United States. Trump has threatened if elected to impose hefty tariffs on Ford imports from Mexico.
Reuters – Mexican broadcaster Televisa signed content distribution deals with NBCUniversal and its Spanish-language unit Telemundo to expand its selection of films and series, boosting its recently launched streaming video service.
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.
Bloomberg – AT&T Inc.’s U.S. wireless customers might be tempted to try signing up for its service in Mexico instead. South of the border, AT&T offers a 6-gigabyte data, voice and text plan — including full coverage in the U.S. — for a whopping 69 percent less, in dollar terms.
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.
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.
WSJ – Mexican state oil company Petróleos Mexicanos sold $4 billion in long-term bonds to buy back existing debt and prefund some of its 2017 financing needs. In addition, Pemex carried out a bond exchange for around $1.6 billion.
Reuters – IFM Global Infrastructure Fund will boost its stake in the Mexican unit of Spanish construction firm OHL with an 8.64 billion peso ($448 million) purchase, OHL Mexico said.
Reuters – Mexican cement maker Cemex said on Thursday it had launched a tender offer for up to $500 million in outstanding 7.250 percent senior secured notes due in 2021. The early tender date was Oct. 14, 2016, with a second tender deadline set on Oct. 27, 2016.
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.
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.
Sentido Comun – HSBC Mexico has launched a new credit focused on the acquisition of electric and hybrid cars. Called Inmediauto Verde, the plan allows up to 60 months to pay at 9.70 percent interest.
Reuters – In some of the first signs of how some investors in Corporate America are bracing for a President Donald Trump, several large investors have expressed concern to Citigroup management in recent private meetings about the impact a victory for the Republican might have on its Banamex subsidiary.
Flight Global – As part of a plan to recover from early production problems, Icon Aircraft will build a new factory in Tijuana to fabricate composite airframes for the A5, a two-seat amphibian sold in the light sport category.
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.
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.