Reuters – Mexico’s Grupo Televisa said that it would slash its capital expenditure in 2017 by more than one third to around $1 billion. The broadcaster and world’s leading Spanish-language content provider said that most of the cut would come in its cable division.
Fortune – An advisor on Donald Trump’s business council is voicing concerns with the President’s approach to Mexico. Larry Fink, CEO of BlackRock, met with Trump last week as part of the President’s Strategic and Policy Forum. Fink, who presides over BlackRock’s more than $5 trillion in assets under management, appears to have left the meeting with serious misgivings about the direction President Trump is headed.
WSJ – General Motors Co. reported another record profit in its core North American market last year, but a key driver of its performance in the region is vulnerable to the Trump administration’s proposed crackdown on imports. About 20% of the company’s highly profitable light trucks are built in Mexican factories.
Salon – For Chipotle Mexican Grill, President Trump’s threat to jack up prices on Mexican fruits and vegetables is no joke. Any increase in the cost of its primary raw ingredients would do measurable harm to the Denver-based Tex-Mex chain just as it’s digging out from a crippling string of E coli and norovirus outbreaks that occurred at Chipotles in numerous states in the latter half of 2015.
Reuters – BBVA warned of a tougher business environment in Mexico this year while the Spanish bank’s largest market adapts to the policies of U.S. President Donald Trump. A 14 percent fall in the peso over the past year, on concerns Trump could rip up a free trade deal with his southern neighbor, contributed to a drop of nearly 30 percent in fourth-quarter profit at BBVA.
Stuff – New Zealand firm Fisher & Paykel Healthcare has started building a new manufacturing plant in Mexico at a cost of about $50 million despite concerns it could be hit by an import tax floated by U.S. President Donald Trump.
CNBC – Whether by foresight or mere good fortune, U.S. banks have reduced their exposure to Mexico just as tension between the two countries is heating up. Over a two-year period, the financial institutions cut their dealings with Mexico by 13 percent, according to consulting and analysis firm SNL Financial. The 11 U.S. banks with the most Mexico exposure have a combined $96 billion in cross-border claims.
CNN – Ant Financial, a related company of Alibaba, the global conglomerate backed by Chinese billionaire Jack Ma, is buying MoneyGram for $880 million. The deal could be one of the first tests of how serious President Donald Trump is about cracking down on money transfers, also known as remittances, to Mexico.
Reuters – Ford Motor Co (F.N) on Thursday reported a fourth-quarter loss, reflecting pension accounting and writedowns for abandoning a planned factory in Mexico, and reaffirmed its forecast that profits for 2017 would be lower.
CNBC – Jose Cuervo, the world’s biggest tequila producer, is planning a Feb. 8 pricing for its delayed initial public offering (IPO) in a bid to raise up to $1 billion, two sources familiar with the matter said on Monday.
CNNMoney – Just one day after Donald Trump was elected president, the U.S. company that distributes Corona took a 7% dive in the stock market — and it hasn’t recovered. The post-election slump is largely driven by fears that Trump’s aggressive stance towards Mexico will ricochet against Constellation’s portfolio of Mexican beer brands Corona, Modelo and Pacifico.
Reuters – Mexican tycoon Carlos Slim’s cell-phone company, America Movil, said it would launch a television channel in the United States targeting Mexican audiences later this year, putting it into competition with broadcasters like Univision and Telemundo. Named Nuestra Vision, the channel will be offered by the America Movil unit Publicidad y Contenido Editorial.
LAT – Spanish-language media giants Univision Communications and Grupo Televisa of Mexico are combining their programming units, a move that underscores the increasingly close collaboration between the two companies — and the magnitude of their ratings challenges.
Reason – In all the hubbub surrounding The Carrier Deal, there was one question that went unasked. Why did Carrier want to move those jobs out of Indiana in the first place? One factor stood out when Carrier executives met with Mike Pence, then the governor of Indiana, last year. After the meeting, Pence said the decision to relocate had nothing to do with Indiana’s business climate but with the “rising red tape” in Washington D.C.
AP – One of two Portland-based glass manufacturers that sparked toxic air concerns earlier this year has been sold to a California company and will have production of its materials moved to Mexico.
Reuters – Retailer Wal-Mart de Mexico said on Wednesday it will invest $1.3 billion in logistics in Latin America’s No. 2 economy, in what is perceived as a show of commitment to Mexico at a time of uncertainty after the election of Donald Trump.
Mirror – British workers who were given the chance to keep their jobs if they moved to Mexico have rejected the “insulting” offer. Tire giant Goodyear gave 330 workers at its only UK plant the choice of being made redundant or moving 5,000 miles away .
WSJ – Investors cheered after Constellation Brands Inc. acquired the U.S. rights to Anheuser-Busch InBev NV’’s fast-growing Mexican beers in a $5 billion-plus deal in 2013. But shares were 8.3% lower at $152.76 in early afternoon trade on concern a Donald Trump presidency could hurt the largest U.S. distributor of Mexican beer, including Corona, the country’s top-selling import.
Reuters – Mexican homebuilder Geo named a new chief executive officer, less than a year after the previous CEO took over. Juan Carlos Diaz, who previously headed Mexican homebuilder Sare, replaced Juan Carlos Brainff on Oct. 24.
UPI – Constellation Brands announced plans to acquire a Grupo Modelo brewery for $600 million to meet growing demands of its beer imported south of the border. The brewery in Obregon is a subsidiary of Anheuser-Busch InBev. Constellation’s best-selling imported beer brands include Corona, Modelo and Pacifico.