Reuters – ArcelorMittal, the world’s largest producer of steel, will cut 2,800 jobs at its Mexico unit as global prices slump, it said, while accusing Russia, China and Turkey of dumping steel on markets at levels below production costs.
Sentido Comun -ASF-K, a U.S. company that makes axles for rail cars in Ciudad Sahagun, Hidalgo, granted a wage increase of 6.5 percent to its unionized workers, said the National Union of Mine, Metal and Steel Workers.
Reuters – Mexico’s telecoms regulator will open access to the “last mile” of Telmex telephone networks to competitors, two sources said, in a decision that aims to increase competition in a sector dominated by billionaire Carlos Slim.
EFE – Spain’s Iberdrola and the Mexican Federal Electricity Commission signed an agreement to develop electricity and natural gas projects in Mexico under the energy industry overhaul. The agreement is based on “an accord signed a year ago by the two companies that called for investment of around $5 billion by Iberdrola until 2018.
Nasdaq – Western Union Co. has entered into an agreement with state-owned BANSEFI to give expanded access to inbound money transfer services under Western Union, Vigo and Orlandi Valuta brands throughout the country.
Bloomberg – Bachoco, the poultry producer with the largest increase in earnings this year in Latin America, is undervalued in the Mexican market, leading many analysts to conclude that the company offers attractive returns.
Sentido Comun – Fibra Macquarie reached an agreement to acquire for $30.3 million eight industrial properties in Monterrey to continue with its program of investment and expansion.
Sentido Comun – Diniz Group, a company dedicated to outdoor entertainment with amusement parks operating under the brand Recórcholis, reached an agreement to sell 49 percent stake of its shares to Northgate Capital, an international company that manages investment funds.
El Economista – Alejandro Ramirez Magana, CEO of Cinepolis, has become president of the Mexican Business Council (CMN), a private organization that includes executives of the largest companies in Mexico, such as Bimbo, FEMSA, Penoles, Alfa, Bachoco, Telmex, among others.
Insider Trading – Cemex had an volatile session Tuesday and gained 0.13 points until last call. The price was at $9.16, gaining 1.44 percent until the last intraday data. The total uptick value was $8.6 million while the total downtick value was $14.55 million.
Market Watch – Element Financial Corp. has entered into an agreement with GE to acquire GE Capital’s remaining North American fleet management operations in the US and Mexico, as well as GE Capital’s fleet management operations in Australia and New Zealand for an all-cash purchase price of $8.6 billion Canadian.
WSJ – AT&T Inc. plans to invest around $3 billion in Mexico to make its high-speed mobile Internet service available to 100 million people by the end of 2018, the U.S. telecommunications company said.
Reuters – Alfa said the all-cash offer it and Harbour Energy have made to buy Canadian oil company Pacific Rubiales is “full, fair and final.” The two companies are “disappointed” with a high-profile recommendation to reject the bid and they “do not intend to increase” their offer.
UPI – Amazon is launching full online retailing in Mexico. The U.S. based e-commerce giant currently only sells Kindle products in Mexico, but a study shows Amazon stands ready to revolutionize Mexican e-commerce.
Reuters – Mexican construction conglomerate Elementia, part-owned by billionaire Carlos Slim, plans to raise up to about 5.2 billion pesos ($336 million) in an initial public offering next month.
Reuters – Altos Hornos de Mexico (AHMSA), one of Mexico’s largest steelmakers, could cut a further 4,000 jobs if the government does not take radical measures to stop dumping in the industry, the company said in a statement.
Sentido Comun – Spanish insurance firm Mapfre Tepeyac won the Pemex public tender to insure all its facilities on land and sea. The policy offered had the lowest cost of $423.3 million.
El Dario – A serious problem in production plants in the Southeast Region, centered around Saltillo-Ramos Arizpe, is constant staff turnover. In some companies, the turnover rate is 20 percent, although the average is 5 percent.
AM – If you are someone who likes the sandwiches, tortas, burritos and other prepared foods at Oxxo, Seven Eleven, Super Q, then get ready, because the stores will charge 16 percent Value Added Tax (VAT) from July 1.
Nasdaq – A Fomento Economico Mexicano (FEMSA) unit has completed the previously announced acquisition of Mexican drugstore operator, Farmacias Farmacón to further diversify its product portfolio and expand in the small-box retail segment.