Sentido Comun – CMR, a leading casual dining chain, opened a new Red Lobster restaurant in Polanco in Mexico City, its fifth in the country and its second in Mexico City.
Sentido Comun – Petroleos Mexicanos opened a new International Training Center at its North Central Hospital in Mexico City to better train medical residents regarding cardiac resuscitation, respiratory and traumatic injury.
Reuters – Grupo Mexico said its second-quarter profit fell 35 percent, hit by lower revenue and higher financial costs. The company posted a profit of $364.8 million for the April to June period, down from $558.6 million in the same quarter a year earlier.
Reuters – Pemex said losses widened in the second quarter, marking its eleventh straight quarter in the red, on slumping prices and a nearly 10 percent drop in crude output. Losses grew nearly 62 percent to 84.572 billion pesos ($5.388 billion) from 52.226 billion pesos in the year-ago quarter.
Sentido Comun – Cemex received a big boost to regaining the investment grade it lost just over five years ago, after ratings agency Fitch Ratings raised its grade from BB- to B+.
El Universal – Franchise operator Alsea has initiated a process of increasing wages and benefits to workers in their Burger King and Domino’s Pizza restaurants in the center and north of the country.
Reuters – Coca-Cola Femsa, Latin America’s biggest Coke bottler, reported that second-quarter profit fell 0.4 percent compared to the same period in 2014, dragged down by weak growth in sales volumes and foreign exchange effects in Venezuela.
Nasdaq – Citigroup Inc. confirmed that it will close Banamex USA, a small unit doing business across the U.S.-Mexico border, and agreed to pay $140 million to regulators who said the unit hadn’t done enough to protect itself from money launderers. The unit is still being examined by other regulatory agencies, including the Treasury Department’s Financial Crimes Enforcement Network.
Reuters – The construction firm OHL Mexico, mired in allegations of corruption, reported that its second-quarter net profit rose 46 percent, boosted by lower taxes and a bigger gain from associated companies and joint ventures.
WSJ – Mexican conglomerate Alfa raised its earnings forecast for 2015 in the wake of a strong second quarter. Alfa said it expects earnings to reach $2.23 billion this year, up from its previous forecast of $2.08 billion.
Sentido Comun – Grupo Aeroportuario del Centro Norte,or OMA, said total revenues in the second quarter totaled 1.099 million pesos ($68.6 million), 23.6 percent more than recorded during the same period last year.
El Universal – Mexican bread maker Grupo Bimbo said it acquired a second company in Canada called Italian Home Bakery, which produces fresh and frozen breads with sales close to 11 million Canadian dollars.
Reuters – Mexico’s Cemex, one of the world’s largest cement companies, reported a jump in quarterly profit, but sales slumped on weakness in Mexico and northern Europe.
Reuters -Mexico’s biggest retailer, Wal-Mart de Mexico, reported a 34.6 percent fall in its second-quarter profit. The company reported a profit of 6.81 billion pesos ($434 million), compared with a profit of 10.418 billion pesos in the year-earlier period.
Sentido Comun – Grupo Bafar, which produces, distributes and sale of meat products, is spending $650 million to increase its production capacity in La Piedad, Michoacan.
Sentido Comun – Alsea, Mexico’s largest fast-food and casual restaurant company, said the government found its proposed purchase of 25 percent of Grupo Axo, a company that sells mainly clothing, footwear and accessories, does not constitute monopolistic practices.
Reuters – Pemex reached a $295 million settlement with a group including German industrial conglomerate Siemens in a longstanding dispute over a refinery project. The dispute involved Conproca, a Mexican joint venture between Siemens and South Korea’s SK Engineering & Construction, which was created to bid for the reconfiguration of its Cadereyta refinery in the northern state of Nuevo Leon.
JOC – DHL Global Forwarding has launched Trans Border Connect, a service that helps shippers move less-than-truckload freight over the U.S.-Mexico border.
Sentdio Comun – Petroleos Mexicanos has signed an agreement with the Organization for Economic Cooperation and Development (OECD) to adopt international best practices to streamline and ensure transparency in their procurement practices.
BDLive – Old U.S. store brands do not die, they just move to Mexico. Blockbuster, Woolworth and Sears — extinct or barely hanging on in the U.S. — are getting an afterlife from Mexican billionaires and other investors who look past the mustiness and see profits.