Category Archives: Companies

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.

http://fortune.com/2016/09/28/solarcity-mexico-investment/

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.

http://www.bloomberg.com/news/articles/2016-09-27/cisco-said-to-spend-up-to-4-billion-to-lift-mexico-production

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.

http://oilprice.com/Energy/Crude-Oil/Why-Big-Oil-Is-Shying-Away-From-Mexicos-Latest-Oil-Auction.html

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.

https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=asur%20mexico

ICA posts bigger second quarter loss

Reuters – Mexican construction firm ICA reported a much wider loss in the second quarter compared with the year-earlier period, as revenue was nearly halved and financial costs rose. The company, which has not posted a profit since 2013 and has defaulted on multimillion-dollar debt payments, lost 3.36 billion pesos ($184 million) in the April-June period.

http://www.reuters.com/article/ica-results-idUSL8N1B64UC

Mexico’s Richest Man Confronts a New Foe: The State That Helped Make Him Rich

Slim said the new law established a certainty that all businessmen appreciate. But he bristled at the notion that his company required special regulation, or that it had stalled or impeded regulation in the past.
Slim said the new law established a certainty that all businessmen appreciate. But he bristled at the notion that his company required special regulation, or that it had stalled or impeded regulation in the past.

By Azam Ahmed, Randal C. Archibald and Elizabeth Malkin / New York Times

All is not well in the kingdom of Carlos Slim.

For more than 25 years, he has dictated the terms of Mexico’s telecommunications industry and built an empire, making him one of the world’s richest men.

Slim and his family are billionaires 50 times over. He has stood at the very top of the Forbes World’s Billionaires list — more than once. His flush years in Mexico enabled him to span the Americas with companies that touch nearly every facet of modern life: telecom, banking, construction, retail and media, among others.

But at home in Mexico, the game is changing. And there is not much he can do about it, analysts say.

Determined to bring his dominance to an end, leaders from Mexico’s three biggest political parties have put aside their own animosities in recent years, meeting in secret sessions to chip away at Slim’s domain.

Now, the plan they concocted to increase competition in the telecommunications industry, signed into law two years ago, is starting to bite.

Profits for Slim’s flagship company, América Móvil, are in steep decline, falling 24 percent in 2015 and almost 44 percent in the first six months of this year, compared with the year-earlier periods. A closely watched metric of profitability on Wall Street has also fallen, and the company’s stock has dropped by 39 percent in the past year.

http://www.nytimes.com/2016/08/10/world/americas/mexicos-carlos-slim-helu.html