Citigroup uncovered two rogue traders last year

Reuters - Citigroup's Mexican subsidiary Banamex fired two bond traders after uncovering rogue trading last year, two sources said, raising fresh questions over what controls the troubled unit had in place to police employees.

Carlos Slim's son slams new telecom rules

Reuters - Carlos Slim Domit, son of Mexican billionaire Carlos Slim and chairman of family-controlled America Movil, has criticized a reform bill seeking to increase competition in the sector dominated by the phone company.

Chinese energy firm CNPC plans to bid in energy opening

Reuters - China's largest energy company CNPC will compete for future oil and gas development rights in Mexico, a top company executive said on Thursday, which could happen as soon as the end of this year.

Western Union expands through drugstore chain

Zacks - In an effort to expand its presence in Mexico, Western Union has launched global money-transfer services in collaboration with Farmacias Guadalajara, a Mexican drugstore chain with 1,100 drugstores and retail locations spread across Mexico.

Senate creates commission to probe Oceanografia

Reuters - Mexico's Senate on Thursday agreed to set up a special commission to investigate Oceanografia, the oil-services company at the center of an alleged fraud that forced Citigroup Inc to trim its 2013 profit.

Lupin buys Mexico's Laboratorios Grin

Economic Times - Major Indian drug producer Lupin has acquired Mexico's Laboratorios Grin, a leading player in ophthalmic products, for an undisclosed amount, marking its foray into the Latin American country.

Soft drink consumption expected to decline

Bloomberg - Volumes of Sprite, Coke and other beverages might fall as much as 7 percent this year at Coca-Cola Femsa, according to the company, which is passing the levy on to consumers with price increases. Arca Continental projects a decline of about 6 percent.

Opposition says telecom bill undermines watchdog

Reuters - Mexico's opposition said on Tuesday a government telecom bill undermines a new watchdog by keeping key regulatory powers in the executive's hands, in a spat that could stall the passage of rules aimed at curbing cell phone mogul Carlos Slim and fellow tycoon Emilio Azcarraga's TV group Televisa.

Oceanografia CEO held for questioning in Citibank case

Reuters - Amado Yanez,  chief executive of major Mexican oilfield services company Oceanografia, was held for questioning on Saturday in connection with a fraud investigation that forced Citigroup to cut its 2013 profit.

Banorte lent to oil company at heart of Citigroup scandal

Reuters - Mexico's third-largest bank Banorte lent around $40 million to the oilfield services company at the center of an alleged fraud which forced Citigroup to cut its 2013 profit, said a source who added that Banorte is in the process of putting aside a provision for the loan in case of non-payment.

Syndicate content